Development of an Online Tool for Managing Business Finances
ABOUT THE CLIENT
We were approached by an entrepreneur from Poland who decided to invest in a digital project which would help other businesses automate financial tracking. In particular, his idea was to separate the bookkeeping for sole proprietorships, LLCs, and other types of small businesses to automate and centralize all tasks related to accounting for expenses, income, and net profit.
SERVICE USED
The client contacted us for the custom development of an online tool for small companies that helps to manage their finances.
TECHNOLOGY USED
To develop this online tool, we used the next tools and technologies:
-
for backend:
- PHP
- Laravel
-
for frontend:
- React.js
WORK APPROACH
In fact, for the client, this project turned out to be a startup, therefore, it required special preparation for its development.
In particular, before the start of the project, we consulted our client on his business idea and worked out its concept to formulate exact requirements for the future project. We also developed a mindmap for free and showed how the user's interaction with the web solution will be arranged.
After that, we analyzed similar solutions and provided the client with recommendations on how to make his product more successful and advanced against competitors. We have also assembled an optimal technology stack that would allow the client to scale the product in the future with minimal costs.
To streamline the development process, we used Agile and Scrum approaches. As for the software solution itself, first, we built prototypes, modeled user behavior, wrote user scenarios, and demonstrated to the client how it all works. After the approval of the prototypes, we started to create the software part. As for the design, for time-saving, we used a design scheme and created a product based on it.
CHALLENGE
As for the main challenge, we faced the fact that investments in the project were limited, and the client was ready to allocate no more than a fixed amount per month. Therefore, we had to slow down the development process a little so as not to exceed the client's budget.
SOLUTION
We have developed an online SaaS solution that includes four main features:
- Automated financial accounting. Instead of dealing with routine tasks with Excel spreadsheets, we have provided entrepreneurs with a fully automated tool for calculating income and expenses.
- Calendar of payments. This convenient calendar tells entrepreneurs how much and when they need to pay for receivables and from whom to expect payments.
- Convenient dashboard. This dashboard demonstrates the level of earnings of the company and also indicates the places where the loss of income is possible.
- Analysis of the financial performance. This feature automates the calculation of key company indicators, showing the strengths and weaknesses of the chosen business model. Thanks to this, business owners can plan their finances and quickly respond to changes.
RESULTS
The main goal of the project was to increase the level of financial literacy among entrepreneurs by providing them with a convenient tool that would allow them to check expenses and income, as well as understand what is the net profit and loss. We managed to implement this solution in five months, within the budget set in advance by the client. Currently, the client is looking for new sources of investment to scale the already launched solution and enrich it with new features useful for the target audience.
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ABOUT THE CLIENT
We were approached by an entrepreneur from Poland who decided to invest in a digital project which would help other businesses automate financial tracking. In particular, his idea was to separate the bookkeeping for sole proprietorships, LLCs, and other types of small businesses to automate and centralize all tasks related to accounting for expenses, income, and net profit.
SERVICE USED
The client contacted us for the custom development of an online tool for small companies that helps to manage their finances.
TECHNOLOGY USED
To develop this online tool, we used the next tools and technologies:
-
for backend:
- PHP
- Laravel
-
for frontend:
- React.js
WORK APPROACH
In fact, for the client, this project turned out to be a startup, therefore, it required special preparation for its development.
In particular, before the start of the project, we consulted our client on his business idea and worked out its concept to formulate exact requirements for the future project. We also developed a mindmap for free and showed how the user's interaction with the web solution will be arranged.
After that, we analyzed similar solutions and provided the client with recommendations on how to make his product more successful and advanced against competitors. We have also assembled an optimal technology stack that would allow the client to scale the product in the future with minimal costs.
To streamline the development process, we used Agile and Scrum approaches. As for the software solution itself, first, we built prototypes, modeled user behavior, wrote user scenarios, and demonstrated to the client how it all works. After the approval of the prototypes, we started to create the software part. As for the design, for time-saving, we used a design scheme and created a product based on it.
CHALLENGE
As for the main challenge, we faced the fact that investments in the project were limited, and the client was ready to allocate no more than a fixed amount per month. Therefore, we had to slow down the development process a little so as not to exceed the client's budget.
SOLUTION
We have developed an online SaaS solution that includes four main features:
- Automated financial accounting. Instead of dealing with routine tasks with Excel spreadsheets, we have provided entrepreneurs with a fully automated tool for calculating income and expenses.
- Calendar of payments. This convenient calendar tells entrepreneurs how much and when they need to pay for receivables and from whom to expect payments.
- Convenient dashboard. This dashboard demonstrates the level of earnings of the company and also indicates the places where the loss of income is possible.
- Analysis of the financial performance. This feature automates the calculation of key company indicators, showing the strengths and weaknesses of the chosen business model. Thanks to this, business owners can plan their finances and quickly respond to changes.
RESULTS
The main goal of the project was to increase the level of financial literacy among entrepreneurs by providing them with a convenient tool that would allow them to check expenses and income, as well as understand what is the net profit and loss. We managed to implement this solution in five months, within the budget set in advance by the client. Currently, the client is looking for new sources of investment to scale the already launched solution and enrich it with new features useful for the target audience.