Nowadays one of the major lending businesses that exist today is money lending. It has entered different institutions like banks, government, lending companies and even cooperatives which they offers the kind of business in order for them to gain more profit in an easy way and also to help client by giving loans for special purposes. As the world moves in a globally competitive electronic place, there’s a lot of competition in a technological way but many infrastructure and establishments were still not upgrading their own computers to the latest modern features. They just assure their clients satisfaction by giving a quality service and a friendly environment to every client which is not good enough. Majority of the lending companies nowadays are still using a manual transaction which were indeed a time consuming problem. More on these facts there is also a hard time in computing monthly dues, and balances that made the data not that accurate. This happens because of manual calculations in the computer.
The proponent is very much concerned in conducting proper studies and implementation of better processes. The proposed system is for Sifcor Lending incorporation by using an automated transaction solution for lending and financial management to improve the current existing method of manual operations.
With the advancement of the technology most of the tasks are done in an instant to be competitive nowadays we must experience what really the technology can do.
1.2 Background of the Study
The Sifcor Lending Inc. is a company who let out money for temporary use on condition of repayment with interest. Like other existing loan transaction process Sifcor is also manually operated. They give loans to those who will comply to their requirements, one of these is that an applicant should have shown monthly pay slip and income for the past months or a proof of managing any business. Due to manual operations of the company they are having a hard time in recording and calculating the loans of their clients in a fastest way, but this can be lessen by the use of computer system which could facilitate any operations at faster and easy way. The company only uses their computers for documentation and client’s record keeping purposes and not for their system. Were in fact they are just using Microsoft Word and Microsoft Excel that are usually used Microsoft Office work today and not merely doing the exact specific task they wanted to happen, in this case using of their computer does not help to make their process faster and accurate. Manual calculations were indeed a burden and consume a lot of time on the part of the employees. By developing a Finance Management system the company will have more time in giving emphasis to their other works and responsibility in the company.
New technologies have become integral to lives of children and young people in the home, industry, business, leisure and communication within a global society. The internet and other digital and information technologies are powerful tools, which open up new opportunities for everyone.
As technology grow, so do the demands for better services. The primary reason why the proponent pursue this study is to provide financial management system that will provide the proponent the best chance to apply the knowledge they learn in their years of studying at AMA Computer College. It also gives them opportunity to enhance and practice their ability and creativity. The proposed system will organize the process in which the school conducts its business.
The main reason why the proponent came up to an idea of implementing Finance Management System for Sifcor Lending Inc. The proponent proposed a system which can develop a finance management system that will integrate it with the present technology to make transaction easier, faster and user friendly to the employees that will answer the needs of...