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Answer only Unit 4. This is a continuation. NO plagiarism.

Running head: BUDGETING 1 Bu


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Answer only Unit 4. This is a continuation. NO plagiarism.

Running head: BUDGETING 1 Budgeting


Shinekia Warren


Keith Melvin


September 4, 2016 BUDGETING 2


Budgeting A budgeting plan is a thorough, formal arrangement that gauges the plausible uses and


salary for an association over a particular period. Planning portrays the general procedure of


getting ready and utilizing a financial plan. Since spending plans are such significant instruments


for arranging and control of funds, planning influences almost every kind of association from


governments and vast enterprises to little organizations and also families and people. A small


business participates in planning to decide the most proficient and powerful procedures for


profiting and growing its benefit base. Planning can help an organization utilize its constrained


budgetary and HR in a way which best endeavors are existing open business doors. The thought


behind any beneficial business venture lies in using assets to misuse different business open


doors. If the benefits are predictable, an organization may buy more resources and, in this way,


extend its base of riches. It adequately, an organization embraces the planning procedure to


survey the business open doors accessible to it, the keys to effectively misusing these open doors,


the methodologies the recorded information support as well on the way to succeed and the


objectives and targets the organization must build up.


Planning is a piece of the administration control process by which "supervisors guarantee


that assets are gotten and utilized proficiently and successfully as a part of the achievement of the


association's objectives. There are a few sorts of spending plans, keeping in mind particular


wording may shift from organization to organization, and spending plans, by the whole, can


categorize as one of three classes.


Money related conjecture ventures where the team needs to be in three, five, or ten years.


It evaluates future deals, costs, and income as per certain suppositions received by the BUDGETING 3 organization. The group then considers how changes in the business atmosphere would influence


the results anticipated. It introduces this investigation in the star for articulation, which shows,


over a period continuum, a correlation of the budgetary arrangement to "best case" and


"assuming the worst possible scenario" situations. The star for explanation goes about as an aide


for meeting objectives and destinations, and also an evaluative device for surveying


advancement and benefit.


Most prerequisites definition concentrates for the most part on utilitarian necessities,


which based upon the standard working of the item or framework to made. Working compared


with item framework highlights.which you may have a menu or catch decision. For example,


recognize a client, select a thing to arrange, and figure the sum due The Functional Requirements


Specification portrays what the framework must do. How the framework does it is depicted in


the Design Specification[Pro11].


A viable planning framework is a key to the accomplishment of a business firm. The plan is


required in organizations to play out the accompanying capacities: Planning, coordination,


correspondence and, control and execution assessment.




The monetary allowance is a formal arranging system that gives particular due dates to


accomplish departmental objectives and contributes towards the general destinations of an


association. A financial plan incorporates expected execution and present administrative targets.


Planning impacts the detailing of all business procedures and hence helps business chiefs in


executing such systems. BUDGETING 4


Coordination Coordination is an administrative capacity under which all variables of creation and all


departmental activities are adjusted and incorporated to accomplish the targets of the association.


Spending helps management to facilitate in the accompanying ways The presence of a well-laid arrangement is the real stride towards achieving coordination.


Officials are forced to think about the connections among individual operations and the organization in general.


Spending plans control the domain building endeavors of officials. Spending plans


expand singular speculation by expelling oblivious predispositions on specialists, deals


and generation officers.




It is fundamental in a productive association that all individuals educated about


the goals, policies, programmers, and exhibitions. Spending plans advise every chief of


what others have consented to do. They also teach supervisors of the assets accessible to


accomplish goals and targets.


Control and Performance Evolution


At that point a financial plan is being detailed; offices break down their arrangements for the future and submit estimates according to their prerequisites, supporting each of their requests


by showing a need. After spending plans of various divisions have been explored and endorsed


they get to be targets that alluring are breaking points on spending[Anw07]. BUDGETING 5 Dividing a task into stages makes it conceivable to lead it in an ideal course. Through this


association into stages, the aggregate work heap of a venture is partitioned into littler segments,


accordingly making it less demanding to the screen. The accompanying passages portray a


staging model that has been valuable by and by. It incorporates six stages:




This last step happens once the usage phase finished. In this juncture, the framework has


an organized bolster process set up: reported bugs are settled and asks for new elements are


assessed and executed; structure overhauls and reinforcements performed.




Once the new framework is created and tried, it must actualize in the association. This


stage incorporates preparing the clients, giving documentation, and change from any past


structure to the new framework. Execution can take numerous structures, contingent upon the


kind of structure, the number and sort of clients, and how critical it is that the frame gets to be


operational. These diverse types of execution are secured later in the part.




