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 Hybrid
Financial Management
Everyone in business must keep records. Good
records will help you to do the following.
You need good records to monitor the progress
of your business. Records can show whether your business is improving, which
items are selling, or what changes you need to make. Good records can increase
the likelihood of business success. You need good records to prepare accurate
financial statements.
These include income (profit and loss)
statements and balance sheets. These statements can help you in dealing with
your bank or creditors shows the income and expenses of the business for a
given period of time. This shows the assets, liabilities, and your equity in
the business on a given date. You will receive money or goods from many
sources. Your records can identify the source of your receipts. You need this
information to separate business from non business receipts and taxable from
non-taxable income/goods. You may forget expenses when you prepare your tax
return unless you record them when they occur. You need good records to prepare
your tax returns. These records must support the sales, income, expenses,
deductions and credits you report. Generally, these are the same records you
use to monitor your business and prepare your financial statements. As a
general rule you must maintain proper books of account, documents and records.
Business transactions are ordinarily
summarized in books called petty cash book, cash book, bank book, journal and
ledger etc.
Whichever system you use to record business
transactions will be most effective if you follow good record keeping
practices. And this can be handled only when you have a good electronic
financial system.
The web-based technology
is the future tool for the
information gathering. This technology gives users a liberty to move around the
globe with their business with them. Users just need an Internet connection to
logon to the system. Through this technique the systems are made available
online thorough Internet. This type of solutions are very much cost effective
as far as Internet connectivity is concerned. While other solutions, which are
not, web-based only web enabled or run on desktop require a very heavy
infrastructure for online connectivity to build a virtual private network. It
requires routers and a heavy bandwidth which itself has a high cost; equipment
like routers also cost a lot. In this web-based technology we use Microsoft Dot
Net tools to overcome the cost of infrastructure and overall per month running
cost.
Other advantage of the web-based system is
that all the sites remain updated all the time after each and every single
transaction. The data remains at one place on web server, which is shared by
the sites or terminals. This technique makes data always intact and
synchronized and management can generate reports on latest data any time for
the analysis purpose.
If the decision makers are always on move like
going abroad or the work is in different cities then this is an ideal solution.
You just need a laptop and Internet connection where ever you are; it makes
your business available to you.
If the users want to make an interactive
website then this technology can be very much helpful to prepare the front end
of the website, which can be managed through this system.
AIMS (Accounts Information
Management System)
In this system you will have real time
information all the time with your own defined chart of accounts. Seven levels
of accounts will give you the full control over major to minor activities, as
well the transactions do not get posted as they are received, these can be
posted when the management want or when the transactions are verified.
Multiple departments, branches, can be handled
under one umbrella. There are three level of grouping of chart of accounts,
which generate powerful reports for the management’s decision making,
Budgeting.
Predefined and user defined reports make it
more powerful for management to take decision and more over web based
technology makes it even more powerful.
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