MIS IN FINANACE AND ACCOUNTING

BY GROUP - 3

GENERAL USES OF MIS IN FINANCE
y MONTHLY ACCOUNTS OF TRANASCTIONS y CASH FLOW y SOURCES & USES OF FUNDS y LEDGER & JOURNAL y MONTHLY RETURN AND STATEMENT

PROCESSING y TRIAL BALANCE & BALANNCE SHEET y PAY ROLE ACCOUNTING

FINANCIAL INFORMATION SYSTEMS (FIS)
Financial information is the lifeblood of a business ² 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 information Flexibility of reporting and additional control over expenditure Less administration required within the businessT ighter views of budgets versus actuals

Databases of internal data

Databases of external data

Financial DSS

Business transactions Transaction processing systems
Databases of valid transactions for each TPS

Financial MIS

Financial applications databases

Business transactions Operational databases

Financial statements Uses and management of funds Financial statistics for control

Financial ES

Internet or Extranet

Business transactions

Customers, Suppliers

OVERVIEW OF FINANCIAL MIS

Inputs to the Financial Information System
y Strategic plan or corporate policies y Contains major financial objectives and often projects financial needs. y Transaction processing system (TPS) y Important financial information collected from almost every TPS - payroll, inventory control, order processing, accounts payable, accounts receivable, general ledger. y External sources y Annual reports and financial statements of competitors and general news items.

Financial MIS Subsystems and Outputs
y

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

Accounting Information System(AIS)
y 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
y 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. y 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. y 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

‡ ´Budgetµ report reflects budget balance available

eForms
Purchase Order, Payables and Budget

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

‡ View of assets and liabilities ‡ ´Account Balanceµ reflects balance available

‡ View of revenues and expenses for the fiscal year

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

System Software y Operating System (Windows XP and Linux) for PC·s. y Windows 2003 server for mainframes.
y

Hardware Resources y HP Printers Mainframes y Coin counters cards
y

Currency counter HP Digital Scanners

Dell Networking

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

Real time Banking
y 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

Updated

HUB

Online Complains
y 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
y This TPS is designed for opening a new account in the bank. y Input: Give bio data, NIC no., income, city name. y Process: Information send to the ´virsesµ. y Output: new account opened in the bank.

Virses

Applican t

Identification

Customer Service TPS

New A/C Opened

A/C Dep t.

HUB

Online Activity
y Purpose: Transfer funds with the organization. y Input: Concerned Branch code, city name, account title, amount &

the transaction. y Process: The information will send to organization server (HUB). y Output: Transfer of fund to the concerned branch.

Custom er

Customer Service TPS

A/C Dept

HUB

Fund Trnsfr to Concerne d Branch

ATM Card
y Purpose: Easy with draw of cash. y Input: Give bio data, income summary, company name, NIC. y Process: NIC no. and bio data send to ´virsesµ which directly linked to NADRA.

If information is correct then it is forward to customer service centre. y Output: Issue of credit card.
Virses

Applican t

Identification

Customer Service TPS

New A/C Opene d

A/C Dep t.

HUB

ATM Issued

ICICI BANK
y Management MIS y The ICICI Bank Corporate System provides detailed information (MIS)

y y y y

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

y The Individual Card Member Billing Statement

For 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. y Consolidated Company Statement Useful 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.

y Individual Account Description

Once 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
y 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. y Flexibility :You can opt for a billing and payment methodology aligned to your internal accounting and reporting procedures. y 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. y 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 inclusion
y Financial Information Network & Operations Ltd y Three key components: y Core banking system provides accounting, MIS, reporting

and monitoring facility for all asset and liability products. y Distribution component that enables ´offlineµ data capture from end user specific unique, biometric enabled hybrid multiapplication Smart Cards. y Credit Bureau component which enables creation of knowledge base ,financial credit worthiness,and credit rating profile of the end user.

Custodian Service Report
y Equities and Fixed Income Instruments

‡ Holding Statement ‡ Asset Valuation ‡ Transaction Report ‡ Bank Statement ‡ Forthcoming Corporate Actions Report y Derivatives clearing: y ‡ Position Limit utilization Report. ‡ Margin Movement Report. ‡ Daily Activity Summary Report (Scrip wise day's trade, openclose position and MTM) ‡ Scrip wise margin rates Report.
y

THANK YOU