资源描述
The traditional financial management systems are included traditional financial management system and modern financial management system. The traditional financial management system is the main business of accounting as the basis, expand the financial operation on the basis of the other. Modern financial management system is based on the financial management system of traditional system, and then extended to some other financial operation. Most of it is on the financial aspects, such as personal income tax calculator, financial budget. At present, the modern financial management system software are mainly Oracle E-Business Suite, Jin Die, UF, easy to fly ERP series etc.
1. Connotation
With the gradual perfection of market economy, financial management theory in constantly enrich and develop. One of the objectives of financial management in constantly. So far, the appearance of the 4 kinds of representative viewpoints, respectively is: the principle of profit maximization, shareholder wealth maximization principle, the maximization of enterprise value and the principle of capital of the enterprise sustainable growth principle.
2. Characteristic
1, the function is complete;
2, involved in many fields;
3, is the core part of corporate operation.
3. Function
- Efficiency through easy to use interface can increase the data input, to speed up the operation of the keyboard and the integrity of the data review and management
Integration of data input
MDI provides multi window operation environment, easy to use
Thin client technology can be operated in a low frequency connection
- To strengthen the safety and quick report
- Widespread support for SQL database or high speed ISAM
- The rapid processing of large amounts of data
- With many powerful features for the budget, accounts, accounts allocation merger, recalculation and regulation
- Accounting year unlimited company, more money, more open accountingperiod, the
Analysis of function of multi angle, multi-level
Correspondence between companies - Summons function
- Than other software on the market, faster production report
- Unique report preview function
- Report can be output to a different format, such as Text, Excel, Word, HTML,XML, PDF......
Using email, fax, Internet portal and Web Services Report
- provide a complete operating and management report
4. Importance
The goal of enterprise financial management is the fundamental purpose of enterprise organization of financial activities, dealing with financial relationship achieve, it determines the basic direction of enterprise financial management is the starting point of the financial management of enterprises. The goal of enterprise financial management from the view of its evolution process, directly reflects the change of financial management environment, reflects the relationship between business interests balance of interests, is the comprehensive reflection of the interaction of various factors. Therefore, the objective of financial management of enterprise, we must start from the influence factors of enterprise financial management, in order to make the best choice.
A Financial Control System that Focuses on Improvement and Success
Of course, we are not saying that businesses should ignore prudent controls over their cash drawer. The point is that focusing on small components while not knowing how much cash is tied up in receivables does not represent a control system that recognizes priorities and risk. Focusing solely on the rote and mundane does little to improve your overall financial performance. Financial control systems should not just be about compliance, they should be about continually improving key aspects of the financial operation such as:
Regularly reviewing and improving the overall capital structure.
Using a capital plan to minimize the cost of capital while strengthening the Debt/Equity position.
Managing working capital so excessive inventories and receivables do not sap financial resources.
Ensuring proper calculations and scenarios are explored while making debt/investment or leasing decisions.
Maximizing returns while minimizing costs for cash and merchant accounts.
A control system of well-defined processes is not only about control or compliance, it is also about consistently striving to do a little better. Control systems that are designed only to achieve compliance are doing the bare minimum, and they represent a missed opportunity to gain improvement and a competitive edge. And that should be enough reason for any size and type of company to think about using a continual improving process approach to creating a financial internal control system. Sox is nice; but continual improvement is better for everyone.
Financial control of projects
Purpose:
Established and effective cost control systems and procedures, understood and adopted by all members of the project team, entail less effort than ‘crisis management’ and will release management effort to other areas of the project.
Fitness for purpose checklist:
The prime objective of the government’s procurement policy is to achieve best VFM.
To exercise financial/cost control, project sponsors need to review and act on the best and most appropriate cost information. This means that they should receive regular, consistent and accurate cost reports that are both comprehensive in detail and presented in a manner that permits easy understanding of both status and trends. Reports need to be tailored to suit the individual needs of each project and should always be presented to give a comparison of the present position with the control estimate.
Reports to project sponsors normally give only the status of the project overall. But sponsors will on occasion need to monitor costs against a specific cost center in more detail. The typical contents of a cost report are given in Annex A.
Tables of figures are essential, but for rapid understanding and analysis of trends some graphs are helpful.
Suggested content:
The following aspects should be addressed in a financial report (rather than repeating detailed information available in earlier reports, later reports can summarize the key points and cross refer to the relevant earlier reports):
development of budget
original authorized budget
new budget authorizations (giving justification for changes)
current authorized budget
expenditure to date
(Each section on budgets and expenditure should address the original base estimates and risk allowances for each element)?
commitments
agreed variations (giving justification for variations)
potential/expected claims or disputes awaiting resolution (if the project is going well, this area should be small)
commitments required to complete
orders yet to be placed
variations pending
future changes anticipated.
Each of the following cost elements should be covered:
in-house costs and expenses (including all central support services, administration, overheads )
consultancy fees and expenses (design, feasibility, client advice, legal, construction management, site supervision )
land costs
way leaves and compensation
demolition and diversion of existing facilities
new construction or refurbishment costs
operating costs
maintenance costs
disposal costs
insurance costs
all other costs relating to the project not listed above.
All prices need to be discounted to a common base.
