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Following are the basic elements of a financial system that facilitate smooth financial management:
Inventory Management
Working Capital Management
Fixed Asset Management
Treasury/Funds Management
AR/AP Management
Budgeting & Planning
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The five basic elements of financial system are
1. financial institutions.
2. financial markets.
3. financial instruments.
4.financial services .
5. money.
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I would suggest to the following basic elements to consider in financial system.
System outputs: clear identification of current and future internal and external reporting requirements and designs
System processing: chart of account, budgetary control (if any) and other modules such as payables, receivables fixed assets …etc. should configured in light of the desired outputs
System inputs: Well-established user’s access privileges and segregation of duties is necessary.
In addition, process simplification and ongoing control will always contribute to smoother financial system
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