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Financials: What are the basic elements of a financial system that facilitate smooth financial management

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Question ajoutée par Aly Kamel Al-Ariny , GoAgile MAP SW Practitioner - Part timer , Horizons SW Company
Date de publication: 2014/05/07
Shahid Mushtaq Mushtaq
par Shahid Mushtaq Mushtaq , Manager Accounts & Administration , Tasra Grpup

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

Francisco Beltran PMP | MBA | MSc Ec.F | CIMA(CGA)
par Francisco Beltran PMP | MBA | MSc Ec.F | CIMA(CGA) , Financial Management Consultant/Modeler , IFSM Consulting

I leave you a great link about your question. http://universalteacher.com/1/components-of-financial-system/.

 

Best Regards

mohammed ismail
par mohammed ismail , Group Accounting Manager , AMS Holding Group

The five basic elements of financial system are

1. financial institutions.

2. financial markets.

3. financial instruments.

4.financial services .

5. money.

Alex Haliabarda
par Alex Haliabarda

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Basel Al Bader, CMA, CFM
par Basel Al Bader, CMA, CFM , Internal Audit Senior Manager , Kuwait Telecommunication Company- VIVA

 

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        

 

Hope this is useful

 

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