Computerized Financial Management System for Public Institution

ABSTRACT

This project computerized financial management system for public institution, simply means organizing, directing and controlling the financial activities of an enterprise. The objective is to develop a software that can be used to oversee the income, expenses and assets of an organization ensuring accuracy. The motivation behind this project is due to misappropriation, mismanagement and misallocation of financial resources. The methodology I adopted in data finding is interviewing method and the software was developed using (SSADM) structured system analysis and design methodology. In conjunction with (HTML) Hypertext markup language. The expected result of this programme developed/designed will ensure accurate, fast and credible financial reports.

CHAPTER ONE

INTRODUCTION

Financial management can be regarded as the process which ensures that financial resources are obtained economically and used efficiently and effectively in the accomplished of the desired goals. It also simply means organizing, directing and controlling the financial activities of an enterprise. These processes involves 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 cashflow before the emergence and introduction of computer, all these where done manually. Financial management is one of the most important aspects in business thereby ensuring accuracy. New business leader and mangers have to develop at least basic skills in financial management. Expecting others in the organization to manage finances is clearly asking for trouble. Basic skills in financial management start in the critical areas of cash management and bookkeeping, which should be done according to certain financial controls to ensure integrity in the bookkeeping process.

BACKGROUND OF THE STUDY

The expansion of the university of Nigeria teaching hospital UNITH, Enugu just like ang intensity but also diversity the financial operations thereby making the activities increasingly difficult and wearisome. The volume of transaction has already increased to a level that requires processing was not easy to get by and so over the years, 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 computer in both public and private institutions of the world economic is an undisputable conclusion for efficiency speed and accuracy of its operation in achieving results. However, the manual process and procedures of financial resources allocation and utilization in our contemporary days have been confronted with consistent problems of errors and wastage of time. Which are traceable to human mistakes and short comings. 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 works. Such a financial management system will support all operational accounting procedures as well as financial management.

STATEMENT OF PROBLEM

The problem faced in the financial management activities includes.

• mismanagement of financial resources
• improper handling of financial statement, reports and records.
• The time consumed in analyzing and ascertain accuracy
• Misplacement of files
• Inaccurate record keeping
• Slow approval of financial statement and accounts

AIM AND OBJECTIVES OF THE PROBLEM

• To ensure that a fast, accurate and reliable calculation are carried out on reports.
• To ensure that financial records are properly stored thereby preventing them from getting lost.
• To eradicate problems of errors made by humans.

SIGNFICANCE 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 e.t.c. both private and public institution whose utmost desire is to ensure expansion of their institution trough proper financial resources allocation and management it will have 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 save as reference or guide for future research to be carried out proper documentation.

SCOPE OF THE STUDY

The study uses university of Nigeria teaching hospital, Enugu (UNTH). As a result of the complexity of the organization in question as well as financial management activities, this study centers on monitoring of internally generated funds, its expenditure and disbursement using computer option to control it again due to complexity of the system in question, the design has only covered four major financial account area of the institution namely, recurrent fund account, salary account. The output from the system will utilize both softcopy and hardcopy.

LIMITATION OF THE STUDY

This research work was seriously constrained by a number of factors, the most pronounced were time and money.

TIME

Time was the most important obstacle of the feasibility of this project. As a student held bound by studies, the research was not gives the best appropriate attention it should had, though I made sure that the few I had collated will be a point reference to other researches in financial management problems.

MONEY

In adequate finance also poses same threats and challenges to the realization and success of this research work. Going to libraries as well as browsing on internet to gather materials and the organization which I used is my case study to interview some members of staff, typesetting and biding the discoveries into booklet, all these demanded enough financial resources

DEFINITON OF TERMS

INTERNAL CONTROL: Internal control is defined as not only internal checks and internal audit but the whole system of controls, financial and otherwise establish by the management.

INTERNAL CHECK: This is defined as the allocate of authority and work in such a manner as the afford check on the routine transaction of day-today, work.

FINANCIAL CONTROL: This is the process which makes sure that financial resources used in running an organization are obtained and efficiently utilized in the accomplishment of set objectives or desired goals.

COMPUTER SYSTEM: An electronic device or system which is capable of performing sequence of operation.

COMPUTER PROGRAM: These are set of detailed instructions or statement that are logically arranged and transferred to computer system and used to direct the functionality of the system.

PROGRAM FLOWCHART: A graphical representation of the structure of a program indicating the control flow and primitive action perform by the program.

RECCURRENT FUNDS ACCOUNTS: This is an accounting system used in UNTH to monitor the financial resources used in the acquisition of transitory materials i.e daily recurring materials such as fueling, trying of drugs etc.

CAPITAL ACCOUNT: This is a system that monitors financial resources used in buying long lasting materials e.g equipment, buses etc.

SALARY ACCOUNT: This is a system that maintains or records all the account paid to works at the various levels of management and sections of the institution,

SPECILA PROJECT ACCOUNT: This system monitors all expenditure incurred in the execution of define projects by the institution.

INSTITUTION: An organization where people do a particular kind of scientific, educational or social work, or the building which it uses.

FINANCIAL STATEMENT: Is a formal record of the financial activities of a business, person or other entity.

INCOME TAX: Is a tax levied on the income of individuals or business (corporation or other legal entities).

AUDITING: This is a process that involves an official inspection of an organizational account, typically by an independent body.

CLERK: A person employed in an office or bank or an institute to keep records of accounts and undertake other routine administrative duties.

BUDGET ALLOCATION: Is an important part of all business and this illustrates the procedures that resources are utilized and shared according to their scale of preference.

COMPUTERIZATION: To put (information etc.) into a form suitable for use by the computer.

HARD WARE: Physical component of a computer

FIXED ASSET: Assets which are purchased for long term use and are likely to be converted quickly into cash such as land, building etc.

REGISTER: An official list or records.

VOUCHER: A small printed piece of paper that entities the holder to a discount of that may be exchanged for goods or services.

CASH BOOK: A book which receipts and payments of money are recorded.

DEFICIT: The amount by which something, especially a sum of money, falls short.

ALGROITHM: A step to step procedure for solving a particular problem.

RESULT: A satisfactory effect, or outcome.

BALANCED SHEET: A written statement of the assets, liabilities, and capital of a business.

LEDGER: A book or other collection of financial accounts.

Pages:  67

Category: Project

Format:  Word & PDF

Chapters: 1-5

Material contains Table of Content, Abstract and References