In the testing stage, the product program created in the past stage put through a


progression of standardized tests. The first is a unit test, which tests singular parts of the code for


blunders or bugs. Next is a framework test, where the diverse areas of the structure are tried to


guarantee that they cooperate appropriately. At last, the client acknowledgment test permits those


that will utilize the product to check the framework to ensure that it meets their benchmarks. BUDGETING 6


System Analysis In this stage, one or more frame experts work with various partner gatherings to decide


the particular prerequisites for the new framework. No writing computer programs done in this


progression. Rather, techniques recorded, key players met, and information necessities are


produced keeping in mind the end goal to get a general picture of precisely what the framework


should do. The consequence of this stage is a framework prerequisites report.


System design


In this juncture, a fashioner takes the frame requirements statement made in the past stage


and builds up the particular specialized points of interest required for the structure. It is at this


juncture the business necessities interpreted into specific individual prerequisites. The outline for


the UI, database, information inputs and yields, and reporting produced here. The consequence of


this stage is a framework plan report.


Preliminary Analysis


In this point in time, an audit done of the solicitation. Is making an answer conceivable?


What options exist? What presently done about it? Is this anticipating a solid match for our






QuickBooks are the world?s market leader in small business software. It was an awardwinning product that changed the way people changed managed their small business finances


and accounting. With QuickBooks you can: It is easy to set-up BUDGETING 7 Have automatic reminders for payroll dates Import PayPal transactions into QuickBooks Online Secure backups for QuickBooks Online Quickly enter your employee data QuickBooks offer a wide variety of pricing options to meet your budget choices. The


price ranges from $10 to $31 for the simple start and plus version respectively. For the online


version, you can choose one of four monthly plans which allow you to work across all devicesPC, Smartphone, Mac, and Tablets. For the downloadable desktop version, you can choose the


one-time pricing option.




Although not as common as QuickBooks, Wave Personal Finance Software us rapidly growing


and one of the top five best accounting software. Bierman Jr, H., & Smidt, S. (2012) reviews it as


best suited for businesses who need a hybrid financial app and a business management app. It


has invoicing, accounting and payroll tools. With wave You can track your investments in real-time as it used stock data to update your portfolio


in real-time It?s an all-in-one finance software as it includes budgeting, business finance, personal


accounting software and investment tracking tool. Security- It uses 256-but encryption and stores all your data on servers which are


protected physically and electronically. Additionally, Wave?s protocols are certified by TrustE and Thawte. BUDGETING 8 It allows one to integrate their business accounting tools with personal budgeting tools.


This is very essentials business owners must account for both business and personal


expenses. Wave software is free but supported by adverts in the system. It is compatible with Mac, Linux


and Windows operating systems. It can be used in budgeting.


Software as a Service (SaaS) Tax Software


SaaS eliminates the need for organisations to run and install applications on their


computers or data centres. Brigham, E. F., & Daves, P. R. (2012) states the removal the expense


of maintenance, hardware acquisition, software licensing as well as installation and support.


Other benefits include: Flexible Payments- Instead of purchasing software to install, customers subscribe


to SaaS on a monthly basis, and they are free to unsubscribe anytime. Automatic updates- As compared to buying new software, customers can rely on


SaaS to perform updates which reduce workload in the organisation automatically. Accessibility- Users can access the system from any internet ?enabled device


since SaaS is internet-based. SaaS can be viewed on Windows, MAC and Linux Operating Systems. However,


businesses must rely on outside vendors to provide the software and keep it running, for billing


and reporting. SaaS has two pricing models Pay Per User and Pay as You Go whereby you pay


for the amount of resources used by the business. Gusto BUDGETING 9 This app, formerly known as Zen Payroll streamlines your company?s entire payroll, tax


and bonus. Apart from employee onboarding, Gusto handles all local, state and federal tax filings


ad automatically deducts benefits and worker?s payments. It charges $39 per month and $6 per


month, per employee. Therefore, a business with more than ten employees would pay $99 per


month. Gusto currently serves more than 25000 clients.


Fresh Books


This app provides small business owners and freelancers with a simple way to manage


and track invoices. It allows one to create personalised and professional invoices which


automatically bill your client for recurring invoices. It also accepts credit cards on your mobile


deceive. Other features include the ability to track and organise one?s expenses from anywhere


and create a profit and loss statement. The cost of Fresh Books is $12.95 per month for


businesses with up to five clients, $24.95 per month for businesses with 6-50 customers and


$39.95 per month for a company with more than 50 clients. It comes with a 30-day trial. The


mobile app can be found on both iOS and Android devices.


