Importance of Financial Management System in an Organization
It is true that without any kind of financial management or accounting solution, an organization cannot survive. Financial Management System or FMS is designed to plan, organize, direct and control an organization’s financial resources. A financial management system keeps the track of money as it comes in and goes out of the business. A manufacturing organization requires multiple tools to manage different departments. Instead of investing in many tools for managing finance, production, inventory, etc. It is better to opt for a single system that integrates all these modules. ERP or enterprise resource planning software is an end-to-end solution that integrates all business modules and focuses on streamlining the operations. Financial Management System in ERP can help you strategize business goals and track income and expenses to help with financial planning. · You need financial management system when: · You don’t have cont...