
A financial management information system, or integrated financial management information system (IFMS), is an information system that tracks financial events and summarizes financial information. In its basic form, an IFMS is little more than an accounting system configured to operate according to the needs and specifications of the environment in which it is installed. It refers to the use of information and communications technology in financial operations to support management and budget decisions, fiduciary responsibilities, and the preparation of financial reports and statements. It refers more specifically to the computerization of financial management processes, from budget preparation and execution to accounting and reporting.
IFMIS Helps to organizes and makes access to financial information easy. It not only stores all the financial information relating to current and past years’ spending, but also stores the approved budgets for these years, details on inflows and outflows of funds, as well as complete inventories of financial assets (e.g., equipment, land and buildings) and liabilities (debt). The scale and scope of an IFMS can vary, from simple General Ledger System to a comprehensive system addressing Budget, Revenue, Expenditure Control, Debt, Resource Management, Human Resources, Payroll, Accounting and Financial Reporting.
Managers can use this information for a variety of purposes: to plan and formulate budgets; examine results against budgets and plans; manage cash balances; track the status of debts and receivables; monitor the use of fixed assets; monitor the performance of specific departments or units; and make revisions and adjustments as necessary, to name a few. Reports can also be tailored to meet the reporting features from budget formulation to budget execution and review, to audit and evaluation of financial performance and results.
Salient Features
The principal element that “integrates” an IFMS is a common, single, reliable platform database (or a series of interconnected databases) to and from which all data expressed in financial terms. In a nutshell, integration implies that the system has the following basic features:
- Standard data classification for recording financial events;
- Internal controls over data entry, transaction processing, and reporting;
- Common processes for similar transactions and a system design that eliminates unnecessary duplication of data entry. Integration oftentimes applies only to the core financial management functions that an IFMS supports, but in an ideal world it would also cover other information systems with which the core systems communicate, such as human resources, payroll.
Key Benefits
- Provide timely, accurate, and consistent data for management and budget decision-making;
- Support Company-wide as well as Branch-level policy decisions;
- Integrate budget and budget execution data, allowing greater financial control and reducing opportunities for discretion in the use of funds;
- Provide information for budget planning, analysis and reporting;
- Facilitate financial statement preparation;
- Provide a complete audit trail to facilitate audits. By recording information into an integrated system that uses common values, IFMS users can access the system and extract the specific information they require to carry out different functions and tasks. All manner of reports can be generated: balance sheets, sources and uses of funds, cost reports, returns on investment, aging of receivables and payables, cash flow projections, budget variances, and performance reports of all types.
MAK Tree IFMS ERP Modules:
Dashboard
To Do List
- To Do List
Global Setup
Company Setup
- Company
- Branch / Division
- Financial year
- Currency
Tax Setup
- Tax Master
- Tax Types
Geography
- Country
- State / Province
- City
User Setup
- Responsibility Center
- Role Master
- User Master
General Ledger
Masters & Setup
- Document Type
- Chart of Accounts
- Sub Ledger Accounts
- Posting Setup
- BRS Opening
- AR / AP Bill Wise OP. Balance
- Daily / Monthly Exchange Rates
- Journal Template
GL Transactions
- Opening Balance
- General Voucher
- Debit Note
- Credit Note
Cash & Bank Transactions
- Cash Receipt
- Cash Payment
- Bank Receipt
- Bank Payment
- Fund Transfer
- Reconcile
Finance Reports
- Bank Reconciliation
- Reconciliation Summary
- Transaction List
- Ledger Report
- Trial Balance
- Profit & Loss
- Balance Sheet
- Schedules
- Cost Center Report
- Drill Down Reports
Fixed Assets
Masters & Setup
- Fixed Assets Blocks
- Fixed Assets Details
- Fixed Assets Opening Balance
- FA Insurance Master
Fixed Asset Transactions
- Fixed Assets Purchase
- Fixed Assets Sales
Fixed Asset Reports
Depreciation Summary
Budgeting
Masters & Setup
- Budget Allocations
Budget Reports
- Budget Reporting
Inventory Module
Masters & Setup
- Unit of Measure (UOM)
- Item Category
- Item Brand / Make
- Storage Location
- Item Master
Stock Transactions
- Opening Stock
- Stock Receipt
- Stock Issue
- Physical Inventory
Stock Reports
- Item Ledger
- Stock Report
Sales Module
Masters & Setup
- Customer Master
- Payment Terms
Purchase Transactions
- Sales Quotation
- Sales Order
- Delivery Challan (DC)
- Sales Invoice
- Sales Return
- Customer Receipt
- Customer Bill Adjustment
Sales Reports
- A/R Aging Reports
- A/R Aging Summary
- Customer Ledger
Purchase Module
Masters & Setup
- Vendor Master
- Payment Terms
Purchase Transactions
- Purchase Requisition
- Purchase Order
- Goods Receipt Note (GRN)
- Purchase Return
- Supplier Payment
- Supplier Bill Adjustment
Purchase Reports
- A/P Aging Reports
- A/P Aging Summary
- Supplier Ledger
HRMS
Masters
- Skill Set Master
HRMS Transactions
- Resource Request
- Candidate List
- Candidate Status
- Schedule for Interview
- Exit Interview
Payroll
Masters
- Employee Master
- Designation Master
- Grade Master
- Leave Master
- Salary Component Master
- Asset Master
- Loan Master
Payroll Transactions
- Leave Opening Balance
- Leave and Reimbursement
- Asset assigned to Employee
- Leave Letter
- Payroll Control Information
- Process Monthly Attendance
- Payroll Process
Payroll Reports
- Salary Statement
- Payslip