MIS IN FINANACE AND ACCOUNTING

BY GROUP - 3

GENERAL USES OF MIS IN FINANCE

MONTHLY ACCOUNTS OF TRANASCTIONSCASH FLOW SOURCES & USES OF FUNDSLEDGER & JOURNALMONTHLY RETURN AND STATEMENT

PROCESSINGTRIAL BALANCE & BALANNCE SHEETPAY ROLE ACCOUNTING

FINANCIAL INFORMATION SYSTEMS (FIS)

Financial information is the lifeblood of a business – Enabling ensures an appropriate, cost-effective financial management information system (FMIS) is installed for timely, relevant and accurate information to support better business decisions.

Benefits of FIS

integrated financial informationFlexibility of reporting and additional control over expenditureLess administration required within the businessTighter views of budgets versus actuals

Financial statements

Uses and managementof funds

Financial statisticsfor control

Operationaldatabases

Databasesof valid

transactionsfor each

TPS

Transactionprocessingsystems

Businesstransactions

Businesstransactions

Internet or

Extranet

Internet or

Extranet

OVERVIEW OF FINANCIAL MIS

FinancialMIS

Businesstransactions

Databases ofexternal data

Databases ofinternal data

FinancialDSS

FinancialES

Financialapplicationsdatabases

Customers,Suppliers

Inputs to the Financial Information System

Strategic plan or corporate policiesContains major financial objectives and often

projects financial needs.Transaction processing system (TPS)

Important financial information collected from almost every TPS - payroll, inventory control, order processing, accounts payable, accounts receivable, general ledger.

External sourcesAnnual reports and financial statements of

competitors and general news items.

Financial MIS Subsystems and Outputs

Financial subsystems Profit/loss and cost systems Auditing Internal auditing External auditing Uses and management of funds

Accounting Information System(AIS)

Subsystem of MIS that processes financial transactions to provide (1) internal reporting to managers for use in planning and controlling current and future operations and for nonroutine decision making; (2) external reporting to outside parties such as to stockholders, creditors, and government agencies.

Accounting Information System(AIS)

• Accounting Information System (AIS) combine the study and practice of accounting with the design, implementation, and monitoring of information systems. Such systems use modern information technology resources together with traditional accounting controls and methods to provide users the financial information necessary to manage their organizations.

AIS Technology Input -The input devices commonly associated with AIS include:

standard personal computers or workstations running applications; scanning devices for standardized data entry; electronic communication devices for electronic data interchange (EDI) and e-commerce. In addition, many financial systems come "Web-enabled" to allow devices to connect to the World Wide Web.

Process -Basic processing is achieved through computer systems ranging from individual personal computers to large-scale enterprise servers. However, conceptually, the underlying processing model is still the "double-entry" accounting system initially introduced in the fifteenth century.

Output -Output devices used include computer displays, impact and nonimpact printers, and electronic communication devices for EDI and e-commerce. The output content may encompass almost any type of financial reports from budgets and tax reports to multinational financial statements.

Softwares used in AIS

GnuCash ·  HomeBank · TurboCASH

Microsoft Office Accounting Express

Banana accounting   · FlexAccount 

Microsoft Dynamics AX 

Microsoft Dynamics NAV 

Microsoft Dynamics SL 

Microsoft Office Accountin Professional 

Microsoft Small Business Financials  

 SAP Business One

• “Budget” report reflects budget balance available

• Becoming two (2) distinct forms– Purchase Order – Agency Payment Voucher– Other minimal changes in the heading section

eFormsPurchase Order, Payables and Budget

• View of assets and liabilities• “Account Balance” reflects balance

available

• View of revenues and expenses for the fiscal year

Organization computing resources Application Software:- Microsoft Office NOD32 Anti-Virus Adobe Reader

  System Software Operating System (Windows XP and Linux) for

PC’s. Windows 2003 server for mainframes.

  Hardware Resources HP Printers Currency counter

Dell Mainframes Coin counters HP Digital Scanners

Networking cards

 

MyAccountsToGO (MATG) - Accounting and financial information from the SAP BusinessOne financial management system are now directly accessible from Apple iPhone. 

Real time Banking In many circumstances the primary factor is speed. For

example, when a customer withdraws a sum of money from his or her account the transactions are processed and the account balance updated as soon as possible, allowing both the bank and customer to keep track of funds. The new transaction is send to LN. The LN enters the HUB where the specified file is accessed. The updates are made entered there and finally the update is done.

