Monthly Archives: September 2017

The first thing to understand about financial management systems is that they’re not all the same. Every business has unique requirements, including a financial management system that caters to their needs. What exactly do financial management systems do?

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Basic function

Whatis.com defines a financial management system as software and methodology that is used to manage a company’s assets, income and expenses in a way that will maximise profits and keep them sustainable. At the very basis of their function, they process and present financial information in the form of reports to the end user so they can make decisions accordingly.

Customisation

Many businesses need their financial management systems to perform multiple tasks in different areas. For example, financial accounting requires the production of income statements, balance sheets and cash flows in a specific format for external use. Those in corporate finance, where employees are working on financial analysis, budgeting and forecasting, need their information delivered to them in a format that helps them work efficiently.

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Flexibility in how financial information is presented is important for managerial accounting. Reports that are produced for internal use only don’t need to conform to any specific required format. For that reason, many financial management systems can be customised so that an end user can design their own reports, collecting, processing and presenting the content in a format that is best suited to their purposes.

Some financial management systems are customised to provide a seamless interface that a business’s customers can use. One example of this is financial advisor software devised by companies like https://www.intelliflo.com/financial-adviser-software.

This type of software not only provides time-saving back office processing, helping financial advisers dedicate more time to their customers, but it can also provide a platform through which customers can access their financial information at any time they need. This also opens up an alternative method of communication between the financial adviser and their client at times when face-to-face meetings may be hindered by scheduling conflicts or telephone conversations may be inconvenient.

Improved operation

No matter what business they might be used for, all financial information systems have one common goal: automating day-to-day processing and improving the efficiency of the users who work on them. What makes each of them special is that they can be created and customised into unique systems to suit a business’s needs.