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    Financial Management Information System (FMIS)

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    Purna Chandra Mohanty
    A financial management information system (FMIS) is software that helps organizations manage financial processes like budgeting, accounting, and reporting. It provides a general ledger, budgeting tools, accounts payable/receivable functionality, financial reporting, and other features. The goal is to provide accurate financial information for decision-making and control.

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    Financial Management Information System (FMIS)

    Uploaded by

    Purna Chandra Mohanty
    179 views19 pages
    A financial management information system (FMIS) is software that helps organizations manage financial processes like budgeting, accounting, and reporting. It provides a general ledger, budgeting tools, accounts payable/receivable functionality, financial reporting, and other features. The goal is to provide accurate financial information for decision-making and control.

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    Financial management information system (FMIS)

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    A financial management information system (FMIS) is software that helps organizations manage financial processes like budgeting, accounting, and reporting. It provides a general ledger, budgeting tools, accounts payable/receivable functionality, financial reporting, and other features. The goal is to provide accurate financial information for decision-making and control.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    179 views19 pages

    Financial Management Information System (FMIS)

    Uploaded by

    Purna Chandra Mohanty
    A financial management information system (FMIS) is software that helps organizations manage financial processes like budgeting, accounting, and reporting. It provides a general ledger, budgeting tools, accounts payable/receivable functionality, financial reporting, and other features. The goal is to provide accurate financial information for decision-making and control.

    Copyright:

    © All Rights Reserved
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    Download as pptx, pdf, or txt
    of 19

    FINANCIAL MANAGEMENT INFORMATION

    SYSTEM (FMIS)
    INTRODUCTION

     A financial management information system (FMIS) is a software solution


    that helps organizations manage and streamline their financial processes and
    activities. It is designed to handle various financial functions, such as
    budgeting, accounting, reporting, and financial analysis.
     The primary goal of an FMIS is to provide accurate and timely financial
    information to support decision-making and enhance financial control
    within an organization.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND
    IN A FINANCIAL MANAGEMENT INFORMATION SYSTEM:

     General Ledger: The FMIS typically includes a general ledger module, which
    serves as the central repository for all financial transactions. It records and
    organizes financial data, such as revenue, expenses, assets, liabilities, and equity.
     Budgeting and Planning: The FMIS allows the company to create and manage
    budgets. With FinTechPro, the company can set financial goals, allocate
    resources, and monitor actual expenses against budgeted amounts. It provides
    real-time insights into budget performance and helps in making adjustments as
    necessary.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND
    IN A FINANCIAL MANAGEMENT INFORMATION SYSTEM:
     Accounts Payable and Receivable: FinTechPro streamlines the company's accounts
    payable and receivable processes. It enables the company to manage invoices,
    schedule payments, and track outstanding payments from customers. It also helps in
    effectively managing payments to suppliers and maintaining positive relationships.
     Financial Reporting: Using FinTechPro, the company can generate comprehensive
    financial reports, such as balance sheets, income statements, and cash flow
    statements. These reports provide a clear picture of the company's financial position,
    profitability, and liquidity. The company can use these reports to analyze trends,
    identify areas for improvement, and make informed business decisions.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND
    IN A FINANCIAL MANAGEMENT INFORMATION SYSTEM:
     Asset Management: FinTechPro helps the company track and manage its
    assets. It allows for accurate asset valuation, depreciation calculations, and
    maintenance schedules. The system provides visibility into the company's
    fixed assets, inventory, and investments, ensuring efficient asset management.
     Financial Analysis: FinTechPro includes financial analysis tools to assess the
    company's financial performance. It enables ratio analysis, variance analysis,
    and trend analysis. The company can use these tools to evaluate profitability,
    efficiency, and liquidity, and identify areas where financial performance can
    be improved.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND
    IN A FINANCIAL MANAGEMENT INFORMATION SYSTEM:
     Compliance and Audit: FinTechPro incorporates controls and features to ensure
    compliance with financial regulations and internal policies. It helps the company
    maintain accurate records, track financial transactions, and generate audit trails.
    This supports internal and external audits, ensuring transparency and compliance.
     Integration and Automation: FinTechPro integrates with other systems within the
    company, such as the payroll system and procurement system. This integration
    automates data flow and reduces manual effort, minimizing errors and improving
    efficiency.
     https://www.xero.com/
    HUMAN RESOURCE INFORMATION SYSTEM
    (HRIS)
    INTRODUCTION
     A Human Resource Information System (HRIS) is a software solution that
    helps organizations manage and automate various HR functions and
    processes. It serves as a centralized database for HR-related information
    and provides tools for managing employee data, recruitment, onboarding,
    employee performance, benefits administration, and more
     The primary goal of an HRIS is to streamline HR operations, improve
    efficiency, and enhance decision-making within the HR department.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND IN AN HRIS:

