The financial information system analyses financial data that is used for optimal financial planning and forecasting decisions and outcomes. It helps a company determine its financial objectives due to the use of minimal resources.
Uses of Financial Information System
financial information
The evaluation of financial data may be performed through ratio analysis, trend evaluation, and financial planning modeling. Financial planning and forecasting are facilitated if used in conjunction with a Decision Support System (DSS).
Finance information system, is a system that analyzes financial data for making financial forecasts in the future for businesses and organizations.
An information system that tracks financial events and summarizes financial information is said to be financial information system. Generally the term financial information system refers to use of information communication technology in financial operations to support management and budgeting decisions and preparation of financial reports and statements. A financial information systems stores, organizes and makes access to financial information easy. It not only stores all the financial information relating to current and past years' spending, but also stores the approved budgets for these years, details on inflows and outflows of funds, as well as completes inventories of financial assets (eg equipment, land and building) and liabilities (debt).
A computer based financial information system, is a system used to show the profits, taxes, wages and expenditures of a organization. It is usally on Microsoft Excel and can be turned into graphs and charts.
The evaluation of financial data may be performed through ratio analysis, trend evaluation, and financial planning modeling. Financial planning and forecasting are facilitated if used in conjunction with a Decision Support System (DSS).
accounting system provide both financial and non financial information.explain.
An executive information system refers to a type of management information system that aids in decision-making needs. It is an important tool in financial analysis, manufacturing and marketing.
Funds management, financial accounting, controlling
Funds management, financial accounting, controlling
Finance information system, is a system that analyzes financial data for making financial forecasts in the future for businesses and organizations.