Types of Information system

Learning Outcomes Lo1: Be able to describe a Financial Management Information System. Lo2: Evaluate and describe examples of FMIS. Lo3: Form comparisons between the 4 Information Systems identified.

Should of completed: What is a management information system? What does a HRIS provide and track? How would a company choose a HRIS system? Give some examples of HRIS, noting how they differ and what kinds of businesses you think they would best suite.

Financial Information Systems Task: What do you think this is?

Overview Financial Management Information Systems accumulate and analyze financial data in order to make good financial management decisions in running the business. The basic objective of the financial information system 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. 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)

Financial management information system is: Information system that tracks financial events and summarizes information supports adequate management reporting, policy decisions, 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.

An ideal or well-designed system should: Collect accurate, timely, complete, reliable, consistent information Provide adequate management reporting Support government-wide and agency policy decisions Support budget preparation and execution Facilitate financial statement preparation Provide information for central agency budgeting, analysis and government-wide reporting Provide complete audit trail to facilitate audits.

Structure The core of an 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 Project ledger Asset module.

Advantages of FMIS There are many advantages of implementing an 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 Tighter views of budgets versus actuals.

Examples: Mid-Market Accounting applications can generally be divided into several categories. Mid-market accounting software systems typically have robust analytics, reporting tools and databases. For example, a core accounting software package--- omprised of such modules as accounts receivable, accounts payable, general ledger, fixed assets and bank reconciliation---can be integrated with business intelligence tools to create customizable reports, analysis and inquiry for enhanced business financial reporting and productivity. Mid- market accounting software packages are typically for those companies with $2 million to $50 million in revenue. High-End Higher-end accounting software systems, which are also known as enterprise resource planning (ERP) software, are much more complex. There is often a good deal of customization to fit the specific needs of the business, and these solutions are ideal for companies with complex accounting and business processes like distribution and manufacturing. The beginning ERP packages are typically geared toward companies with $25 million to $500 million revenue, while some ERP solutions are best for enterprises with revenues ranging from $250 million and up. Vertical Systems for the vertical market are tailored to meet the financial and accounting needs of a specific industry, such as nonprofit organizations, health care or hospitality. For example, a nonprofit financial system can help organizations show proper stewardship of funds and have real-time financial insight into the organization's performance. A system for a health care organization can aid in the reporting of profitability by procedure, carrier and department. Meanwhile, accounting applications for hospitality can expedite reports like profitability by location and property and provide real-time visibility into each property individually or a consolidated look across the entire business.

Tasks What is a Financial Management Information System? What are the key parts to a FMIS, describe each point? What are the advantages of a FMIS? What different types are there? Can you give examples of FMIS software?

Task 2 Form comparisons between the 3 information systems and find examples of other Information Systems’s