Business Process Tool Challenge
Given how important it is for companies to streamline operations by getting their systems for accounting, HR, client management etc. to be effective so its easy to follow, integrated and scalable, we would like to take the best solutions that emerge from the Startup DU platform and release them on our website so that anyone can download them and use them for their companies. We also want to cultivate a community where Startups can tap into, work together and help each other with their business process problems always, so they don’t have to figure things out everything on their own. This initiative is meant to collaborate, create and share knowledge with all.
Accounting
Love accounting? No? But most startups are! Here at Startup DU, we get it. That’s why we want you to create a simple guide to startup accounting. No scary manual, no complicated accounting jargon, and no stress— just some simple resources to help Startups out.
Double-Entry Accounting
Real accounting. The kind accountants like. Double-entry simply shows how your money can start in one place and end up in another . Movement of money through your accounts is visualized by writing a double-entry transaction. Let’s break it down: if you move money from an asset account to buy concert tickets (because concerts are a good time), then you’re going to debit that account for $30 and credit the relative expense account for $30. You took 30 bucks and gave it to another account—that’s all! Double-entry accounting keeps track of money movements by
Book of accounts
Income StatementThe report card for your business . A statement showing the money you get and the money you spend . Your expenses will be subtracted from your income to show how much you have left . You need to make money to spend money and grow your business, so find what it is your company does best, develop it, and sell it!
Expense
Money you pay out. Expenses decrease the value of your accounts and equity. Nobody is a huge fan of expenses! You incur expenses when purchasing products or services from another vendor, for example buying office supplies. The idea is to pay
off your expenses (and keep them to a minimum in the first place) so an expense doesn’t turn into a liability (which is bad!).
Everything you own in a box to the left . Debits appear on the left side of your General Ledger, and must always be balanced by credits . Debits are great for increasing your assets and decreasing liabilities, but not so great when they increase your expenses and decrease your income . In short, debits are your new best friend when they’re applied to asset and liability accounts .
Credit Think of credits as the twin sibling to debits . Credits appear on the right side of your General Ledger . Credits are great for increasing income and decreasing expenses, but not so great when they increase liabilities and decrease assets . Like debits, there are pros and cons to credits, depending on where you move your money . For happy times, credit your income and expense accounts .
12 General Ledger Wishing for a one-stop debits and credits shop? (We know you secretly love them as much as we do). The general ledger is like a database for your accounts and their debit and credit totals .
Balance Sheet
An executive summary of your financial position—all of the essentials, none of the boring extraneous details . What you own and owe, as well as your business’ value, can be found here .
Owner’s Equity
If you’re the owner of your business, then you have rights to the assets of that business (boss status). As an owner, you of course want the value of your business to increase. Equity increase = right to assets increase. Basically, the more your business is worth, the more value or equity you have. Assets – liabilities = owner’s equity, so ample assets with few liabilities is the ideal
Sales Tax Report
The sales tax report will help you understand how much tax your company pays and is reimbursed for . Good to know, right? View an audit report, or simply scroll through your payable and receivable columns to see what went in and what went out for tax purposes
Budget and cost analysis
Customizable and manageable Invoicing Book of asset
Payment Integration
Local payment systems
Payment Systems has been considered to be an important element of the financial stability and is evolving as a core central banking function around the world. A well functioning payment system promotes stability in the financial system by reducing risks, lowering transaction costs, enhancing financial markets liquidity and by helping to use financial resources efficiently.
In fulfilling this mandate and considering the importance of having a state-of-the-art payment and settlement system for ensuring financial stability of Bangladesh.
Follow the links (Ctrl+Click to follow links) below to have a glimpse over the prevailing payment systems and BB's continuing endeavor for further betterment of country's payment and settlement systems-
Payment Systems Department's Activities Mobile Financial Services
Payment Systems Strategy Online Payment Gateway Service Providers Bangladesh Automated Clearing House National Payment Switch
Automated Cheque Processing System e-Commerce & m-Commerce Electronic Funds Transfer Legal & Regulatory Framework
Dashboard to see payments & Due payments:
Teams have to create dashboard to provide information about Startup businesses payments & Due payments to understand current state of the organization.
Integrate online banking:
A Customer integrated system (CIS) is an extension or hybrid of the transaction
them to process their own transactions. IS represents a way of doing business at substantial savings; customers save time and organizations can lower their human resource costs.
Secure payment & Data Security
You should keep in mind that your tool should be secure for payment . Data security is another concern . If these thinks are unchecked ,they can cause serious trouble …
Auto invoicing
Autoinvoice is the process of creating an invoice in Accounts Receivables Module. This customer invoice can be raised against a Sales Order or from Project Accounting. We can also import Invoices from Legacy systems. Not only invoices, but Credit Memos, Debit Memos, Sales Credits.
These were the technical issues you needed to build your start up tool for “StartUP DU” !!!!
