About the Project

‍The Capital Market ERP product integrates various financial, accounting, and operational processes into one comprehensive system. Its accounting SaaS component is critical, as it helps users manage their financial transactions, reporting, and compliance. This research aims to enhance the user experience (UX) of the accounting module, ensuring it meets user needs, is easy to use, and provides a seamless workflow.

Problem Statement

‍In the rapidly evolving financial landscape, capital market firms require robust and adaptable solutions to manage their accounting processes efficiently. The current GlobalsuiteERP 1.0 systems lacks the integration, scalability, and real-time capabilities necessary to keep up with the dynamic nature of capital markets. The need for a comprehensive GlobalsuiteERP 2.0 Accounting Software as a Service (SaaS) tailored specifically for capital market enterprises is more pressing than ever.

The Goal

‍To develop and deliver a robust, scalable, and user-friendly Accounting SaaS solution within The Capital Market ERP product that enhances financial management, ensures regulatory compliance, and drives operational efficiency for our clients in the capital markets.

Research Objectives

• To understand the user needs and pain points in accounting processes within capital markets specifically the current GlobalsuiteERP 1.0 version.
• Identify key features and functionalities required in the accounting SaaS.
• Using current ERP 1.0 version, Evaluate current usability and user satisfaction.
• Provide actionable insights and recommendations for UX improvements of the product.

Methodology:

1. User Interview:
   • Conducted stakeholder interviews to understand business goals and user needs.
   • Conduct in-depth interviews with accountants, financial analysts, and CFOs in the capital markets.
2. Surveys:
   • Online surveys were distributed to a broader user base to gather quantitative data.
3. Usability Testing:
   • Observe users interacting with the current accounting SaaS module to identify usability issues.
   • Gathered feedback and identified usability issues.
   • Iterated on the design based on user feedback and additional testing.
4. Competitive Analysis:
   • Analyze earlier versions and similar accounting SaaS products to benchmark features and usability.
5. Analytic Review:
   • Examine usage data and user feedback from the current system.

User Personas

• Fiyinfolu (Accountant): A mid-level accountant responsible for daily transaction entries, reconciliations, and generating standard reports.
• Michael (Financial Analyst:) An analyst who requires accurate financial data for investment analysis and decision-making.
• Oluwaseun (CFO): The Chief Financial Officer who oversees financial strategy, compliance, and high-level reporting.

My Responsibilities

• User Research: Conduct user interviews, surveys, and usability tests to understand user needs and pain points.
• Analyze user feedback and behavior to identify trends and opportunities for improvement.
• Develop user personas and user journey maps to guide design decisions.
• Information Architecture: Design and organize the structure and navigation of the application to ensure it is intuitive and user-friendly.
• Create wireframes, sitemaps, and prototypes to visualize the information architecture and user flows.
• Visual Design: Create visually appealing and consistent design elements that align with the brand’s identity.
• Develop style guides and design systems to ensure consistency across the product.
• Usability Testing: Plan and conduct usability tests to gather feedback on design prototypes and iteratively improve the user experience.
• Analyze usability test results and make recommendations for design improvements.
• Collaboration with Stakeholders: Work closely with product managers, developers, and other stakeholders to ensure design feasibility and alignment with business goals.
• Communicate design decisions and rationale effectively to stakeholders.
• Continuous Improvement: Stay updated with the latest UX design trends, tools, and best practices.
• Continuously iterate on designs based on user feedback and changing requirements.
• Accessibility: Ensured the portal met WCAG 2.1 accessibility standards, making it usable for all users.
• Collaboration: Worked closely with the development team to ensure accurate implementation of the designs and to address any technical constraints.

Key Findings:

1. User Needs and Pain Points Accountants: Need for automation in repetitive tasks (e.g., data entry, reconciliation), error reduction, and easy access to historical data.
2. Financial Analysts: Require real-time data access, customizable reporting, and integration with other financial tools.
3. CFOs: Demand comprehensive dashboards, compliance tracking, and strategic financial insights.
4. Automation: Automated transaction processing, reconciliations, and report generation.
5. Customizable Dashboards: Tailored views for different user roles (accountants, analysts, CFOs).
6. Real-Time Data Access: Immediate access to up-to-date financial data.
7. Integration: Seamless integration with other financial systems and tools.
8. Compliance and Audit Trails: Features to ensure compliance with regulations and detailed audit trails for transparency.
9. Usability Issues : Complex navigation and cluttered interface. Insufficient training materials and support. Slow performance with large data sets.
10. Strengths of Competitors: User-friendly interfaces, robust automation, and strong integration capabilities.

Outcomes:

• 1. Improved Financial Reporting
  Outcome: Enhanced financial reporting capabilities with real-time data access.
  Impact: Better decision-making due to timely and accurate financial information.
  2. Increased Efficiency
  Outcome: Automation of routine accounting tasks such as bookkeeping, invoicing, and payroll.
  Impact: Reduction in manual errors and time savings, allowing accountants to focus on strategic tasks.
  3. Cost Reduction
  Outcome: Lower operational costs through automation and streamlined processes.
  Impact: Increased profitability and resource optimization.
  4. Enhanced Compliance
  Outcome: Integrated compliance features ensuring adherence to financial regulations and standards.
  Impact: Reduced risk of non-compliance and associated penalties.
  5. Scalability
  Outcome: Scalable solutions that grow with the company.
  Impact: Ability to handle increased transaction volumes without a significant increase in costs or resources.
  6. Integration with Other Systems
  Outcome: Seamless integration with other ERP modules and third-party applications.
  Impact: Improved overall efficiency and data consistency across the organization.
  7. User-Friendly Interface
  Outcome: Intuitive and user-friendly interface for non-accounting professionals.
  Impact: Increased adoption rates and reduced training costs.
  8. Real-Time Collaboration
  Outcome: Real-time collaboration features for finance teams.
  Impact: Enhanced teamwork and productivity through improved communication and coordination.
  9. Enhanced Customer Satisfaction
  Outcome: Improved accuracy and speed in financial processes affecting customer transactions.
  Impact: Higher customer satisfaction due to better service delivery.

Recommendation:

• Improve Navigation and Interface: Simplify the navigation structure with clear, intuitive menus. Implement a clean, uncluttered design focusing on usability. Provide a consistent look and feel across all modules.
• Enhance Automation and Integration: Develop advanced automation features for routine accounting tasks. Ensure seamless integration with other financial and operational systems. Incorporate AI and machine learning for predictive analytics and anomaly detection.
• Customizable Dashboards and Reports: Allow users to create and customize their dashboards and reports easily. Provide pre-built templates tailored to common accounting needs in capital markets. Offer drag-and-drop functionality for report customization.
• Performance Optimization: Optimize the system for handling large volumes of data efficiently. Implement caching and data optimization techniques to improve speed. Regularly monitor and update the system to maintain optimal performance.
• Training and Support: Develop comprehensive training materials, including tutorials, webinars, and documentation. Offer in-app support and guided tours for new users. Establish a community forum for users to share tips and troubleshoot issues.