software for
automatic
financial report
generation
Challenge
Develop of efficient functionality and preparation of software for future scaling.
Solution
Modification of existing software, elaboration of the interface in accordance to new functions, thorough testing of changes.
Client
The client, a financial services firm specializing in optimizing business processes with digital solutions, heavily relies on precise and timely financial reporting to ensure effective operations. With a broad network of partners and a large customer base in the B2B sector, the company recognizes the critical role of workflow automation in maintaining profitability and meeting the needs of its stakeholders.
Challenge
The financial services firm was grappling with an abundance of tedious paperwork and inefficient data processing when it came to compiling reports and exchanging documents with clients. The sheer volume of clients and data had left them stuck in a stalemate, hindering their business from scaling further.
Recognizing the pressing need for optimization, the firm urgently sought to develop a flexible, functional, and productive digital solution for financial reporting. To achieve this, they required experienced software developers capable of creating an financial statement automation tool that could fulfill their specific needs, including:
- optimizing the existing system to accommodate the firm’s current growth and future business scaling;
- developing algorithms for compiling financial reports and providing data to end-users;
- implementing controls for identifying and preventing errors during data generation in the application;
- adapting the product interface to reflect any changes;
- establishing a comprehensive pool of financial reports for the company.
Despite fierce competition in the industry, Modsen successfully secured the opportunity to deliver the application. Our approach, which we will describe below, was one of the key reasons why our team was selected among several software development firms.
Team
1
Project manager
3
QA engineers
1
UI/UX Designer
1
Business analyst
1
Technology lead
1
Data engineer
1
BI engineer
4
Software developers
Process
Crafting dependable fintech solutions involves a meticulous and comprehensive approach that encompasses all aspects of software development. At Modsen, we recognize this and have honed our methodology to ensure the delivery of superior products to our clients. Below is an outline of our development protocol for the digital financial reporting application we created for the financial services company.
1 initiating the project
For the financial report generation software we created, our development protocol started with the initiation phase. During this stage, we recognized the importance of effective communication channels with the client and used our well-honed expertise to ensure that every detail was attended to.
To give our client the assurance they needed, we made it a top priority to keep them informed throughout the entire development process. We set up regular meetings to discuss progress and provide updates, making transparency about deadlines and budget constraints a key factor in building trust and fostering a collaborative environment between our team and the client.
2 comprehensive discovery phase
The discovery phase was critical, and our team took a comprehensive approach to ensure that we met our client’s needs. We began by analyzing the market and collecting requirements to map out the technical design. Our team of experts, including a business analyst, project manager, architect, and UI/UX designer, worked closely together to accurately capture every requirement.
Modsen engineers engaged in open and transparent communication, listening carefully to the client’s feedback, and incorporated it into our approach to create a tailored design. Throughout the phase, collaboration and maintaining open lines of communication were our focus. With this approach, we were able to provide a solution that exceeded client expectations and will benefit their business for decades to come.
3 planning for success
With a clear understanding of the project’s scope, we proceeded to plan the development process, accounting for every aspect of the project and setting clear milestones. The planning phase was comprehensive and focused on delivering a high-quality solution that met our client’s needs within the agreed-upon timeframe and budget.
4 modsen's approach to software development
Infrastructure setup
To ensure our team could collaborate efficiently and deliver top-notch software for automatic financial report generation, we adopted a systematic approach to infrastructure setup. Modsen opted for Git as our version control system to keep track of changes to the codebase and allow us to work on several features simultaneously without causing conflicts. For our cloud platform, we chose Azure, given its reliable and scalable hosting and storage options, making it an ideal fit for our development requirements.
In addition, the team made use of Continuous Integration and Continuous Deployment (CI/CD) tools to automate the application delivery process, enabling us to test and deploy code changes promptly and consistently. By catching issues early in the development cycle, our engineers were able to reduce delivery times and deliver a more stable product.
To maintain code quality and consistency, we also integrated code analyzer systems, which helped us identify and address issues at an early stage, ensuring that the final product met our high standards.
Our infrastructure setup was designed to promote seamless collaboration and efficient development, enabling the team to deliver high-quality fintech solution to our client.
Architecture design and implementation
The architecture of the automated financial documentation software was carefully designed and implemented by our development team, who utilized a sprint methodology to create the code in two-week iterations. This approach enabled us to keep track of progress efficiently and ensure that the project requirements were fulfilled while meeting the needs of our client.
