Financial management system
Abstract : The Management Information System is a concept of the last decade or two. The role of MIS in an organization can be compared to the role of heart in the body. Most of the organizations be it small or large are using computer based information system with centralized, decentralized or distributed networks connecting data flow from and to the various departments/ branches. Hence the MIS is defined as a system based on the database of the organization evolved for the purpose of providing information to the people in the organization. The development of MIS in finance can improve the system’s functions, performance and productivity. This paper includes a study of designing the Financial Management Information System (FMIS) and to show how FMIS benefits the organization by aiding the managers to achieve their goals. It facilitates them to see if the performance is on the right track, based on the existing financial database. The readonly reports are presented to the executives in Excel by pulling in the data from the Tally database using the Microsoft Office tool. The automation of watch register is an application that keeps a watch on all the receipts and payment bills and check with the budgets allotted. The user- interface developed using Visual Basic is to enter, view and delete the data. The data is stored in Oracle9i database. In this endeavor, atomizing different registers and reducing the manual work of calculations aid finance system. Thus MIS designed throws light on the importance of easy access to useful information to the executives in improvising the system performance.
? It then tries to identify any gaps between the existing arrangements and international practice, and the fiscal problems that these gaps have created.
? It can ensure that a proper budget allocation exists prior to making a commitment or approving a payment.
? It assists economic and policy analysis by determining, for example, the debt implications of different fiscal and deficit financing options by preparing projections of debt service commitments under existing and anticipated contracts.
? This requires that a technical and end-user support organization exists with sufficient capacity to operate and maintain the system.
? The MIS plays the major role in information generation, communication, problem identification and helps in the process of decision making.
? The objective of this paper is to study the need for a good financial management information system at an organizational level, and to develop a system to enable an efficient information retrieval. This also throws light on the problems faced during the implementation of the same.
? The broad issues of concern of these three segments of decision makers and the information required is the knowledge about existing facilities like Equipment and machinery, Workshop, Laboratory, Library, Faculty, Class rooms, Space.
• The package runs on a range of hardware and operating software which is compliant with the technology architecture proposed for the systems.
• Developing and re-defining, where necessary, a new set of g functional processes, information flows, operating procedures, transaction types and associated documents and forms, and related organizational arrangements required to operate the proposed new systems.
• The contractor should have the responsibility to size the equipment and propose all com - ponents to cater to the specified functional requirements and projected transaction load.
? FMIS aids the decision makers by providing the information needed by accessing one or more large databases containing financial data leading to improved performance of the finance system and organization as a whole.
? A formal and detailed description of the information domain, function, behavior, performance, interfaces, design constraints and validation criteria is found to be essential, which can be determined only after thorough communication between the users and the developers.
? The executives are involved in formulating goals and objectives and are interested in those reports which aid evaluation of performance.
? Management of data provides information needed to serve as an effective and efficient tool in decision making in every forward-thinking venture.
|