Accounting Management System in Laravel

Accounting Management System in Laravel

Abstract

14 IT and IS Capstone Project Topics
14 IT and IS Capstone Project Topics

Cashflow management is critical for a company’s success. Managing financial transactions and records is crucial for every business, and it necessitates a detailed process to avoid costly mistakes that could jeopardize the company’s financial position. To track the business’s income and expenditures, companies must have good accounting management. The goal of this study was to use Laravel to design and create an Accounting Management System. The researchers wanted to create accounting software that would make all aspects of corporate accounting more straightforward. It will enable the company’s revenue, expenditures, invoices, and other financial data to be tracked and calculated in real-time. Financial data and transactions will be accurate, dependable, secure, and safe as a result of the project. The researchers will use the Software Development Life Cycle (SDLC) method to create the software. The employees of a company’s financial department will be the study’s respondents. The Laravel accounting management system is expected to be implemented to resolve all challenges and concerns that existed in previous systems. The project will give businesses a dependable accounting management tool that will streamline the most critical component of their operations.

Introduction of the Study

Nowadays, there are already lots of accounting tools that may support companies in managing the income and expenditures of the business. This project, entitled “Accounting Management System in Laravel” is innovative accounting software that is built using Laravel. The system will make tracking and maintaining financial information for a business much easier. The company’s expenses, invoicing, and other financial transactions will be managed using this project.

Before the usage of technology, businesses rely on manually manage the company’s accounting affairs. This involves manual tracking of the companies income, expenditures, and invoices which are recorded using paper and are kept in physical storage. The manual method of accounting is prone to human errors and will not let the company effectively assess its financial situation. Records of expenses and invoices may not be accurate and reliable due to possible human errors especially in the manual calculation of digits. With the advent of technology, there are accounting tools that emerge however there is still a gap that is seen by the researchers that need to be addressed. The pre-existing systems are thought to be inefficient and ineffective in preparing prompt financial reports. Organizations require an automated solution to help them handle their total financial activities more efficiently.

Proposed Solution

To fill in the gap seen by the researchers from the previous accounting management projects, the researchers proposed the development of the Accounting Management System in Laravel. The proposed system will enable electronic accounting management, which will involve the electronic processing of financial transaction records. It will allow timely tracking and calculation of the company’s revenue, expenditures, invoices, and other financial activities. The said project will ensure that financial records and transactions are accurate, dependable, secure, and safe. The proposed method will eliminate the manual process’s paperwork and other issues. The solution will significantly improve the company’s financial transaction and record-keeping processes.

Objectives of the Study

General Objective – the researchers of the study generally aims to design and develop a system using Laravel that will streamline the process of all the financial transactions of a business.

The researchers specifically aim to:

  1. To build a system in Laravel that will automate the process of accounting management.
  2. To develop a system that will keep track of the business’ income, expenses, invoices, and other financial records.
  3. To design a system that will serve as a repository of different financial records.
  4. To develop software that will efficiently assist companies in managing financial transactions.
  5. To design a system that is easy, efficient, reliable, and convenient to use.
  6. To evaluate the system in terms of user acceptability, effectiveness, productivity, and quality.

Scope of the Study

This study concentrates on the development of the Accounting Management System using Laravel. The said project will keep track of all corporate accounting concerns and will simplify business’ accounting management. The researchers will gather a sample size of a business company’s finance department staff to participate as respondents of the project.

Accounting Management System in Laravel
Accounting Management System in Laravel

Significance of the Study

The success of the project is deemed beneficial for the following:

Companies/ Business Organizations. They will directly benefit from the project’s success. They will be able to do accounting management more efficiently and easily with the help of the aforementioned system. The system will improve the company’s capacity to manage income, expenses, invoicing, and other financial processes.

Finance Department and Staffs. The system will enable them in carrying out their jobs, which include financial transactions and records, more efficiently. The software will make things easier in the financial department.

Researchers. The success of the study will help them gain more experience, skills, and knowledge in developing successful projects using Laravel.

Future Researchers. The study can serve as their reference if they wish to make an update for the system or if they want to develop their version of the accounting management system.

