Requirement Analysis Report
Team Name: Champions Circle
Project Name: Finance Manager using AI
Prepared by: Sidhu Suresh(TL)
Date:17/03/2025
1. Introduction
1.1 Problem Statement
Managing personal finances is a major challenge for many individuals due to lack of
financial awareness, poor budgeting habits, and difficulty in tracking expenses. Traditional
budgeting tools require manual data entry, which can be time-consuming and inefficient.
Additionally, users often struggle to analyze their spending patterns and make informed
financial decisions.
This project aims to develop an AI-powered Finance Manager that can automate expense
tracking, provide budget recommendations, and offer intelligent financial insights, enabling
users to make better financial decisions effortlessly.
1.2 Purpose
This report outlines the requirements for developing the Finance Manager using AI,
detailing functional, non-functional, and user requirements.
1.3 Scope
The Finance Manager will provide:
• Automated Expense Tracking using AI
• Budget Planning
• Real-time Financial Insights
• Report Generation & Analysis
1.4 References
• ChatGPT, Machine Learning in Finance.
• Blackbox AI , Best Practices For Financial Applications.
2. System Overview
2.1 System Description
The Finance Manager using AI is an intelligent financial management system that helps
users track expenses, set budgets, and receive AI-driven insights for better financial
decision-making.
Key Features:
Automated Expense Tracking – AI categorizes transactions.
Budget Planning – Users set budgets, and AI predicts spending.
Financial Insights – AI provides saving & investment recommendations.
Report Generation – Detailed income & expense reports.
Security & Privacy – MFA, encryption
System Architecture:
• Frontend: React.js, html, CSS, JavaScript
• Backend: Python / Node.js
• Database: PostgreSQL, MySQL
• AI: OpenAI API
Workflow:
1️. User logs in securely.
2️.AI fetches & categorizes expenses automatically.
3️.Users set budgets, and AI predicts trends.
4️.Reports & alerts are generated for financial insights.
2.2 Key Features
• AI-based transaction categorization
• Personalized budgeting
• Financial health insights
• Monthly and yearly reports
3. Functional Requirements
ID Requirement Description
1 User Registration/Login Users can sign up, log in,
and manage profiles.
2 Expense Tracking Users can manually add
expenses or let AI
categorize them
automatically.
3 AI-Based Insights The system will analyze
spending patterns and
suggest financial
improvements.
4 Budget Planning Users can set budgets and
receive alerts when
exceeding limits.
5 Report Generation Users can view detailed
reports on income,
expenses, and savings.
4. Non-Functional Requirements
• Performance: AI should process insights within a small amount of time.
• Security: Encryption and MFA for data protection.
• Usability: Mobile-friendly UI for easy access.
5. User Requirements
• to track my expenses effortlessly so I can manage my finances better.
• to receive AI-based financial advice to optimize my spending.
• to generate reports for better financial planning.
6. Software and Hardware Requirements
6.1 Software Requirements
• Frontend: React
• Backend: Python/Node.js
• Database: PostgreSQL/MySQL
• AI: Python, ML: TensorFlow, Azure
6.2 Hardware Requirements
• Cloud-based or a local server with at least 8GB RAM
7. Constraints and Assumptions
• AI accuracy depends on data availability.
• Users need internet access for cloud-based features.
8. Data Flow and Diagrams
• DFD (Data Flow Diagram)
• ER Diagram (Entity Relationship Diagram)
9. Risks and Mitigation Strategies
Risk Impact Mitigation Strategy
Data Breach High Implement strong
encryption and secure
authentication.
AI Model Inaccuracy Medium Regularly train the AI model
with real-world data.
10. Conclusion
The Finance Manager using AI is designed to help users easily track their expenses, set
budgets, and get smart financial advice. With AI-powered features, the system will automate
financial management, making it easier for users to control their spending and savings.
This document explains the important requirements, system structure, and key features
needed to build the project. The next steps will focus on designing the interface, developing
the system, and integrating AI for better financial insights.
By making finance management simple, secure, and smart, this system will help users
make better financial decisions with ease.
