Financial information systems (FIS) are the neural network of business organizations. They record the financial impact of every business transactions and translate the consolidated impact into actionable information on cash flow, revenue, profitability, and taxation for executives, shareholders, and external stakeholders.
Today, with businesses generating up to one million transactions each day, FIS are the cornerstone of effective and accurate financial reporting on the strategic level but also for day-to-day operations. Additionally, FIS are an important element in ensuring regulatory compliance. Modern FIS allow you to investigate, audit, and optimize business processes using financial information.
In the future, FIS will play an even more important role. Innovations in financial technology (fintech) record, integrate, and manage financial information in radically different ways. Fintech will change not only the role and scope of FIS but will affect existing business models and promote completely new business models.
Understanding the fundamentals of FIS, the relationship of FIS and business processes, and being able to analyze and design FIS using innovative financial technology help you to become an invaluable addition to any business organization.
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