Development Tools

“Accounting Management System in Laravel,” the capstone project, is a system that allows businesses to automate their accounting processes. The technology will allow businesses to manage purchases, sales, and other financial records electronically.

This article will provide you with an idea of the kind of forms that should be included in a Laravel Accounting Management System. The template was created using PHP and Bootstrap.

The project’s documentation is accessible upon request (chapters 1 to 5). Please contact us if you require the project’s entire documentation.

Project Highlights

Accounting Management System in Laravel is a database-driven system that will simplify and ease up management of all corporate accounting concerns.

Advantages of Accounting Management System in Laravel:

  1. Automated accounting management- by using the system, companies can electronically process and track their financial transactions and records.
  2. Records Management – it is a database system that makes the records of the finances electronic, safe, accurate, reliable, and fast.
  3. Fast Transaction – processing of expenses, invoices, and other financial transactions will be easy, fast, and convenient.

How the System Works

This article will discuss the modules, form, and user interface of the Accounting Management System built in Laravel. The researchers will discuss the features and how the system works.

Dashboard – this serves as the main page of the system administrators. This dashboard displays major records of the company’s accounting.

The dashboard mainly displays the following information:

  • Total Customers
  • Total Vendors
  • Total Invoices
  • Total Bills

Shown below is the image of the system’s dashboard.

Accounting Management System in Laravel - Dashboard
Accounting Management System in Laravel – Dashboard

Income & Expense – this page displays the expense and income report of the company. The reported income and expense report was categorized by two; (1)Maintenance Sales and (2)Product Sales. The report was presented using graphs.

Shown below is the design of the Income & Expense page.

Accounting Management System in Laravel - Income and Expense Report
Accounting Management System in Laravel – Income and Expense Report

Income Summary – this page displays the income summary of the company. The income report was summarized by month. The report is presented using graphs and tables.

The image shown below is the design of the Income Summary Report.

Accounting Management System in Laravel - Income Summary
Accounting Management System in Laravel – Income Summary

Invoice Summary – this page displays the invoice summary of the company by month. The report is presented using graphs.

This page displays the following:

  • Total Invoice
  • Total Paid
  • Total Due

Shown below is the Invoice Summary design.

Accounting Management System in Laravel - Invoice Summary
Accounting Management System in Laravel – Invoice Summary

Proposal Print Settings – this will allow the admin to manage the appearance of the proposal. The settings will allow the admin to choose the proposal template and input the color of the proposal.

The image below is the Proposal Print Settings layout.

Accounting Management System in Laravel - Proposal Print Settings
Accounting Management System in Laravel – Proposal Print Settings

Conclusion

Accounting management is critical to the company’s overall operation and performance. Managing financial transactions and records is crucial for every business, and it necessitates a detailed process to avoid costly mistakes that could jeopardize the company’s financial position. The goal of the project is to evaluate the manual way of handling financial activities in a business. The researchers concluded that the existing system is insufficient to fully optimize a company’s financial activities, leaving an opportunity for errors.

The researchers advised replacing the manual accounting management system with an automated accounting management system built in Laravel. The study’s findings revealed that the developed accounting management system matched the respondents’ and intended users’ demands and criteria. As a result, the researchers determined that implementing the developed system will considerably aid businesses in monitoring and tracking financial transaction records. The technology will eliminate all of the issues that plagued the manual method, allowing businesses and organizations to improve their operations.

Recommendations

The researchers strongly suggest that the Accounting Management System designed in Laravel be implemented. According to the study, businesses should use the system to manage their financial activities and data. The system comes highly recommended for its effectiveness and dependability in the financial department of a corporation. According to the project’s experts, the intended users should have sufficient knowledge of how the produced system would operate.

The following are suggestions made by the project’s researchers:

  1. Businesses should think about using the system to keep track of their spending, invoices, and other financial information.
  2. The system should be put in the company’s finance department to aid and assist them in dealing with the company’s financial activities.
  3. The system comes highly recommended because it simplifies, and speeds up accounting management.

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Credits to the developer(s) of the project.

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