Description
Financial Management Information System
FINANCE
MIS
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS Sources of data
Financial Management Information System
An information system that tracks financial events and summarizes financial information.
over data entry, transaction processing & reporting For recording financial events
Standard Data Classification
Internal Controls
For similar transactions Eliminates duplication
Common Processes
FMIS
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS Sources of data
Process / Workflow
Budget Preparation Audit & Evaluation
Step 1
Budget Authorization Mgmt
Step 7
Budget Review & Fiscal Planning
Step 2
Fund Commitme nt
Step 6
Step 5 Cash
Manageme nt
Step Receipts 4
& Payment Mgmt
Step 3
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS Sources of data
Overview
Databases of internal data Databases of external data
Financial DSS
Business transactions
Transaction processing systems
Databases of valid transactions for each TPS
Financial MIS
Financial applications databases
Business transactions Operational databases
Financial statements
Internet / Extranet
Uses and management of funds
Financial statistics for control
Financial ES
Business transactions
Customers, Suppliers
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS Sources of data
Financial Data in MIS
What does FMIS do? • Provide timely, accurate, and consistent data for management and budget decision-making. • Integrate budget and budget execution data, allowing greater financial control and reducing opportunities for discretion in the use of funds. • Provide information for budget planning, analysis and enterprise-wide reporting. • Facilitate financial statement preparation. • Provide a complete audit trail to facilitate audits
Components of FMIS
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS
Sources of data
Source of Financial Data in MIS
Transactional Data
Transaction processing data is the base for any output or analysis. This data includes the transactions of revenues and expenses incurred from each functional area. This data is captured through TPS.
Forecasting Data
For structured planning, an organization needs forecasting data from each functional area, which can be used to compare the actual transaction with the anticipated as per the forecast. This is also made available through transaction processing system and management reporting system.
Source of Financial Data in MIS
Financial Intelligence Data
An organization needs to gather data from the financial community, like banks, Government, stock market, etc. This data helps to monitor the pulse of the nation’s economy and helps in analyzing the trends that may affect the organization’s economy.
Strategic Plans
The strategic plan is an important indicator and measurement scale for any kind of financial transactions as it charts the future of the organization, e.g., if the organization’s goal is to increase profits by 30 per cent, it must be reflected in the financial plan.
Thanks
doc_650901275.pptx
Financial Management Information System
FINANCE
MIS
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS Sources of data
Financial Management Information System
An information system that tracks financial events and summarizes financial information.
over data entry, transaction processing & reporting For recording financial events
Standard Data Classification
Internal Controls
For similar transactions Eliminates duplication
Common Processes
FMIS
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS Sources of data
Process / Workflow
Budget Preparation Audit & Evaluation
Step 1
Budget Authorization Mgmt
Step 7
Budget Review & Fiscal Planning
Step 2
Fund Commitme nt
Step 6
Step 5 Cash
Manageme nt
Step Receipts 4
& Payment Mgmt
Step 3
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS Sources of data
Overview
Databases of internal data Databases of external data
Financial DSS
Business transactions
Transaction processing systems
Databases of valid transactions for each TPS
Financial MIS
Financial applications databases
Business transactions Operational databases
Financial statements
Internet / Extranet
Uses and management of funds
Financial statistics for control
Financial ES
Business transactions
Customers, Suppliers
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS Sources of data
Financial Data in MIS
What does FMIS do? • Provide timely, accurate, and consistent data for management and budget decision-making. • Integrate budget and budget execution data, allowing greater financial control and reducing opportunities for discretion in the use of funds. • Provide information for budget planning, analysis and enterprise-wide reporting. • Facilitate financial statement preparation. • Provide a complete audit trail to facilitate audits
Components of FMIS
AGENDA
Process / Workflow MIS Requirements Data required to generate MIS
Sources of data
Source of Financial Data in MIS
Transactional Data
Transaction processing data is the base for any output or analysis. This data includes the transactions of revenues and expenses incurred from each functional area. This data is captured through TPS.
Forecasting Data
For structured planning, an organization needs forecasting data from each functional area, which can be used to compare the actual transaction with the anticipated as per the forecast. This is also made available through transaction processing system and management reporting system.
Source of Financial Data in MIS
Financial Intelligence Data
An organization needs to gather data from the financial community, like banks, Government, stock market, etc. This data helps to monitor the pulse of the nation’s economy and helps in analyzing the trends that may affect the organization’s economy.
Strategic Plans
The strategic plan is an important indicator and measurement scale for any kind of financial transactions as it charts the future of the organization, e.g., if the organization’s goal is to increase profits by 30 per cent, it must be reflected in the financial plan.
Thanks
doc_650901275.pptx