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FINANCIAL MANAGEMENT INFORMATION SYSTEM

FINANCIAL MANAGEMENT INFORMATION SYSTEM. By MURUGAN MALLIKA. FMIS. Financial management system: Information system that tracks financial events and summarizes information

yvonne-buckner
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FINANCIAL MANAGEMENT INFORMATION SYSTEM

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  1. FINANCIAL MANAGEMENT INFORMATION SYSTEM By MURUGAN MALLIKA

  2. FMIS • Financial management system: • Information system that tracks financial events and summarizes information • supports adequate management reporting, policy decisions, fiduciary responsibilities, and preparation of auditable financial statements • Should be designed with good relationships between software, hardware, personnel, procedures, controls and data • Generally, FMIS refers to automating financial operations

  3. Types of systems • Core systems • General ledger, accounts payable and receivable. May include financial reporting, fund management and cost management. • Non-core systems • HR/payroll, budget formulation, revenue (tax & customs), procurement, inventory, property management, performance, management information

  4. Financial Records Management Creation and management of authentic, reliable, and secure financial records are critical actions (paper/electronic) Development and implementation of economic and fiscal policy to: Provide the audit trail and support the audit function Enable government meet its legal obligations for financial management Protect the integrity of key records and the information they contain Ensure the timely disposal of obsolete records Source: IRMT discussion on evidence-based governance, as inclued in Presentation by Deepak Bhatia, IFMIS Implementation: Aspects for Consideration

  5. Databases ofinternal data Databases ofexternal data FinancialDSS Businesstransactions Databasesof validtransactionsfor eachTPS Financialapplicationsdatabases Transactionprocessingsystems FinancialMIS Businesstransactions Operationaldatabases Internet orExtranet Financial statements FinancialES Uses and managementof funds Financial statisticsfor control Businesstransactions Customers,Suppliers

  6. INPUTS TO FMIA • Strategic plan or corporate policies • Contains major financial objectives and often projects financial needs. • Transaction processing system (TPS) • Important financial information collected from almost every TPS - payroll, inventory control, order processing, accounts payable, accounts receivable, general ledger. • External sources • Annual reports and financial statements of competitors and general news items.

  7. Subsystems and outputs • Financial subsystems • Profit/loss and cost systems • Auditing • Internal auditing • External auditing • Uses and management of funds

  8. Application of fMIs

  9. FIS - IBM comprehensive solution

  10. advantages disadvantages • Expensive • Maintenance • Ineffective • Control and Oversight • Accounting Benefits • Automated Reporting • Increased reliability in data • Decreased possibility of fraudulent or misleading information.

  11. Thank you……!!!!...????

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