Coalescent financial information system by transaction-oriented method (TOM)

Pao Yue-kong Library Electronic Theses Database

Coalescent financial information system by transaction-oriented method (TOM)

 

Author: Chen, Yunghan
Title: Coalescent financial information system by transaction-oriented method (TOM)
Degree: M.Sc.
Year: 2015
Subject: Business enterprises -- Finance -- Software.
Business enterprises -- Finance.
Accounting.
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Computing
Pages: x, 72 pages : color illustrations
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b2825192
URI: http://theses.lib.polyu.edu.hk/handle/200/8176
Abstract: Financial management plays a vital role of corporate regular operations and time period P/L status. With very complex interactions between internal and external, and with different methods for different viewpoints and purposes, it is too cumbersome to get things well done without a comprehensive financial information system. Large enterprises with millions dollars profit annually can afford to hire dedicated technical team or outsourcing to develop and maintain a comprehensive proprietary management systems, but almost small/ medium/micro companies have no choice butCOTS[1] financial management software, hereinafter called FMS[2]. According to our research, it doesn’t have explicit definition of FMS, thousands of finance-related management systems were called FMS, including ERP ( Enterprise Resource Planning ), PSI ( Purchase Sales and Inventory ) , CRM ( Customer Relationship Management ), HR ( Human Resource ) , Accounting and Tax Controlling systems, etc. Moreover, all above are isolated with each others even designed by the same provider. Such situation makes people very disturbing. Most companies' executives or top managers are non-financial background, lacking of sufficient financial expertise. Let alone millions of new ventures per years. After trialing top ten popular COTS FMSs listed in "选软件网[3]", I found there are several big problems worth studying, 1. None single COTS FMS covered most of financial management tasks, people need more than one isolated software co-work to complete most of their real financial management tasks, it happened a. At least x times effort in data entry into isolated systems, when x is equal to the number of systems used. b. Data synchronization between systems is a very big problem. 2. None COTS FMS provides electronic data IMPORT function, all data inputted by manual key in. It happened, a. Mass manual entries occupied big portion of loading and time b. Manual input also cause error-prone and unpredictable debugging effort. Such phenomenon suffered millions of people, not just decision-making managers but also operators and accountants. I believe it is worthy of researching to look for enhancements, to address most corporate's headache. During my research, conducted a survey of 638 effective corporate samples, asked for advise by two CPAs, analysed PSI, Accounting and Tax Controlling three most frequently FMSs of corporate, and tried double movements, forward and backward thinking. Finally propose a methodology called "Transaction-Oriented Method" or TOM for short. By TOM methodology, we can well-integrate the input repositories of PSI, Accounting and Tax systems easily, and reduce very great proportion of redundant manual entry, and keep data synchronization between systems. It is a practical method to solve the pain points of millions of companies.

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