Modelling The Finances Of A Business

3435 words - 14 pages

IntroductionThe aim of this coursework is to design a new system for a company called Mig importers and exporters. This company imports a variety of textiles from Asia and the Middle East and sell them wholesale in Europe, mainly in the UK. Currently the company uses a manual based system to manage their finances, this involves using a lot of filling cabinets to store the data and invoices and then calculating the company's profit or loss at the end of each month. This method isn't very accurate and it takes along time to make any calculations. The new system I will design will model the company's finances and will be user friendly so that the user can be efficient.My new system will model all the information needed to work out if the company is making a profit/loss. Examples of calculations are trade price, duties and tax, freight, selling price, quantity sold, wages, rates, electricity, gas, water, advertising, motoring, telephone etc. the system will include cell-referenced formulas so that if any numerical data changes, subsequent relevant data will adjust automatically.Using my new system the company will be able to use model situations to find out what amount they need to sell to break-even or how much profit will they make if they sell a certain amount of their product. They will also be able to fin out what effect a price reduction will have on their profit. This can all be done by changing a few quantities or a few prices and the formulas will automatically adjust the profit/loss. With the current system the company is unable to do this because it is impractical and will take a lot of time just to find out the results for one small criteria but with the new system answers to many criteria changes can be found instantly.The company's current situation will have to be taken into account, this will be achieved through an interview with the people concerned after which the advantages and disadvantages must be studied.Feasibility StudyWhat are the advantages of having a computer system?· Computers are very accurate.· Computers can work continuously 24 hours a day.· Less paperwork involved, it is all stored and easily accessible from the computer· Low risk of data being erased as it can be stored on various backups.· Not a lot of energy is needed to get data on the computer and saves time, it is efficient· Data can easily be presented in tables, graphs etc.· Changes and corrections can be performed at the touch of a button.· Validation check minimises the chance of any errors.What are the disadvantages of having a computer system?* The hardware and software can be very expensive.* Employees will need to be trained regarding usage of the computer.* If the computer crashes or there is a power cut, access to data in the computer is not possible.Planning for the taskThere are various steps that I need to go through to accomplish my task:Research: I will need to investigate the structure of...

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