Cap

Financial Management Accounting System Development

A developed from a scratch financial management accounting system that automated the business owners’ workflow by 70% and helped CEOs make data-driven strategic decisions.

About the Client

A financial services company from Poland specializes in workflow automation with customers from the US and the EU. It provides a wide range of financial services for early and mid-stage companies, helping CEOs create and install custom data visualization, financial management, and analytical tools.

These custom tools perfectly fit early companies that have scarce resources, as they need financial expertise, from setting up solid internal processes to preparing to raise outside capital. Plus, they can scale with the customers’ business, so they can rely on them long-term, helping them make the right business decisions.

Country

Poland

industry

Fintech

timeline

9 months

team

1-5 engineers

Tech stack

React
Node.js
Prisma

70%

of financial workflow is automated

80%

of reporting and analytics made faster

3 times

faster decision-making

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Challenges of Creating an Accounting System

What is accounting system? An accounting system is used to organize business records and to track income, expenses, and other financial operations. Our client was looking for a strong engineering team able to realize a project idea on creating a financial management accounting system from scratch. This financial systems accountant should perform vast analytics, data management, and visualization, and greatly automate managers’ daily workflow.

Thus, for this project we needed to reach the following goals:

  • Help to scope the project and set deliverable dates
  • Build a custom financial accounting system from scratch
  • Enable financial modeling and analytics in it according to the data gathered
  • Set and tune timely reporting for the accounting periods
  • Monitor, visualize and update profit and loss, cash flow, balance, and summary indicators financial reporting
  • Provide technical and maintenance support for the system
  • Fix arising bugs and solve any issues, if any

The important factors, among others, were proficient skills and the fitting time zone of the developers. After a long period of searching for the fitting engineering team, the client has got a positive recommendation upon Fively skills and expertise and chose our custom development company for this project.

After all the documentation was signed, we started our fruitful collaboration upon the development of a custom financial management accounting framework.

How Fively Helped the Financial Services Company

In this case study we provided top-tier management of the project at all development stages: tailored the financial system development to the client’s financial management needs, analyzed components of the financial accounting system, proposed an optimized team structure, the suiting accounting system design, as well as the right tools to provide a smooth deployment process:

Project Architecture: To create this financial systems accountant we chose React for the frontend, Node.js for the backend, and Prisma as a Database service. We also decided to create a custom design of the system from scratch using the Figma design tool.

Team Structure: We analyzed the given scope of the client’s goals, and proposed the engineering team structure of 1 full-stack and 1 backend specialist. The design stage of developing an accounting system should have a UX/UI designer as well.

Communication tools: We used Trello for task status tracking and management and Slack for direct communication with clients on any initiatives and possible changes in the financial management accounting system requirements.

These technical and workflow decisions allowed us to successfully cover all the projects’ goals and get great results on the work of the financial accounting management system.

Results of the Cooperation

As a result of close cooperation with the client, we have built a financial management tool that has the following features:

  • We built a custom financial accounting system meaning that is fully tailored to the client’s needs and greatly optimized the processes of data gathering, structuring, sorting, and overall financial management in the company;
  • We made the operations on data totally secure in our financial accounting system example thanks to the login procedure and different administrative roles in the system. It has also set the financial and business information on the company’s clients in order, and enhanced the internal communication within the company;
  • We made profit and loss, cash flow, balance, and summary indicators financial reporting easy and quick procedures that are fully automated and greatly save time on the financial management in the daily workflow of the company’s management;
  • We enabled visualization of the financial analytics for the given periods to help the company’s management make data-driven decisions, find weak points and issues in the company’s financial structure, and eliminate or minimize possible risks.

CEO of the company

Technology Stack

For these types of accounting systems we used the following state-of-the-art tools and technologies to implement all the needed accounting management system features:

  • React
  • Node.js
  • Prisma
  • Figma

Success Stories

Fively has profound expertise in data visualization and financial management system development. Discover these solutions examples, which can automate your workflow and help you take data-driven decisions.

Financial Management Accounting System Development
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Awards and Recognition

Fively is a custom software development company, that has been gaining recognition throughout its existence.

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