Financial Management Information System (MIS)
- By Ashwin Dedhia
Financial MIS Provides financial information to all financial managers within an organization. It integrates financial & operational information from multiple sources. Financial MIS eases analysis by providing fast financial data. It enables financial analysis from different aspects; time, product, customer. With Financial MIS, one can analyze historical and current data. Also one can monitor use of funds. Few examples or functions of Financial MIS are Costing, P&L reporting, Auditing, Funds management, etc.
Overview of a Financial MIS
Inputs to the Financial Information System
- 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.
Financial MIS Subsystems and Outputs
- Financial subsystems
- Profit/loss and cost systems
- Auditing
- Internal auditing
- External auditing
- Uses and management of funds
Posted on April 24th, 2008 by Ashwin Dedhia
Filed under: Business Intelligence
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