FINANCIAL MANAGEMENT SYSTEM: ACCOUNTS PAYABLE MODULE & ACCOUNTS RECEIVABLE MODULE WITH CLIENT PORTAL AND VENDOR PORTAL INTERFACE

Abstract

Accounts Payable and Accounts Receivable are crucial components of financial management, with the former handling short-term company obligations and the latter managing customer credit transactions. Both face challenges such as slow approvals, invoice mismatches, and friction with customers and suppliers, which can hinder overall financial management and cash flow. Addressing these challenges is essential for optimizing financial operations and ensuring sustained business success. In the initial stage, the project team uses the Agile Scrum Methodology to gather insights from stakeholders via interviews to understand Accounts Payable (AP) and Accounts Receivable (AR) processes. Stakeholder feedback guided the identification of key features and deliverables. The project then followed iterative sprint cycles, leveraging agile methodologies and collaborating with cross-functional teams to enhance AP and AR processes for improved financial management and organizational success. The implemented methodologies notably enhanced Accounts Payable (AP) and Accounts Receivable (AR) functions, reducing processing times, increasing efficiency, and improving cash flow management. Enhanced reconciliation procedures and improved communication channels minimized discrepancies and fostered smoother transactions, collectively elevating the efficiency, accuracy, and effectiveness of AP and AR processes, ensuring sustained success in financial management and operations. Finance management for AP & AR has brought tangible improvements in processing, making the monitoring of AP and AR easier by using a relational database for data storage and an interactive interface built with the Laravel framework and Bootstrap components for ease of use. These findings underscore the necessity of ongoing investment in optimizing AP and AR operations to ensure organizational competitiveness and long-term financial health.