Financial Information Systems Essay

INTRODUCTION Financing is the important function of every business organizations, Computer based financial information systems(FIS) support financial managers in decisions concerning. The financing of business, the allocation and control of financial resources. What is finance ? Finance is the art and science of managing money. Virtually all individuals and organisations earn or rise money and spend or invest money. Finance is concerned with the process, institutions, markets and instruments involved in the transfer of money among and between individuals, business and governments. Major FIS Categories Include Cash & investment management Capital budgeting Financial forecasting Financial planning Cash Management Collect information on all cash receipts and disbursements with in a company on a real time or periodic basis. This helps the business to deposit or invest excess funds more quickly. for cash flow forecasts. to determine cash collection programs and alternative financing or investments strategies with forecasted cash deficits or surplus. Online Investment Management Helps to financial management The process of buying, selling, or holding each type of security so that an optimum mix of securities is developed that minimizes risk and maximizes investment income for the business. Capital Budgeting Process of evaluating the profitability and financial impact of processed capital expenditures. Techniques in capital budgeting Payback Period (PBP) Net present value (NPV) Internal rate of return (IRR) Spreadsheets are heavily used for this process incorporates present value analysis of expected cash flows and probability analysis of risk to determine the optimum mix of capital. Financial Forecasting &Planning Financial forecasts concerning to †¦ Economic situation Business operations Type of financing available Interest rates Stock and bond prices Software’s used in FIS 1.Sage Accpac ERP Sage Accpac ERP offers the freedom of choice, seamless integration, high performance, and reliability that forward-thinking companies rely on to increase profitability and gain competitive advantage. Advantages Completely Web-Based Easy To Use and Customize Total Investment Protection Designed for Global Business Hundreds of Industry-Specific Solutions 2.SAP The e-commerce functionality in the SAP ® Business One application will help you bring your business to the public with a set of Web design tools that enable you to build and customize your online store. Create an online catalog where customers, salespeople, and partners can easily access your  products. Manage everything from taxes to inventory to pricing through a Web-based interface, all synchronized with SAP Business One. 3.Greentree Greentree’s main users are medium sized businesses, but it is also successfully used by many larger organizations. The Green tree product is seamlessly scalable to support the whole spectrum of businesses – from a small team to many hundreds of users. Features: Greentree is built around a core financial system, with seamless integration across distribution, job costing, manufacturing etc. The modular design will enable to implement a basic financial solution and add modules as the business grows or grows in complexity, or install a complete business management package from the outset. Greentree delivers both Windows-based and Linux-based software 4.Microsoft Dynamics AX Designed for mid-size and larger companies, It is a multi language, multicurrency enterprise resource planning (ERP) solution. Its core strengths are in manufacturing and e-business, and  it includes strong functionality for the wholesale and services industries. includes applications for financial management, customer relationship management, supply chain management, human resource management, project management, and analytics. It integrates with widely-familiar Microsoft products – such as Microsoft SQL Server, BizTalk Server, Exchange, Office, and Windows. Employees can work with tools that they’re already familiar. Financial Management Microsoft Dynamics AX delivers a range of financial capabilities for companies to consolidate accounts with subsidiaries or distribution centres, no matter where they are located. 5.SAP Business One SAP Business One provides you with instant access to your critical business information – when you need it to run your business. This comprehensive application covers all your core operations, giving you keen insight, so you  can confidently make informed business decisions. Features: All aspects of business become more agile, including administration, customer relationship management, operations, distributions, and financials. Helps in Accounting and Financials, Budgeting, Banking, Financial Reporting, Customer Relationship Management (CRM), Business partner management.