SEN MICROPROJECT

TOPIC: - Financial Tracking

1. Process Model:
a. Waterfall Model for Financial Tracking
Application
Advantages of Waterfall Model
 Simple and easy to understand and use.
 Easy to manage due to the rigidity of the model.
 Each phase has specific. Deliverable and a review
process.
 Phases are processed and completed one at a time.
 Works well for smaller projects where requirements
are very well understood.
 Clearly defined stages.
 Well understood milestone.
 Easy to arrange tasks.
 Process and results are well documented.
b. Incremental Model for Financial Tracking
Application
Advantages of Incremental Model

 Errors are easy to be recognized.

 Easier to test and debug
 More flexible.
 Simple to manage risk because it handled during
its iteration.
 The Client gets important functionality early.
c. RAD (Rapid Application Development)
Modelfor Financial tracking software.
Advantages of RAD model.

 It offers improved flexibility as developers can

adapt to required changes and incorporate new
functionalities and features during the build
process.
 You can create quick iterations that cut down
time frames to make your delivery process a lot
more streamlined.
 It is dependent on customer collaboration
satisfying every stakeholder such as users,
developers, and clients.
 It offers enhanced risk management solutions
because code vulnerabilities are fixed before the
final release.
 You can carry out integrations at the initial
stages and reuse code at any point, which results
in a shorter testing time.
 Fast reviews can be carried out, and hence you
achieve more productivity with fewer people.
Software Requirement Specification (SRS)
fore-finance Application:

1. Introduction:

1.1 Purpose
The purpose of this document is to provide a detailed overview of the requirements for
the development of a Financial Tracking Management System (LMS).

1.2 Scope
Financial management helps a particular organization to utilize their finances most
profitably. This is achieved via the following two conducts.

The scope of financial management is divided into two categories:

 Traditional Approach
 Modern Approach

2. Functional Requirements:

1. Planning
The financial manager projects how much money the company will need in order
to maintain positive cash flow, allocate funds to grow or add new products or
services and cope with unexpected events, and shares that information with
business colleagues.

Planning may be broken down into categories including capital expenses, T&E
and workforce and indirect and operational expenses.

2. Budgeting
 The financial manager allocates the company’s available funds to meet costs,
such as mortgages or rents, salaries, raw materials, employee T&E and other
obligations. Ideally there will be some left to put aside for emergencies and to
fund new business opportunities.

Companies generally have a master budget and may have separate sub
documents covering, for example, cash flow and operations; budgets may be
static or flexible.

1. Managing and accessing risk

Line-of-business executives look to their financial managers to assess and
provide compensating controls for a variety of risks, including:

 Market risk
Affects the business’ investments as well as, for public companies, reporting and
stock performance. May also reflect financial risk particular to the industry, such
as a pandemic affecting restaurants or the shift of retail to a direct-to-consumer
model.

 Credit risk
The effects of, for example, customers not paying their invoices on time and thus
the business not having funds to meet obligations, which may adversely affect
creditworthiness and valuation, which dictates ability to borrow at favorable
rates.

 Liquidity risk
Finance teams must track current cash flow, estimate future cash needs and be
prepared to free up working capital as needed.

 Operational risk
This is a catch-all category, and one new to some finance teams. It may include,
for example, the risk of a cyber-attack and whether to purchase cybersecurity
insurance, what disaster recovery and business continuity plans are in place and
what crisis management practices are triggered if a senior executive is accused
of fraud or misconduct.

2. Procedures
The financial manager sets procedures regarding how the finance team will
process and distribute financial data, like invoices, payments and reports, with
security and accuracy. These written procedures also outline who is responsible
for making financial decisions at the company — and who signs off on those
decisions.
 Companies don’t need to start from scratch; there are policy and procedure
templates available for a variety of organization types, such as this one for
nonprofits.

3. Non-Functional Requirements

3.1 Performance
The system shall be able to handle multiple concurrent users without significant
performance degradation.
Content delivery shall be fast and efficient.

3.2 Security
User authentication shall be secure, utilizing encryption and strong password hashing.
Access control shall be implemented to ensure that users only have access to authorized
resources.
The system shall have backup and recovery mechanisms in place to protect against data
loss.

3.3 Usability
The user interface shall be intuitive and easy to navigate.
The system shall be accessible to users with disabilities, following accessibility
standards.

3.4 Compatibility
The system shall be compatible with a variety of web browsers and devices.
Content shall be responsive and adapt to different screen sizes

4. Constraints
The system shall comply with relevant laws and regulations regarding data privacy and
protection. The development shall adhere to budget and time constraints specified by
stakeholder.
5. References
https://in.indeed.com/career-advice/career-development/functions-of-financial-management

https://www.vedantu.com/commerce/functions-of-financial-management

https://www.shiksha.com/online-courses/articles/functions-of-financial-management/

https://www.accountsiq.com/blog/finance-system-requirements-checklist/
UML Diagrams for Financial tracking Application
1. Use case diagram
Activity Diagram