Web Based Accounting Software For Small Businesses

Web Based Accounting Software For Small Businesses

August 20, 2018

Abstract

An effective accounting information system is essential to any organization’s long run success. Without a means of monitoring the events that occur, there would be no way to determine how well the organization is performing. For this reason, we tried to develop such software in our major project. Our project “Web Based Accounting Software For Small Businesses “is dynamic, web based account software that uses cloud based  accounting for recording and processing accounting transactions within functional modules such as accounts payable, account receivable, general ledger & payroll. It enables business to operate more efficiently and gain access over variety of tools and functions to manage transactions, tax calculation, send and receive invoices, extract and complete reports anywhere with the access of Internet. Also, the level of accessibility is maintained among the different positions of employees in organization. It is targeted for small and medium
businesses that contain about 10 to 15 employees. It does not entertain a multibillion dollar  industry that produces components supporting a variety of business functions. Keywords: information system, cloud based, transactions, accessibility.

Background Theory

Accounting software is a Computer program that assist bookkeepers and accountants in recording and reporting on a firm’s financial transactions. The functionality of accounting software differs from product to product. Larger firms may choose to implement a customized solution, which integrates a vast amount of data from many different departments. Smaller firms often choose an off the shelf product. Accounting software is an invaluable resource for modern businesses. Software allows detailed tracking of financial transactions and near instantaneous reporting and analysis. Before accounting software, these tasks had to be performed by hand, using large transaction journals. Ad hoc reporting was generally impractical due to the labor involved to consolidate the manual entries. Accounting software automates these tasks, reducing the costs of accounting and allowing better financial decision making through timely reporting.

Problem statement

So far most of the software used in Nepal are desktop based and are not online with the jurisdiction of Tax and other acts. Web based accounting software’s like FreshBooks, Xero, QuickBooks Online, Tipalti, Online Invoices, e-Accounting etc. are expensive as well as difficult to buy in the context of Nepal. Even small businesses companies of Nepal cannot afford to hire qualified engineers to develop their own accounting software. Hence the small and medium business companies are forced to track and analyses the business in normal applications like MS excel and even manually without any backup data.

Objectives

  • To provide a web based accounting that manages business accounts and local taxation incorporation as well as calculates the tax of individuals.
  • To provide financial and operational reports for business owners to make decisions and track cash flow targeting the local business and digitize their business transaction.

Scope of Project and Applications

As our project “Web Based Accounting Software for Small Businesses” will be targeted to trading business that contain about 10 to 15 employees, it helps to record their sales, purchase, inventories, receivable and payable management. Additionally, it helps user to generate and analyze financial reports. It can be used by small business person like local shopkeeper to medium business oriented companies and customized service oriented companies.

Our project finds its application in the following sectors, to name a few:

  • Sales Management
  • Purchase Management
  • Receivables/Payables Management
  • Inventories Management
  • Payroll Management

 

Special thanks to our respected brothers ACCA Pushpa Raj Panthi and Engineering team members Mohan Ghimire,Om Bahadur Chhetri,Bishwash Shrestha,Bhagat Gurung and Anish Malla.