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Financial Information System
• 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.
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
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

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Financial IS.pptx

  • 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