Our chosen core sector, Financial Management, is where the app tries to proffer solutions.
In most businesses, three divisions of enterprise management are usually seen, which is especially true with MSME.
- Goods or Services management.
- Customer or Supplier interpersonal management
- Financial(cash inflow, cash outflow) management.
The app, therefore, aims to assist in the listed.
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Goods or Services management: Goods or services are the income-generating units of any business, hence our app aims to assist in managing these substantial entities of any business. The app provides an inventory management tool, where goods and services sold or rendered are properly recorded and accounted for. Users through the app can record, add or list stocks, effectively tracking which goods or materials they have and in which quantities. This is also applicable to raw materials used in rendering services. Users could also enforce various inventory control mechanisms such as FIFO (First in, First out). Furthermore, at a user-stipulated time, various inventory analyses are made and presented in easily interpretable formats, including ABC Analysis, VED Analysis ( Vital-Essential-Desirable ), and SDE Analysis (Scarce-Desirable-Easily Available) which are essential to MSMEs.
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Customer or Supplier interpersonal management: Customer or supplier relationship management in MSMEs is very crucial. The app provides a directory listing of customers, both new and already existing, including functionalities to add contact information, categorise frequently patronising customers, and highlight customers on credit. A unique feature of regularly notifying subscribing customers of new goods or services available is also included. New or experienced business owners are provided with an interface to meet suppliers of their stocks, who are near the business location. This would enable new business owners to quickly gain ground while giving experienced business owners flexible choices to make around suppliers.
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Financial(cash inflow, cash outflow) management: Management of finances is very important in improving the profitability of various enterprises. The app provides basic accounting, expense tracking, and budget management tools to facilitate better management of finances in MSMEs. Cash flow, in and out of the business is properly accounted for by the app.
