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