Professional Documents
Culture Documents
Features of FIS
User Friendly Interface Divisionalized Reporting Consolidated Reporting Modular Structure Automatic Interface Flexible Account Numbering Flexible Reporting Formats Installation Options Generative Security
Functions of FIS
Integration of Systems: Financial and Operational Systems from multiple sources from internet to single user terminal Easy Access: To financial and Non-Financial users through corporate intranet and internet to all set of financial data and information Availability: Instant available for analysis and usage Enable analysis of financial data along multiple dimensions- Time, Geography, Product, Plant and Customer Analyze historical and current financial activities Monitor and control the use of funds over time
Capabilities of FIS
Online / Batch Update Modular Updates: Accounts Receivables, General Ledger etc Open Item System
Model of FIS
Subsystems of FIS
Profit/Loss and Cost Systems: Many departments within the organization are profit centers, which mean that they focus on generating profits. In most cases FIS is used to compute revenues, costs and profits. Auditing: It involves the process of analyzing the financial conditions of an organization and determining whether financial statements and reports produced are accurate or not. Internal and External Audits Uses and Management of Funds: Usage of funds internally and externally by the organization for running the entire show and aim to gain profits and generates revenues out of it.
Inputs to FIS
Payments Receipts Data from stock exchange System Inputs: Sales: Invoices, Debit Notes, Credit Notes Purchase: Bills, Debit Notes, Credit Notes Cash/Bank: Receipts, Payments Journal: Adjustment Vouchers, Inter-Division Transaction ,G/L postings
Advantages of FIS
Control & Oversight: Security of all transactions, numbers and figures through built-in security Accounting Benefits: Report generation system based on time frame and volume of transaction Reporting: Routine and ad-hoc reporting makes it easy to access data and increase reliability of system Executives: Timely data availability, faster reporting, decrease possibility of fraudulent and misleading information through security and control process