Thorough testing and stabilization
Modsen placed a strong emphasis on testing and stabilization to ensure the solution’s quality and stability. Our team conducted extensive testing, identifying and rectifying any bugs and other issues before proceeding to the next phase of development.
Deployment
To guarantee the software’s successful integration with the client's existing systems, we utilized a collaborative approach during deployment. Our team worked closely with the client’s IT team to identify and address any potential issues, ensuring a seamless and hassle-free integration. We also broke down the deployment into two-week sprints, allowing for efficient testing and feedback throughout the process.
Demos
To keep the client involved in the development process and ensure that we were on track with their expectations, we scheduled regular demonstrations of the software's capabilities and collected feedback. This approach allowed Modsen to address any issues or concerns promptly and make adjustments as needed.
Third-party audit and certification
During the development process, we were aware of the importance of ensuring that the solution met not only our client’s needs but also industry standards for security and technical quality. To achieve this, the team engaged third-party auditors to review and certify our product.
The auditors conducted a thorough review of the application, analyzing every aspect of its design and functionality to ensure that it met all applicable technical and security standards. This process allowed us to identify and address any potential issues before the product was launched, ensuring that our client could have complete confidence in its quality and reliability.
Once the review was complete, the product obtained certification, further validating its quality and demonstrating our commitment to providing our clients with the very best solutions. We believe that our rigorous approach to quality assurance and certification is one of the reasons why our clients continue to trust us with their most important projects.
Modsen team used Agile principles to tackle the project in small, focused sprints with specific goals. Regular demos and feedback sessions kept the project aligned with the client’s requirements while allowing for flexibility and adaptability throughout development.
Modsen team used Agile principles to tackle the project in small, focused sprints with specific goals. Regular demos and feedback sessions kept the project aligned with the client’s requirements while allowing for flexibility and adaptability throughout development.
Acceptance testing
Upon concluding the development of the software, we arranged a rigorous acceptance testing with the client to guarantee that all the requirements were met. Our highly skilled team worked hand-in-hand with the client to address any issues that arose, ensuring the financial report creator was running smoothly and poised for a seamless launch.
5 final chapter
As we closed the final chapter of this project, our engineers handed over the software to the client. Modsen presented the client with not just a fully functional automatic accounting report generator, but also a comprehensive technical documentation package and user guide to ensure seamless operation. With this delivery, we are confident that the client will be able to harness the full potential of the solution and reap the benefits for years to come.
Solution
This project united Modsen professionals from various fields of development, which helped us to take into account and satisfy all the client’s requests for the development of new software. During the in-depth analysis of the client's tasks and the intense work of the team, we managed to find custom solutions that brought business processes to a new level with the following key features:
- backend server for the project was developed using .NET, a robust and widely-used framework for building secure and scalable web applications;
- improved application interface using Bootstrap and our experience in similar projects;
- deeper automation, making it possible to produce complex calculation algorithms with a single click;
- software system that identifies and marks user-made errors;
- capability to generate various financial reports;
- comprehensive testing to ensure the quality of all developed changes.
Another important feature of the solution was the implementation of a microservice architecture, which allowed for greater flexibility and scalability in the development and deployment of the application. This architecture, combined with the .NET backend server, enabled the system to handle high volumes of data and requests with ease.
So what was the outcome? We successfully delivered a comprehensive software solution that fulfilled all of our client's requirements. However, don't just take our word for it. In the next section, we'll provide some numbers that highlight the impact the financial report automation tool has had on our client’s operations.
Result
After implementing our financial report automation tool, the client saw a significant decrease in errors compared to processing data manually. The system was designed with the highest level of security, availability, resiliency, and scalability principles, ensuring that data was processed accurately and efficiently. In fact, the error rate decreased by an impressive 20-50%, depending on the complexity of the financial reporting type.
The time to provide a report was reduced from over an hour to just three minutes on average, demonstrating the speed and efficiency of the developed system. Moreover, the solution is scalable enough to handle up to 100 times the initial data volume without any loss of quality or efficiency in data processing.
We also made sure to upgrade the quality of generated financial reports, with the system now capable of producing 100 different report types. Additionally, the application features an intuitive interface for users, as indicated by a 90% user satisfaction rate based on surveys and usage statistics.
We take pride in delivering the financial report generation solution that not only met the client’s requirements but also had a measurable impact on their operations. Our team of experienced professionals worked tirelessly to ensure that the system was robust, secure, and efficient, and we are thrilled with the results.
3 minutes
minuteson average for
report generation
20-50%
decrease in error rate
100X
data volume scalability
100
different report types
90%
user satisfaction rate