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Financial Information Systems

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Financial Information Systems

  1. 1. Financial Information Systems An introduction
  2. 2. What is a Management Information system?
  3. 3. A planned system for theCollection Processing Storage Dissemination evaluate of data in the form of information
  4. 4. Financial management systems help us manage finances
  5. 5. The Collection of information Maintaining accounts manually • Tedious and prone to mistakes, multiple entries to many books
  6. 6. Accounting systems make itautomatic Ledger and other books gets updated along with the Journal • Ease and convenience Information available easily
  7. 7. Each revenue or expense transaction processed within FIS will include a code supplied from each of these components and will answer the following questions1. What revenue or expense activity occurred?2. What is the source of funding? How much funding isavailable for spending?3. Which department/project incurred the activity?
  8. 8. Generating reports is easy
  9. 9. An audit can be done with ease
  10. 10. Forecasting can be done based on previous trends
  11. 11. Management of fundsInformation used to identify the source of funds and control overall spending. If insufficient funds are available the system will not release payment
  12. 12. The processing of an invoice in an accounts payable department
  13. 13. Invoice provided by the vendor entered into system and hence in the database
  14. 14. When goods are received an entry is made in the system and a receipt issued
  15. 15. Before payment the system matches the receipt with the invoice and a mail is se to the accounts payable manager to authorizes release of funds
  16. 16. Personal financial management software
  17. 17. Another example of a FIS
  18. 18. Questions?

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