DESIGN AND IMPLEMENTATION OF A COMPUTERIZED FINANCIAL MANAGEMENT SYSTEM FOR PUBLIC INSTITUTIONS

Format: MS WORD |  Chapter: 1-5 |  Pages: 65-80 |  Price NGN3,000

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ABSTRACT

The proper management and utilization of financial resources has over the years been the bed rock of growth, expansion and continual existence of the world most popular industries and business organizations. In contrast, the liquidation of once popular organizations is dependent on the allocation and improper utilization of financial resources used in the running of these organization.

However, due to the inadequacies and imperfection of human beings, a lot of problems such as misappropriation, misallocation and mismanagement of financial resources, using manual and mechanical method over the years has led to the collapse of many organizations.

This work is directed towards the computerization of the already existing financial management system used in monitoring the allocation and proper utilization of financial resources used in running of the organization by ensuring faster accurate and credible financial reports as well as identifying the various problems which are inherent and encountered in the manual and mechanical methods of determining the funds to be allocated to the various working areas, (departments) in accordance to the budgetary system.

 Therefore the introduction of computer would be platform on which the actualization of the design and implementation of financial management system of the case study of this project work should be achieved.

CHAPTER ONE

1.0     INTRODUCTION

Financial management can be regarded as the process which ensures that financial resources are obtained economically and used efficiently and effectively in the accomplishment of the desired goals. These processes involve monitoring and analyzing public institutions financial conditions, general and special account, management budgetary procedures, financial statements and reports, payroll/income tax calculation and salary payments, and managing cash flow.

Price to the emergence and introduction of computer all these processes and activities were done manually. The expansion of the University of Nigeria Teaching Hospital UNTH, Enugu just like any other public institution, will not only intensity but also diversify the financial operations thereby making the activities increasingly difficult and wearisome. The volume of transaction has already increased to a level that requires automation.

Convincingly, the field of data processing was not easy to get by and so over the years (in the field of data processing with utmost speed), mankind has searched for the extra-ordinary. At such time came the emergence of the computer which is widely used virtually in all areas of human endeavor.

The increase in the use of computer in both public and private institutions of the world economic is an indisputable conclusion for efficiency, speed and accuracy of its operations in achieving results.

 However, the manual processes and procedures of financial resources allocation and utilization is our contemporary days has been confronted with consistent problems of errors and wastage of time which are traceable to human mistakes and shortcomings.

The establishment of a sustainable, manageable, reliable and flexible financial management system for UNTH to curb these problems  inherent in the existing system is the bases of this project work. Such a financial management system will support all operational accounting procedures as well as financial management.

1.1     STATEMENT OF PROBLEM

 The problems faced in the financial management activities includes

1.The consistent prevalence of errors in calculations carried out on financial reports which are traceable to human mistakes and shortcoming.

2.  Improper handling of financial statement, reports and records as a result of the problem of space for storage and retrieval purposes which led to many files been misplaced.

3.  The interval or time consumed in analyzing and ascertaining the accuracy and approval of financial statements and accounts which in turn affects decision making and policy formulation.

This research work is prompted to these problem gfor it is the basis of the above problems facing manual financial management procedures and activities today that instilled the researcher to look into the subject of curbing and controlling financial management activities manually.

1.2     PURPOSE OF STUDY

This project work is very essential in various ways to a number of people including the business men, sole proprietors, firms, organization, companies etc. both private and public institution whose utmost desire is to ensure expansion of their institution through proper financial resources allocation and management. It will be enormous benefits to both accountants and auditors from time to time.

Also it is to remove repetitive, inefficient processes and unclear procedures and provides adequate information supporting financial decision making which enables the institution to secure its resources against dubious minded managers as well as unreliable information.

Finally, the project work is also to serve as a reference or guide for future research to be carried out for proper documentation.

1.3     AIMS AND OBJECTIVES

The aim and objectives of this study is to minimize and if possible eradicate the problems or errors made by human beings due to shortcomings. This will be achieved by the establishment of a sustainable, manageable and flexible financial management system.

 Another aim is to ensure that financial records are properly stored thereby preventing them from getting lost since these records will be used in the future especially when making or planning for budget. Also the work is to ensure that accurate, faster and reliable calculations are carried out on reports without any suspicious of any sought.

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