Human Resource Management
• Dashboard of an employee:o Employee Basic Information. 1. Full Name
2. Date of birth 3. Marital status
4. Contact details (address, phone number) o Employee Photo
1. Current photo – needs to be taken within the last 6 months o Employee Salary Info
1. Gross salary 2. Net salary
3. Tax calculation
4. Processing TDS (tax deducted at source) o Employee Bank Info
1. Bank account number 2. TIN number
o Employee Education 1. High School diploma 2. Bachelor’s degree 3. Master’s degree 4. PhD
5. Scan the certificates and save on the sytem
6. Searchable fields for education institution, degree subject, degree grades, year of graduation
o Employee Employment History 1. Current designation 2. Employee salary
3. Probation period / probation confirmation 4. Change in designation
5. Change in salary
6. Termination / Resignation o Employee Promotion
1. New designation 2. Effective date
3. Scanned promotion letter o Employee Family Information
1. Not necessary. More important is the emergency contact details o Resource Allocation
1. Car
2. Laptop / charger 3. Pen drive
4. Phone / charger 5. Stationary
o Disciplinary Information 1. Note of verbal warning
2. Attachment of written warning letter 3. Action taken to rectify the situation 4. Final decision
o Previous employment information 1. Company names
2. Time period with each organization 3. Designation with each company 4. Major responsibilities
5. Reason for leaving
• All employee information overview
• Leave Balance Statement / leave report (Absenteeism Analysis Report) graph chart • Attendance Sheet online and offline (Late Present Analysis Report)
2. Employee should log out when he / she leave.
3. The report should automatically generate on an excel sheet or something of that nature
4. If the grace period passes, the in times that are late should be highlighted. 5. System generated warning when employees are frequently late.
• Monthly Salary & bonus Sheet 1. Gross salary
2. Tax deduction 3. Net salary 4. Bonus
• Leave Management
1. Allocated leave (sick leave, casual leave, earned leave) 2. Days taken and subtracted against allocated leave 3. Reason for leave request
• Attendance Management
Client Relationship Management
CRM is the abbreviation for customer relationship management. It entails all aspects of interaction that a company has with its customer, whether it is sales or service-related. While the phrase customer relationship management is most commonly used to describe a business-customer relationship, CRM systems are used in the same way to manage business contacts, clients, contract wins and sales leads.
CRM is often thought of as a business strategy that enables businesses to:
Understand the customer
Retain customers through better customer experience
Attract new customer
Win new clients and contracts
Increase profitably
Decrease customer management costs.
Here are some of the factors to that should be kept in mind when you are going to make a tool for startups for Bangladesh :
The sales and marketing team has show the monthly and yearly sales for any company currently operating. Then they can to compare the after sales report with the estimated one.
Generated Lead information:
Lead generation is the generation of consumer interest or inquiry into products or services of a business. Leads can be generated for purposes such as list building, e-newsletter list acquisition or for sales leads. So the tool must support relevant lead information. Keep lead’s name, contacts, kind of services he/she wants. Etc.
Client contact and other detail:
The tool must store all the relevant info of the clients regarding contracts, address, emergency contact no etc.
Discount given:
As an owner of the business, every business person take some steps like offering discounts to the customers or clients for getting more attraction and also for branding purposes. The amount of discounts, its deadline and sales estimates should be stored in the tool.
Notes for each client:
Every potential client has some issues and habits that could be identified while doing business with them. For the bigger interest of the company, any startup would like to store them in their database to get relevant & necessary information at the moment’s notice.
Last follow up and next follow up:
A start up may have a no. of projects going on at the same time. In that case, the owner of the company has to evaluate past projects while he/she has to look out for the currernt project also. The tool could be useful in evaluating the performance of the projects or initiatives taken by the startup.
Services sold to the client:
The tool must store all the data related to the sold services or products to the customers.
Showed interested in:
Every startup has its own goals and objectives to fulfill. So its natural to have some particular interests in different fields of business. The tool could be used to store the startup’s previous interests and potential future interests.
The tools could be used to store all the previous transactions regarding business not only for the annual report but also for the evaluation of the whole startup and of each client
Previous orders:
The pattern of orders is quite crucial for any startup as they have to estimate sometimes before the order. That’s why the tool should also store the previous database in its database.
Client state:
A client could be any of the following types :
o Previous client
o Existing client
o Lead
o Potential Client
The tools must differentiate each client according to their interest and demands and on the basis of those information, priority should be chosen. Due bills should also be there.
Reviews / testimonials :
The owner of the startup could review the overall business condition at any time. So the tool should have some options which could be used to review the operational status of the startup.
Reviews / testimonials from previous clients :
Clients are the most important thing to a new startup. So their evaluation and feedback is crucial. The tool must have an option to take reviews/comment from its clients including any kind of complain.
ROI per client:
Return on Investment is usually used for marketing campaigns. The basic idea is that you invest a certain amount in a specific campaign to sell a group of products or services. You make a certain net profit from the activity. The ROI is determined by the basic formula:
ROI = (Net profit – Amount Invested) / (Amount Invested)
Project Management
Project management is planning and organizing an organization's resources
in order to move a specific task, event or duty toward completion. So it is
the process of achieving project objectives (schedule, budget and
performance) through a set of activities that start and end at certain points
in time. Successful project management is the art of bringing together the
tasks, resources and people necessary to accomplish the goals and
objectives within the specified time constraints and within the monetary
allowance.
The project management cycle includes the following step
:
Project Identification
Preparation and Design
Detailed Planning
Monitoring
Project Review and Evaluation
Impact Assessment
Project Headlines
Every project must have a separate headline so that it can be easily
distinguished and recognized. This headline should be communicated
with all the people working on the project.
Sub projects
Simply speaking, sub projects are smaller projects within a larger one. It
is basically done to reduce the chain of communication and get a clearer
picture of the entire project.
One can have more control over his
project by creating sub projects.
Task management
Task management is the process of managing tasks through its life cycle.
The status of tasks can be described by the following states:
Ready
Assigned
Terminated
Expired
Forwarded
Finished
