FINANCIAL MANAGEMENT SYSTEM: A SYSTEM DEVELOPMENT FOR GENERAL LEDGER AND ADVANCE AUDIT AND COMPLIANCE MODULE

Abstract

A Financial Management System (FMS) plays a crucial role in enterprises, particularly in the finance department, by facilitating efficient fund management, budgeting, financial planning, and forecasting to support informed decision-making. However, many existing FMS solutions lack key features such as comprehensive financial planning, budgeting, compliance processes, and cash management, which can result in fund mismanagement, inaccurate financial reports, and even potential bankruptcy. Additionally, FMS teams face various challenges, including expense tracking, resource allocation, reporting, and regulatory compliance, which further impact financial stability. The project team conducted interviews with stakeholders to collect data and utilized Agile development to ensure that projects are completed on time and within the financial plan. Each sprint is carefully planned, executed, and reviewed at the end of every iteration. The team ensures that clients receive accurate and reliable financial reports, provides regular updates on their financial status, and actively involves them in decision-making processes.  To effectively meet stakeholders' needs, the team employs various requirements-gathering methods, including weekly status reports, team meetings, and monthly project reviews. At the end of each sprint, progress is assessed to refine and enhance the development process. The implementation of the Financial Management System (FMS) has significantly benefited finance organizations by enhancing financial performance through integrated financial planning, reporting, and cash management. The system enables the development of comprehensive financial plans, allowing for more informed decision-making. Its financial reporting features provide a holistic view of financial data, while its cash management capabilities optimize working capital efficiency and cash flow, ultimately contributing to a stable and healthy financial position for the organization. The Financial Management System (FMS) offers significant benefits to enterprises by enhancing financial visibility, streamlining processes, optimizing resource allocation, and ensuring compliance. It enables efficient fund management, accurate financial reporting, and strategic planning, ultimately leading to improved decision-making, profitability, and long-term sustainability.