Rescue Time


This app tracks the time you spent on applications and websites, then sends you a detailed


report on your activity giving you an exact picture of how you spend your day. It works for


Android, PC, Linux and Mac. This app is great for time management for employees to know how


they perform at work. It costs $72 per year and the first four months are free. Zoho Books BUDGETING 10 What can?t Zoho Books accomplish? It can be used for sales and marketing, email


synchronisation with team members, invoicing, recruiting and expense reporting. It integrates


with Google Apps and costs $12 per user per month. It is available for ios and android users.




This app synchronises notes from mobile and desktop devices. The free version lets users


upload up to 60MB of data per month. The plus version cost $34.99 per year but allows users to


upload up to 1GB and allows one to access notes when you are offline. The premium version


cost $69 and offers 10GB data per month. Evernote business cost $12 per user per month and


comes with team and administrative features. This is the app for business for sharing their notes.




This is easy to use project management app that tracks your team?s workflow. You can


add members, comments and attachments from Google drive or drop box from your computer.


Whenever a change is made, Trello notifies each team member via email and mobile devices. It


is free for both iOS and Android devices. The business version costs $9.99 per user per month


which comes with extra features like integration of apps like Evernote.




With a population of over 500 million users, Dropbox is the most popular platform for


sharing and storing files in the cloud. It offers a free, basic plan for individuals and a pro plan for


$8.25 per user per month. Businesses with more than five employees can buy the business plan


for $12.50 per user per month. It offers free trials on all devices and operating systems. Polaris Office BUDGETING 11 It is a reliable alternative to Apple?s iWork and lets you edit, create and sync your


Microsoft Office from files on your phone or device. The basic version is free while the smart


version us $3.99 per month. The pro version cost $5.99 per month.


Feasible applications on types of devices


The company currently desktops, laptops, notebooks, tablets and smartphone devices. All


these devices are connected to one network. All the applications listed above can be implanted


into the business for maximum growth.


Feasible applications on cost


Since this is a small company with less than 20 employees, funds are limited. Therefore,


some expensive applications like SaaS, Zoho and FreshBooks will cause a financial constraint.


However, some free versions like Wave are a good start.


Feasible applications on cost and devices


According to the financial status of the company, loss of applications like Saas will cause


a major setback for the enterprise. Taxation is essential in a business and SaaS provides the best


tax software. Use of other alternatives will not produce the desired results. Applications to be used in the next assignment include QuickBooks, Dropbox and Rescue


Time. Project team members include: Accountants- To handle the accounting parts C.E.O- To oversee the project Software Engineers- to develop the software needed. BUDGETING 12


Updated Project plan We have identified the SDLC phases that our software development project will go


throughout the completion. The project development for the budgeting and financial application


software system includes the following phases:


System Analysis and Requirement Specifications


In this phase, we will identify the different form of system requirements from user


requirements, functional to non-functional requirements. System analysis involves the clear,


detailed understanding of the existing problem e.g. manual system to handle and manage the


account records being examined, deprived of which it becomes difficult to identify the


application requirements for a fresh project with any precision.


Project Planning and Feasibility Study


This system analysis and planning phase will comprise of checking and assessing the


feasibility study of the project implementation in terms of technical, economical and operational


characteristic environment. In the present phase, we will decide whether the proposed application


development is feasible according to the current financial, economic and operational conditions


of the small business management e.g. decided by the system analyst to perform feasibility


checks. The plan involves to decide on the cost of hardware, software and other requirement


fulfillment for the application development and how the application operates within the present


environment of the business integration area. Requirement Gathering Phase BUDGETING 13 Data collection tools such as interviews, questioners and observation are used to elicit


requirements form users and other important stake holders. This step identified in the application


development for the small family business involves the analysis of the application main


requirements like what requires in the application on performance criteria, system criteria,


functions that application must perform and other non-functional requirements. It involves the


software tools and hardware system specifications needed for the budgeting application[She11].


A requirements specification document is produced in this phase.


Application Design Phase


This phase uses the requirements specification document and produces a model of the


system. The model can be understood by both engineers and users.


