2. • Financial Information System is a system that
accumulates and analyses financial data in order
to make good financial management decisions in
running the business
• Financial information systems are the software
programs that can be set up to keep track of
banking, accounts payable and accounts
receivable; to generate standard financial reports
such as a profit-and-loss statement; and to report
the information in various formats.
3. Capabilities of FIS
• Collect accurate, timely, complete, reliable
information.
• Provide adequate management reporting.
• Support budget preparation and execution.
• Facilitate financial statement preparation.
• Support government-wide and agency policy
decision.
• Provide complete audit trail to facilitate audits
4. Advantages of FIS
• There are many advantages of implementing
an FIS. A few of them are listed below:
• Integrated financial information
• Flexibility of reporting and additional control
over expenditure
• Tighter views of budgets versus actual
• Less administration required within the
business
