A Financial Management System is the methodology and software.
A Financial Management System is the methodology and software that an organisation uses to oversee and govern its income, expenses and assets with the objectives of maximising profits and ensuring long term financial sustainability”.
An effective Financial Management System (FMS) improves short and long-term business performance by :
- Streamlining invoicing and bill collection.
- Eliminating accounting errors.
- Minimising record-keeping redundancy.
- Ensuring compliance with tax and accounting regulations.
- Helping personnel to quantify budget planning.
- Offering flexibility and expandability to accommodate change and growth.
- Depreciating assets according to accepted schedules.
- Keeping track of liabilities.
- Coordinating income statements, expense statements and balance sheets.
An effective Financial Management System (FMS) improves short and long-term business performance by :
- Streamlining invoicing and bill collection.
- Eliminating accounting errors.
- Minimising record-keeping redundancy.
- Ensuring compliance with tax and accounting regulations.
- Helping personnel to quantify budget planning.
- Offering flexibility and expandability to accommodate change and growth.
- Depreciating assets according to accepted schedules.
- Keeping track of liabilities.
- Coordinating income statements, expense statements and balance sheets.