     Employee Database: The HRIS serves as a central repository for


    employee data, including personal information, contact details,
    employment history, skills, and qualifications. It provides a secure and
    organized storage system for managing employee records.
     Recruitment and Applicant Tracking: The system assists in the recruitment
    process, from job posting and candidate application to interview
    scheduling and selection. It helps track and manage applicants,
    streamlining the hiring process and improving candidate management
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND IN AN HRIS:

     Onboarding and Offboarding: An HRIS facilitates the onboarding process


    for new hires, including the completion of paperwork, orientation, and
    training. It also handles offboarding tasks when an employee leaves the
    organization, such as exit interviews and clearance processes.
     Time and Attendance Management: The system allows employees to log
    their time and attendance data, including work hours, leave requests, and
    absences. It automates time tracking, helps manage employee schedules,
    and calculates attendance-related metrics.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND IN AN HRIS:

     Payroll and Compensation Management: An HRIS often integrates with


    payroll systems to manage employee compensation, benefits
    administration, and payroll processing. It handles salary calculations, tax
    deductions, benefits enrollment, and generating pay stubs.
     Performance Management: The system facilitates performance reviews,
    goal setting, and tracking of employee performance metrics. It helps
    automate performance appraisal processes, store performance-related data,
    and generate performance reports.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND IN AN HRIS:

     Training and Development: An HRIS may include features for managing


    employee training and development programs. It helps track employee
    training needs, schedule training sessions, and monitor employee progress.
     Employee Self-Service: Many HRIS solutions offer self-service portals that
    allow employees to access and update their personal information, view pay
    stubs, request time off, and participate in performance evaluations. This
    empowers employees to manage their HR-related tasks independently.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND IN AN HRIS:

    Reporting and Analytics: The HRIS generates various reports and analytics
    on HR metrics, such as turnover rates, training effectiveness, and workforce
    demographics. This information helps HR professionals gain insights into
    workforce trends and make data-driven decisions.
    PRODUCTION AND INVENTORY MANAGEMENT
    INFORMATION SYSTEM (PIMIS)
    INTRODUCTION

     A Production and Inventory Management Information System (PIMIS) is


    a software solution that helps organizations manage and optimize their
    production processes and inventory levels. It integrates production
    planning, scheduling, and inventory management to streamline operations,
    reduce costs, and improve efficiency.
     The primary goal of a PIMIS is to ensure that production meets demand
    while minimizing inventory holding costs and stockouts.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND IN A
    PRODUCTION AND INVENTORY MANAGEMENT INFORMATION SYSTEM:
     Production Planning: The PIMIS assists in creating production plans and
    schedules based on demand forecasts, available resources, and production
    capacity. It helps optimize production sequences and allocate resources
    efficiently.
     Bill of Materials (BOM): The system maintains a comprehensive BOM
    that specifies the components, raw materials, and resources required for
    each product. It tracks the availability and consumption of materials
    during the production process.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND IN A
    PRODUCTION AND INVENTORY MANAGEMENT INFORMATION SYSTEM:
     Inventory Management: The PIMIS helps manage inventory levels by
    monitoring stock levels, tracking goods movements, and facilitating
    replenishment. It provides real-time visibility into inventory status,
    including stock on hand, stock in transit, and reorder points.
     Material Requirements Planning (MRP): The system utilizes MRP
    techniques to calculate the materials and components needed for production
    based on production plans and inventory levels. It generates purchase orders
    or production orders to ensure timely availability of materials.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND IN A
    PRODUCTION AND INVENTORY MANAGEMENT INFORMATION SYSTEM:
     Work Order Management: The PIMIS tracks work orders and provides
    visibility into the status of each order in the production process. It helps
    manage work-in-progress (WIP), monitors production progress, and
    facilitates job sequencing.
     Quality Control: The system may include quality control features to track
    quality parameters, perform inspections, and manage quality-related
    processes. It ensures that products meet specified quality standards before
    they are released for distribution.
    SOME KEY FEATURES AND COMPONENTS COMMONLY FOUND IN A
    PRODUCTION AND INVENTORY MANAGEMENT INFORMATION SYSTEM:
     Demand Forecasting: A PIMIS may incorporate demand forecasting
    capabilities to predict future demand for products. It uses historical data,
    market trends, and other factors to estimate future demand accurately. This
    helps in aligning production and inventory levels with anticipated customer
    requirements.
     Reporting and Analytics: The PIMIS generates various reports and analytics
    related to production and inventory, such as production outputs, inventory
    turnover, lead times, and stockout rates. These insights enable informed
    decision-making and continuous process improvement.

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