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Financial Management System (FMS)
A financial management system (FMS) is the software and processes a company uses to manage its income, expenses, and assets. Companies use an FMS to: -Keep financial records up to date -Maintain audit trails -Reduce accounting errors -Reduce paperwork -Find cost savings -Comply with accounting standards -Handle payments and receivables -Manage multiple bank accounts
What Small and Midsize Businesses Need to Know About Financial Management System (FMS)
SMBs might use an FMS because they can't afford a large accounting team or lack a dedicated financial manager or accountant on staff. An FMS can be a more cost-effective way for SMBs to handle accounting tasks.
Related terms
- Tokenization
- ROIT (Return on Information Technology)
- SAC (Subscriber Acquisition Cost)
- Energy Trading and Risk Management (ETRM)
- Chief Revenue Officer (CRO)
- Core Banking System
- Record to Report (R2R)
- Fintech
- Financial Management System (FMS)
- Business Capability Modeling
- Capital Allocation
- Compound Annual Growth Rate (CAGR)
- Net Present Value
- Hedge Fund
- Gateway
- Selling General and Administrative (SG&A) Expenses
- ROE (Return on Equity)
- Financial Planning and Analysis (FP&A)
- Dollar-Cost Averaging (DCA)
- Procure-to-pay Solution
