FINANCIAL MANAGEMENT SYSTEM: ENHANCING FINANCIAL PERFORMANCE THROUGH INTEGRATED FINANCIAL PLANNING, REPORTING, AND CASH MANAGEMENT

Abstract

The EIS of the Financial Management System aims to develop a comprehensive solution that addresses the financial needs of organizations. Existing financial management systems often lack integration, leading to inefficiencies in financial planning, reporting, and cash management processes. This capstone project seeks to bridge these gaps by implementing an integrated system that streamlines these essential financial functions. In doing so, it will enhance financial performance, accuracy, and decision-making capabilities. The system will provide real-time access to financial data, generate accurate financial reports, enable efficient cash management, and facilitate strategic financial planning. This project is expected to deliver a robust financial management solution for organizations. The project team interviewed stakeholders to collect data and used Agile development to ensure that development teams complete each project on time and within the financial plan. The sprint process is planned, executed, and reviewed at the end of each iteration. The team ensures that the client receives accurate and reliable financial reports, provides regular updates on their financial status, and actively participates in decision-making processes. To effectively fulfill the various needs of stakeholders, the team utilizes several requirements-gathering methods. Examples include weekly status reports, team meetings, and monthly project reviews. The finance organization has benefited from the deployment of FMS, enhancing financial performance through integrated financial planning, reporting, and cash management. The system's features enable the creation of financial plans that facilitate more informed decision-making, financial reporting that provides a comprehensive view of financial data, and cash management that maximizes working capital efficiency and cash flow, contributing to stable organizational financial health. A Financial Management System (FMS) can greatly benefit enterprises by streamlining financial planning, reporting, and cash management processes. FMS facilitates the seamless flow of financial information across different areas of the organization. Additionally, financial information systems can enhance financial performance by improving financial reporting and analysis, enabling more accurate financial forecasting, and reducing operational costs associated with redundant data management processes.