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?

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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

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