Example of a cost summary report
Financial Control
Financial Control is a major contributory factor to business survival. For many managers, exercising effective financial control is, at best, seen as a mystery and, at worst, not even considered. Yet monitoring a small number of important figures can ensure that you retain complete and effective financial control.
Objectives
This section is intended to help you put in place that financial control: to ensure that you are estimating costs accurately and then keeping them under control; to ensure that you are charging and/or paying the right price; and to ensure that you can collect money owed to you and can pay your bills as they fall due. Its objectives are:
to demonstrate how effective financial control assists in the management of the organization in which you work;
to show that control can be achieved through simple documentation; and,
to suggest financial indicators for inclusion in your strategic objectives.
1. Achieving Control
Good financial results will not arise by happy accident! They will arise by realistic planning and tight control over expenses. Remember that profit is the comparatively small difference between two large numbers: sales and costs. A relatively small change in either costs or sales, therefore, has a disproportionate effect on profit.
You must watch your costs/prices and margins very carefully at all times since small changes in any of these areas can lead to substantial changes in net profit. Control can then be exercised by comparing actual performance with budget. To do this, you will need to produce:
a financial plan, agreed as being achievable by all concerned; and,
some means of monitoring performance against the plan.
Since there will always be differences between the actual and the plan, you need some form of control. Beyond a certain organizational size, control can only be exercised by delegation; the human aspect of control is, therefore, important.
Why keep records?
Accurate record keeping is required if you are to be effective in monitoring performance against budget. Other reasons why you will need to keep accurate records are:
there is a legal obligation to do so;
any shareholders may want accounts;
the VAT inspectors will need them;
HM Revenue and Customs will require them;
potential suppliers may require them;
you will need to report accurate figures to your stakeholders;
you will need to identify areas of possible concern; and,
you will need to investigate and explain variances (under or overspends against your budget).
Accounting records will need to be detailed enough for you to be able to say at any one time what the financial position is; ie, how much cash is in the business or the budget? How much do you owe? How much is owed to you? How big is the overdraft (or overspend)? How long could bills be paid for if cash stopped flowing in? What is the profit margin?
Financial control will be poor if there are no clear objectives and a lack of knowledge of the basic information necessary to run a business or department successfully. A lack of appreciation of the cash needs for a given rate of activity and a tendency to assume that poor results stem from economic conditions or even bad luck will only exacerbate the situation.
Accounting centers
One way of delegating financial responsibility is to set up a system of accounting centers. Where businesses make a range of products, putting each into a different accounting center makes it easier to determine which of the products are profitable. Some costs (factory rent) are more difficult to allocate, so may be recorded in a holding account and then split between products. Indirect costs could be allocated by the proportion of sales represented by each product (by volume or cost), by proportion of machine time used, or by some other appropriate method. This split will give an indication of the profitability of each product, but you should beware of ceasing sales of a particular product because of low profit or loss - the costs currently charged to that accounting center would have to be redistributed among those remaining, so necessitating increased sales of those products.
There are four possible levels of financial responsibility with appropriate targets and control requirements:
revenue center - staff only have responsibility for income (eg a sales department in a store). Staff have sales targets against which income is measured and compared;
cost center - staff have responsibility for keeping costs within set targets, but do not have to worry about where the money comes from ( an NHS Trust department);
profit center - staff have more responsibility and control and will agree targets of profitability and absolute levels of profit ( a division within a larger company). Control is achieved through monitoring performance as measured by the profit and loss account (P&L); they are unable, however, to invest in new equipment; and,
investment center - the staff have authority over investments and the use of assets ( a subsidiary company) although the holding company would typically need to approve major investment. Targets would focus on return on capital and control would be through monitoring performance measured by the complete accounts.
2. Management Information Systems
If your financial control is to be effective you need to regularly analyze your actual performance figures and compare them against the financial plan and, perhaps, performance of the business historically.
An easy way of comparing actuals and budgets is variance analysis. Usually, only a few figures need to be watched regularly to achieve effective control. Using a computer-based spreadsheet will assist you with all your analysis requirements. Having a suitable management information system (MIS) is a prerequisite for effective monitoring. Although it might sound daunting, an MIS can be extremely simple. An MIS is simply a set of procedures set up by you and your staff to ensure that data about the business is collected, recorded, reported and evaluated quickly and efficiently. That information is then used to check the progress of the business and to control it effectively. For most small businesses, there are likely only to be a few key elements.
Marketing monitoring - Are you achieving your sales targets, in terms of level of sales and market share? How full is your order book? Are customers paying the right price?
Production - How does the level of output compare with the level of sales? What is the percentage of rejects? How does the actual cost compare with the standard cost?
Staff monitoring - Are they being effective? Are they satisfied and motivated?
Financial control - Are you meeting your financial targets?
You will need proper systems in place to ensure that:
You keep careful track of everything bought by the business, especially if the person ordering is not the person who pays the bills;
You record everything sold by the business and that everything is properly invoiced, especially if the person doing the selling is not the person who raises the invoices or chases customers for payment;
There is an effective stock control system which records incoming raw materials and compares them against purchase orders, monitors progress through the production stages (if appropriate) and records the dispatch of finished goods; and,
All payments and receipts are recorde
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