New Transactio,Updates

LN

HUB

Updated

Online Complains Standard Chartered bank allows the customer the option of

online complains. The customer submits the online complain which is then processed by Customer Service TPS which is linked by management and after the problem identification it is send to the concerned department.

Customer Queries

Customer Service TPS

Identify Problem

Send to Concerned Dept.

Account Opening This TPS is designed for opening a new account in the

bank. Input: Give bio data, NIC no., income, city name. Process: Information send to the “virses”. Output: new account opened in the bank.

Applicant

Identification

Virses

A/C Dept.

Customer Service TPS

HUB

New A/C Opened

Online Activity Purpose: Transfer funds with the organization. Input: Concerned Branch code, city name,

account title, amount & the transaction. Process: The information will send to organization

server (HUB). Output: Transfer of fund to the concerned branch.

Customer

Customer Service TPS

HUB

A/C Dept

Fund Trnsfr to Concerned Branch

ATM Card Purpose: Easy with draw of cash. Input: Give bio data, income summary, company name,

NIC. Process: NIC no. and bio data send to “virses” which

directly linked to NADRA. If information is correct then it is forward to customer service centre.

Output: Issue of credit card.

Applicant

Identification

Virses

A/C Dept.

Customer Service TPS

HUB

New A/C Opened

ATM Issued

ICICI BANKManagement MISThe ICICI Bank Corporate System provides detailed

information (MIS) which can help in controlling expenses. Monthly management reporting is an integral component of the corporate Card offer from ICICI Bank. It gives the management and its employees a complete expense tracking mechanism. It also provides travel discounts, and a reasonable credit period. Thus reducing your working capital requirement. This will reduce the time and cost associated with expense control. The report package provides both

summaries and itemizations of charges and payments. The reports help you;

Streamline expense control Analyze spending patterns Forecast future spending

The Individual Card Member Billing StatementFor convenience we give a one-glance statement that details each individual charge. It shows clearly all purchases, cash advances, applicable finance and service charges and amounts that remain outstanding month-wise.

Consolidated Company StatementUseful for monitoring Card usage and payments, the ICICI Bank's Corporate Card system provides you with details of each Card Member's expenditure. It lists the date, place, amount of expenditure, the net amount payable by each Card Member, and at the end of the report, the grand total for the company.

Individual Account DescriptionOnce you nominate your employees to become ICICI Bank's Corporate Card Members, you can receive reports. These will tell you in a variety of useful ways, how Card members are incurring expenses. Your employees simply need to charge expenses and pay back conveniently after receiving their statement. Card Members will receive a billing statement each month that lists their charges and payment activity.

Reduced Administrative Burden

Single Payment instrument. One Card for all your requirements. The ICICI Bank Corporate Card significantly reduces paperwork involved in processing and paying multiple vendor bills across multiple travelers. It also eliminates the need to set up credit lines with a range of vendors used by your corporation.

Flexibility : You can opt for a billing and payment methodology aligned to your internal accounting and reporting procedures.

Multiple Billing & Payment Plan : We have the flexibility of sending bills to individual Card members or to a single recipient in your Company. You can also choose to pay ICICI Bank centrally or let individual Card members settle their own bills.

Access to single vendor for all your travel related needs : As an ICICI Bank Corporate Card customer, you can access International Travel House Ltd our travel partner, allowing you the convenience and efficiency of dealing with a single quality supplier for all your travel related requirements.

ICICI bank financial inclusionFinancial Information Network & Operations LtdThree key components:Core banking system provides accounting, MIS, reporting

and monitoring facility for all asset and liability products.Distribution component that enables “offline”

data capture from end user specific unique, biometric enabled hybrid multi-application Smart Cards.

Credit Bureau component which enables creation of knowledge base ,financial credit worthiness,and credit rating profile of the end user.

Custodian Service Report  Equities and Fixed Income Instruments   • Holding Statement

         • Asset Valuation          • Transaction Report          • Bank Statement          • Forthcoming Corporate Actions Report

 Derivatives clearing: • Position Limit utilization Report.

         • Margin Movement Report.         • Daily Activity Summary Report (Scrip wise day's trade, open-          close position and MTM)         • Scrip wise margin rates Report.

THANK YOU