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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.

 

Planning

 

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.

 

Communication

 

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:

 

Maintenance

 

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.

 

Implementation

 

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.

 

Testing

 

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

 

association[Gar091].

 

QuickBooks

 

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.

 

Wave

 

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.

 

Evernote

 

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.

 

Trello

 

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.

 

Dropbox

 

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

 

language.

 

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

 

function properly using tools.

 

Maintenance

 

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

 

Payroll

 

Online Banking

 

Transaction

 

Management Yes

 

No

 

No

 

Yes Buxfer Budgeting

 

App

 

Yes

 

Yes

 

No

 

Yes Moneydance

 

Personal Finance

 

Yes

 

Yes

 

No

 

Yes Security Yes Yes Yes Account

 

Management Yes Yes Yes BUDGETING 15 Tax Software

 

Integration No No No Performance

 

Management

 

Reporting

 

Maintenance and

 

Support

 

General Ledger

 

Management

 

Funds Management

 

Payment

 

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

 

Yes

 

No

 

Yes Intuit QuickBooks

 

Functions

 

Budgeting

 

Payroll

 

Online Banking

 

Transaction

 

Management Yes

 

Yes

 

No

 

Yes Buxfer Budgeting

 

App

 

Yes

 

Yes

 

No

 

Yes Security Yes Yes Yes Account

 

Management Yes Yes Yes Tax Software

 

Integration Yes Yes Yes Performance

 

Management

 

Reporting

 

Maintenance and No No No Yes

 

Yes Yes

 

Yes Yes

 

Yes BUDGETING

 

Support

 

General Ledger

 

Management

 

Funds Management

 

Payment

 

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

 

Yes

 

Yes

 

Yes Fresh Books

 

Functions

 

Budgeting

 

Payroll

 

Online Banking

 

Transaction

 

Management Yes

 

No

 

Yes

 

Yes Buxfer Budgeting

 

App

 

Yes

 

Yes

 

Yes

 

Yes Security Yes Yes Yes Account

 

Management Yes Yes Yes Tax Software

 

Integration No No No Performance

 

Management

 

Reporting

 

Maintenance and

 

Support

 

General Ledger

 

Management

 

Funds Management

 

Payment

 

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

 

Payments

 

management

 

(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

 

www.studioD.com/files/public/AComparison-of-Peachtre-Complete&QuickBooks-Pro _

 

Chron.com.htm

 

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

 

www.veracode.com/security/saftware-decelopment-lifecycle

 

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


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