how could a financial information system be beneficial to a business with respect to strategic financial...

how could a financial information system be beneficial to a business with respect to strategic financial management?

Expert Solution

Financial Management Information Systems is an automated information system to support the financial management processes which includes the financial management activities like budgeting, execution, recording of accounting transactions, and reporting.

Financial Management Information Systems use the past performance data to design as well as implement future strategies in financial management.

Benefits of FMIS in strategic financial management

FMIS records each financial transaction and stores it permanently so that rapid access to information is ensured.
FMIS helps to define, design and implement the strategy effectively.
An effective FMIS operate in fast speed.
Planning, budgeting, generating useful financial reports, managing financial activities,
It helps to eliminates fraud in the financial activities
It ensures effective utilization of resources
A proper maintained FMIS facilitates effective strategic decision making.
FMIS enables the companies to generate accurate financial statements

jeff jeffy answered 1 year ago

Why and how strategic partners are beneficial in doing international business and investment? Please analyze your...

Why and how strategic partners are beneficial in doing international business and investment? Please analyze your answer with strategic business alliance examples.

Discuss how the UBS Inventory and Billing system could be beneficial to businesses in 2000 words....

Discuss how the UBS Inventory and Billing system could be beneficial to businesses in 2000 words. Good marks will be awarded based on the relevant answers and examples provided where necessary into your discussion. In addition, your discussion should include the following: Appropriate citations and adequate scholarly research. Readability including proper organization of answers. Cover page (image form), mark sheet (image form), table of content (image form) proper heading/title for each part answered, list of references (Use APA referencing system)

Propose an app or software or system that could be beneficial to the population in "new...

Propose an app or software or system that could be beneficial to the population in "new normal" era post-Covid-19 pandemic. You may include figures, flow charts, animations, pseudocodes, or any materials to explain your idea.

How could ethnobotany be beneficial to us in the future?

Implementing a new AIS system could prove to be beneficial or detrimental to an organization’s IT...

Implementing a new AIS system could prove to be beneficial or detrimental to an organization’s IT infrastructure. Assess the risks associated with integrating a new AIS system and suggest what management can do to minimize those risks. You have been selected as the change agent for the implementation of a new AIS system that will ultimately affect the way all employees complete their daily tasks. The new AIS system will also require online approvals for all source documents. This will...

Implementing a new AIS system could prove to be beneficial or detrimental to an organizationÃ¢â¬s IT...

Implementing a new AIS system could prove to be beneficial or detrimental to an organizationÃ¢â¬s IT infrastructure. Assess the risks associated with integrating a new AIS system and suggest what management can do to minimize those risks. You have been selected as the change agent for the implementation of a new AIS system that will ultimately affect the way all employees complete their daily tasks. The new AIS system will also require online approvals for all source documents. This will...

What features could be beneficial to our own healthcare system in the U.S. and why? What...

What features could be beneficial to our own healthcare system in the U.S. and why? What are the tradeoffs structurally and financially? Who benefits the most? The least if they were to be implemented in the U.S.?

what is the financial serves that could ehnance profitability or operation in a business and how?

With respect to the Xero accounting information system, select three (3) controls in the system. With...

With respect to the Xero accounting information system, select three (3) controls in the system. With respect to each of these controls: a. Identify the control and the type of control. b. Explain what the control aims to prevent, detect or correct. Page | 2 c. Explain the operation of the control (i.e. how the control works). d. Evaluate the effectiveness of the control (i.e. whether, in your opinion, the control achieves its aims and why)

Why protect an industry could be beneficial or not beneficial in internal economies of scale? What...

Why protect an industry could be beneficial or not beneficial in internal economies of scale? What examples of industries observe the phenomenon of internal economies of scale?

Question