Design And Implementation Of A Computerized Financial Management System For Public Institutions
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.
Table of Content
- Title Page
- Table of content
- 1.1 Statement of problem
- 1.2 Purpose of study
- 1.3 Aims and objectives
- 1.4 Delimitation
- 1.5 Limitation
- 1.6 Assumptions
- 1.7 Definition of terms
2.0 Literature Review
3.0 Description and Analysis of existing system
- 3.1 Fact findings method
- 3.2 Procedure for data collection
- 3.3 Organizational structure
- 3.4 Objectives of the existing system
- 3.5 Input, Process and Output analysis
- 3.6 Information flow diagram
- 3.7 Problems of the existing system
- 3.8 Justification for the new system
4.0 Design of the New System
- 4.1 Output specification and design
- 4.2 Input specification and design
- 4.3 File design
- 4.4 Procedure chart
- 4.5 System flowchart
- 4.6 System requirement.
- 5.1 Program design
- 5.2 Program flowchart
7.0 Recommendation and Conclusion
- 7.1 Recommendation
- 7.2 Conclusion
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
- The consistent prevalence of errors in calculations carried out on financial reports which are traceable to human mistakes and shortcoming.
- 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.
- 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.
As a result of the complexity of the organization in question as well as the financial management activities, this research only considers the properly monitoring of internally generated funds, its expenditure and disbursement using computer option to control it.
The research would as well look at the nature of the existing problems and suggest ways of controlling them.
The researcher would as well consider some manual processes of controlling financial resources without necessarily going further to expose sophisticated procedures in controlling these resources as they are beyond of the circumstances beyond the researcher’s control.
This research work was seriously constrained by a number of factors, the most pronounced of which were time and money.
Time was the most important obstacle to the feasibility of this project work. As a student held bound by serous studies for examination, the research was not given the best appropriate attention it should had though I made sure that the few I had meticulously collated will be a point of reference to other researchers in financial management problems.
Inadequate finance also pose some threats and challenges to the realization, completion and success of this research work. Going to libraries for week 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.
In the research work, I assumed that the facts and figures gathered are both accurate and reliable and that at the end of the study I would be able to report in this work, the various processes involved in a financial management operations.
1.7 Definition of Terms
This is defined as processes 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.
Internal control is defined as “Not only internal check and internal audit but the whole system of controls, financial and otherwise, established by the management in order to carry on the business of any the company in an orderly manner, safeguard its assets and secure as far as possible the accuracy and reliability of its records.
This is defined as the allocation of authority and work in such a manner as the afford checks on the routine transactions of day-to-day work by means of the work one person being proved independently by another, or the work of a person being complementary to that of another.
This refers to practices. Processes, institutional arrangements, documentation, norms and conventions governing budget preparation, approval, implementation, appraisal and review
An electronic device or system which is capable of performing sequence of operation in a distinctive and explicit manner. These operations entails computation and manipulation of data. A computer system is made up of inter-related components that works together to achieve an aim.
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. It also entails procedures to be followed by the computer system in order to obtain the required result.
A graphical representation of the structure of a program indicating the control flow and primitive action perform by the program.
A diagrammatical representation of the logical steps flow of documents around the computer and perform by the computer.
Recurrent Funds Account:
This is an accounting system used in UNTH to monitor the financial resources used in the acquisition of transactory materials i.e daily recurring materials such as fueling, trying of drugs etc.
This is a system that maintains or records all the account paid to workers at the various levels of management and sections of the institution.
This is a system that monitors financial resources used in buying long lasting materials eg equipment, buses etc.
Special Project Account:
This system monitors all expenditure incurred in the execution of defined projects by the institution.
This represent the total amount of money or capital generated by an organization or commercial form over a specified period of time.
7.0 Recommendation and Conclusion
1. In spite of the fact that the designed system has been extensively tested and declared fit, the institution (UNTH) is hereby informed that the implement the system, it should adopt parallel change over method, so that both the new and old system will work concurrently for a substantial period before the old manual system is eliminated completely. This will enable the institutions to verify and ascertain that the new system has accommodated all possible circumstances in terms of coverage and duty performance before entirely depending on it.
2. As a result of time constraint in the vourse of preparing this project work, the new system adopted is limited to monitoring financial resources allocation and proper utilization in four major areas of the organization namely Recurrent fund account, Capital account, Salary account and Special project account of UNTH. It is therefore recommended that further researchers should include the other areas and sections of the institution such as revenue generation (internal and External) sectional management system etc. in order to satisfy the needs of the organization at large leaving no section untouched in the bid to ensure proper financial management.
A new computer system for financial management has been designed and implemented in this project work. The work was an attempt to computerize the financial management operations of University of Nigeria Teaching Hospital Enugu with the aim of curbing the problems of finance monitoring using manual methods. However, the system may be applied to the financial resources control of any other organization with little or no modification.
The implementation of this system has eliminated and minimized a number of problems encountered in manual financial management given room for:
- Fast-discharging of monitory responsibilities in terms of auditing.
- Provision of easy adjustment when mistakes in data entry is noticed.
- Consistency of management standards
- Accuracy of all computations
- Exercise man hour requirements of the manual system.
At this juncture, it is worth mentioning in conclusion, that this system when installed is relative with the old system but will go a long way in improving proper and quality of control measures undertaken in the allocation and utilization of financial resources especially in University of Nigeria Teaching Hospital (UNTH) Enugu.
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