Financial Information System Essay

746 Words3 Pages
TASK 3 Question 3.1 (E2.1) Note how the essential financial systems and records to be established, and how they are to be maintained to ensure ongoing accessibility of financial information. Answer- A financial information system (FIS) accumulates and analyzes financial data used for optimal financial planning and forecasting decisions and outcomes. An FIS is used in conjunction with a decision support system, and it helps a firm attain its financial objectives because they use a minimal amount of resources relative to a predetermined margin of safety. An FIS can be thought of as a financial planner for electronic commerce that can also produce large amounts of market and financial data at on (Financial-information-system-fis, 2015; broderick,…show more content…
In terms of a standard job, remuneration is typically the wage or salary, but also includes tips or bonuses. Non-statutory information provided includes: Director report, charts, pattern articulation and picture: it gives extra data of the organization to the clients and one-sided or not unbiased data along these lines they can make the organization in positive (broderick, 2007) Question 3.4 (E2.8) Note how Business operations are to be monitored, and actions taken to ensure achievement of financial performance targets, and profit and return on investment objectives. Answer- There are sure sorts of approaches to observing the business. The proprietor have search for long haul period to end up achievement in the business there are some vital things which they need to look on it , for example, they ought to look on their costs to begin with, for eg they ought to watch out for the electric bill, payrolls and numerous more which can impact on their benefit. They ought to likewise continue following to their benefit on the off chance that it is continue decline and their costs are increment as from ordinary than it will be hard for them to exist in the
Open Document