Financial Management System for the Oceanic Engineering Ltd.

Abstract

Oceanic Engineering Ltd. is a private limited company which carries out ship repairs. At present none of the tasks of the company are computerized. All the transactions are entered in ledger books and Excel packages are used for the preparation of reports. These manual calculations take a long time and waste valuable time of staff members. To overcome the difficulties of the manual work, the Management of the company has decided to computerize its financial activities related to general ledger, debtors, suppliers and fixed assets.

The main objective of the project is to introduce a Financial Management system for Oceanic Engineering Ltd., which will automate all the finance related activities of the company. It is expected that by introducing a Financial Management system, it will improve the efficiency and effectiveness of the work of the staff members and will lead to cost savings in the future. The new system will enhance the accuracy and speed of the existing system, and will help the management to take correct and timely decisions regarding financials. The system will also improve the overall effectiveness and efficiency of the entity and provide various information regarding financial activities required for managerial decision making.

This Financial Management system developed for Oceanic Engineering Ltd. will be different from other financial packages available in the market, since it is being developed specifically to cater to the requirements of the Oceanic Engineering Ltd.

To develop the system Oracle forms and reports have been used and the Oracle database has been used as the backend for the system. A system has been developed for Oceanic Engineering, including a General ledger system, Accounts Receivables system, Accounts Payable system and a Fixed Asset system. The project was completed successfully achieving the goals and objectives of the system and by meeting the client requirements. The dissertation covers all the main phases in the development process.