The purpose of this lab is to demonstrate your ability to gather requirements as a part of software system selection. Need to demonstrate manually

Requirements Gathering Requirements ● The current system does not provide reliable financial statements; with this financial report, essential decisions for the business cannot be taken. So, the software should be such that can provide comprehensive and reliable information that can assist in decision-making. ● Currently, the company's confidential information is stored manually which is not secure so it is better to have an accounting system that can store numerous information about the company and also assure 100 percent privacy. ● The preparation of invoices manually consumes too much time and also the debtors of the company are complaining about the late processing of cash payments. The company should implement such software that does not take so much time for the cash payment process and invoicing processes. ● The software should complete the database entry process in no less than 4 hours. ● New software can reduce the portion of work that is done manually as per the current system. As with the help of new software, most of the work will be automated the staff expenses will also be reduced. Details related to the customer, expenses, sales, and purchases should be prepared automatically by the software. ● The number of calculation and recording errors is higher due to manual work so new software should provide error-free calculations and also should manage the inventories of 3 warehouses ● Tax filing as per the existing system is a complex and time-consuming task as the accountant needs to compute the tax amount of the company and then has to file the return on the government portal which takes too much time. So, only that software should be chosen that can compute the tax amount of the company by considering all the taxation laws, and also the return filing process should be convenient. ● At present, the payroll system is a very lengthy process because it is carried on manually by the accountant. It is not possible as per the current system to store the data of 200 employees. So, software should store a huge database, and also all the details of employees such as employee salaries, other deductions, allowances, etc. should be considered by the system at the time of disbursement (Gjikolli and Syla, 2021). References Gjikolli, F.S. and Syla, M.J., (2021). The Impact of Accounting Software Characteristics on Organizational Performance: The Context of Kosovo’s SMEs.