Financial Management and Control System

A financial management and control system is business software that helps computerize the financial functions in an organization. Actions such as creating and approving purchase requests, ordering a product or service, receiving and matching invoices to orders, and paying suppliers are handled in a computerized manner, making it possible to track everything that was ordered and ensure that nothing is ordered without the required approvals. There are several types of procurement systems for different types of organizations—international trade, organizations that sell goods, and organizations that provide services. In addition, there are organizations that prefer to develop a custom-made system for themselves—when the organization is characterized by processes that are unique to its business process. The main advantage for organizations using computerized systems is the simple management of the system and long-term cost savings. A single interface through which organizational procurement passes shortens the time and effort required to monitor expenses.

Key Features

Payment request – creation of a purchase order including items to be supplied by the vendor. The order will be sent automatically by email/fax/mail Vendor tracking – reminders and reports for tracking the completion of an order placed with the vendor Receipt of goods/services – maintenance of the equipment list of physical items Payments – creation of a journal/inventory transaction attributed to the purchase