Financial Systems:
The overall financial management framework will include a number of elements such as:
- Financial systems designed to capture the details of each financial transaction that occur on a day to day basis
- Financial systems designed to collate the captured information and transform it into a format that both complies with reporting standards and is usable within the business; and
- Financial systems that allow for accurate financial planning within the business
In summary, financial systems are those systems an organisation puts into place to record, collate and monitor the financial information within a business organisation.
Without the correct financial systems in place, the full benefit of financial management will not be achieved.