First, we gather requirements for the application development, then prepare the SRS of


the application. Then, according to the system requirements, we identify the application design


that describes how the system components functions in a logical manner as outlined in the design


of the application. The systems goals sketched throughout the feasibility study function as the


foundation from which the effort of the system design is started. This is what we will propose to


plan for the application design phase. System design includes primary logical design and at that


time physical structure of the scheme. This phase prepares the sketch of the application user


interface so that it shows how explicitly an application looks and functions. We will use different


design considerations, constraints, and tools to sketch the application design for the budgeting


and financial software in the project development. Implementation and Testing BUDGETING 14 After the design phase, we will implement the application design into a functioning


system with the help of a platform needed to make it operational. System implementation


involves transforming the system design in to a working program using a preferred programming




After this, an application will be tested in the client and system environment to check its


function properly using tools.




After the execution phase, we will move into maintaining the consistency and working of the


application in the future using maintenance tasks like make new upgrades and updating the new


features for the application. Adding new functions is done in this phase [Rog01]. System


maintenance is a continuous process, aimed to ensure the application changes to keep up with the


changes in user requirements.


APPLICATIONS EVALUATION Peachtree pro accounting


Functions Personal Capital Budgeting




Online Banking




Management Yes






Yes Buxfer Budgeting










Yes Moneydance


Personal Finance








Yes Security Yes Yes Yes Account


Management Yes Yes Yes BUDGETING 15 Tax Software


Integration No No No Performance






Maintenance and




General Ledger




Funds Management




Management Yes Yes Yes Yes


Yes Yes


Yes Yes


Yes Yes No Yes Yes


Yes Yes


Yes Yes


Yes Receivable


Management Yes Yes Yes Cost Management Yes Yes Yes Personal Capital Moneydance


Personal Finance








Yes Intuit QuickBooks








Online Banking




Management Yes






Yes Buxfer Budgeting










Yes Security Yes Yes Yes Account


Management Yes Yes Yes Tax Software


Integration Yes Yes Yes Performance






Maintenance and No No No Yes


Yes Yes


Yes Yes






General Ledger




Funds Management




Management 16 Yes Yes Yes Yes


Yes Yes


Yes Yes


Yes Receivable


Management Yes Yes Yes Cost Management Yes Yes Yes Personal Capital Moneydance


Personal Finance








Yes Fresh Books








Online Banking




Management Yes






Yes Buxfer Budgeting










Yes Security Yes Yes Yes Account


Management Yes Yes Yes Tax Software


Integration No No No Performance






Maintenance and




General Ledger




Funds Management




Management No Yes No Yes


No Yes


No Yes


No No No No Yes


Yes Yes


Yes Yes


Yes Receivable Yes Yes Yes BUDGETING 17 Management


Cost Management No Yes No These three small business financial applications offer more or less the same functionalities and


security for the data they store. The biggest advantage is however possessed Fresh Books in the


fact that it?s available for free and any small business that does not want to spend big on soft


wares can still use it. Fresh Books is online software that offers the advantage of being available


everywhere as long as a user has their log in credentials. However, Fresh Books does not offer


employee tax management capabilities, like Intuit Quick Books and Peachtree pro accounting.


The software is free and no support is offered to the acquiring business. All businesses wishing to


use Fresh Books will have to find their own integration and development teams. Fresh books


offers the following useful functionalities General ledger management Accept credit cards payment Print and send invoices Print checks Expense and time tracking


Database choice


Fresh books is an online software that requires a remote database, to store data for the business.


MySQL database, hosted on MySQL Server is the database of choice for such an application. BUDGETING 18 This database offers a well-organized graphical user interface tool that enables easy


configuration and set up. MySQL database is very secure, using hashing algorithms and


encryption to store sensitive data and passwords- this ensures that the data cannot be used by


hackers who may successfully still it.


Data Flow Diagram- Fresh Books






(Accept credit cards


payment) External payment


gateway Ledger management


Send and receive


invoices and checks(To


and from external mail


servers) Print invoices and


checks Financial reporting


(Generate financial reports


from ledger) References Brigham, E. F., & Daves, P. R. (2012). Intermediate financial management. Nelson Education


Bierman Jr, H., & Smidt, S. (2012). The capital budgeting decision: economic analysis of


investment projects. Routledge.


Gary Shelly, H. J. (2009). Systems Analysis and Design. Cengage Learning, 11-Mar-2009. BUDGETING 19 Heather Wilkins (2015) A Comparison of Peachtree Complete & QuickBooks Pro retrieved from _


Neil DuPaul(2011 ).Software development lifecycle, SDLC.: Retrieved from


Product Design : Creativity, Concepts and Usability. (2011). PHI Learning Pvt. Ltd., 2011.


Shah, A. (2007). Budgeting and Budgetary Institutions. World Bank Publications, 2007.


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[solution] »

Answer only Unit 4. This is a continuation. NO plagiarism.

Running head: BUDGETING 1

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