Abstract
This document contains a business report in which a company’s needs are analyzed who is in great need of a revenue transaction software through which the company could keep track of all the business transactions going on in the organization as well as the transaction that have brought revenue to the company’s business. This software would not only help in generating monthly automatic revenue transaction reports, but would also help in tracing out the payable amount which is due to the parties involved in the company’s business. This report is made for the upper management of the company which would definitely help in the further better growth and performance of the organization’s business in future.
Introduction
Our company ABC Incorporation is a multi-oriented organization which looks after many multi-operations. We deal in providing household accessories to several customers. The main focus of ABC Inc. is to deal with regular customer base, we usually have customer interaction most of the time and we also promote our products via retailers where we showcased our products in their showrooms and provide these retailers amusing discounts to sell our products through their showrooms.
Recently, we are in great need to have software that could help ABC Inc. in tracking its revenue transactions and the payouts to be made to the retailers, carriers, and the third parties involved. This need was felt with the great increase in the daily and monthly business transactions of ABC Incorporation. Previously, all of the transactions were done manually or with a small contribution of the computer systems and Microsoft Excel files, but it has created many system errors and misunderstandings since at times, the transactions are not registered manually on time, the paper files get lost, there is a lot of vulnerabilities for the security of the data present in manual files, and any sort of data could also be misplaced during the completion of the transactions.
Findings
A business transaction tracking software helps inefficient accounting and better financial conditions of a business (et al HP). A business and revenue transaction tracking software helps in generating automatic reports of all the business transactions of the organization, helps in upgrading the organization data, allows headache-free data and record maintenance, can be operated from several places, keeps track of all revenues taken places and also of the payouts which are to be made to several parties (Cumbrowski 2008).
(WIPO 2001) According to the findings, the company is in need to a software that could help the organization in generating several operations such as; revenue reporting, expense reporting, the payable amounts reporting which are due to the parties involved in the business, detailed customer transaction reporting, customer and payouts summaries, real-time access to transaction summary reporting.
Recommendation
After a very long and detailed research, I would like to suggest my organization and recommend a revenue tracking software. This software would be the answer to all the accounting and financial related issues that are faced by the company. This software would save time, would be cost-effective, help in the effective flow of business transactions and would automatically generate the revenue transactions and would present their reports on monthly basis (WIPO 2001).
Moreover, the software would enable the management to take out revenue generate reporting, balance sheets, cash balance tracking and reporting, income statements, cash flow statements, accounts receivable tracking and reporting, accounts payable tracking and reporting, and budget reporting. It would have the ability and capability to work in heterogeneous environments (HP.com).
Conclusion
Every organization goes through advancements with the passage of time and so will our company. What I have analyzed is that ABC Inc. has to go with this gradual change and should adapt a revenue tracking software which could keep track of all the revenue transactions of our company and also which could show how much revenue we have got and how much amount the company has to pay to other parties. In this way, the company would work more efficiently and would become more technology savvy being cost-effective.
The software would enable to save company’s data, organize transaction data, make backups, generate revenue reports, and would also keep track of all the accounts payable to the customers or trading parties. This software would also help in generating several types of reports which would save the company’s time and help it in faster and rapid growth; hence the company would save energy in developing rather than saving data manually and developing reports every time needed (Urchin.com).
Works Cited
Hewlett Packard (HP), 2008, Transaction Tracking for financial services. Web.
World intellectual Property Organization (WIPO), 2001, A System, Method and Article of Manufacture for Tracking Software Sale Transactions of an Internet-Based Retailer for Reporting to a Software Publisher. Web.
Carsten Cumbrowski, 2008, Revenue Share & Lead Tracking in Affiliate Marketing, Reve News. Web.
Urchin Experts, 2008, Urchin 5 Software Features & Report List. Web.