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Finance Management Information System


A financial management information system FMIS accumulate and analyze financial data in order to make good financial management decisions in running the business. A financial management information system FMIS is the acronym for the term “ financial management information system FMIS”.

The basic objective of the financial management information system FMIS is to meet the firm's financial obligations as they come due, using the minimal amount of financial resources consistent with an established margin of safety. Outputs generated by the system include accounting reports, operating and capital budgets, working capital reports, cash flow forecast, and various What-If Analysis reports.

What is A financial management information system FMIS ?

A financial management information system FMIS is:

  • Information system that tracks financial events and summarizes information,

  • Supports adequate management reporting, policy decisions, fiduciary responsibilities, and preparation of auditable financial statements

  • Should be designed with good relationships between software, hardware, personnel, procedures, controls and data,

  • Generally, financial management information system refers to automating financial operations.


Information system that tracks financial events and summarizes information supports adequate management reporting, policy decisions, fiduciary responsibilities, and preparation of auditable financial statements, Should be designed with good relationships between software, hardware, personnel, procedures, controls and data Generally, financial management information system refers to automating financial operations.



FMIS Building Blocks :


A financial management information system FMIS will consist of several elements with different functions. In the description that follows, the term “module” will imply that the system is a sub-element in A financial management information system FMIS. The core of A financial management information system FMIS could be expected to include the following modules and systems:



  • General ledger

  • Budgetary accounting

  • Accounts payable

  • Accounts receivable


The noncore or other modules are,



  • Payroll system

  • Budget development

  • Procurement

  • Asset module

  • Project ledger

Advantages of financial management information system FMIS :


There are many advantages of implementing A financial management information system FMIS . A few of them are listed below :



  • Integrated financial information

  • Flexibility of reporting and additional control over expenditure

  • Less administration required within the business
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