Project #74446 - Learning Team: New System Proposal Part 3

Continue working on your proposal.

Develop the flow diagram of the information and any control elements needed to ensure proper access for the information.


Submit 
a 700- to 1,050-word section of the paperwith the following elements:

  • A diagram of the information flow and any elements controlling proper access to the information it uses
  • A description of any proposed business process changes for the system along with flow diagrams
  • A specific discussion on any Internet and mobile access components of the system

 

This is the assignment I wrote before.

 

Introduction Riordan Company is a multi-billion dollar financial company that specializes in a new system called Financial Management Information System (FMIS). FMIS is a system that tracks all the financial transactions processed and provides summarized financial information for easy decision making and recording. This company was started and run by a renowned author and leading bookseller in US. Named Rick Riordan. The company shall use this software to control and manage all their incomes and expenses while the software will help in managing the assets and liabilities of the company.

The Financial Management Information System (MIS) is a system composed of the five common components including the hardware, software, data, procedures, and people. People are the most important components since they are the users of the new system including the programmers, system analysts, finance clerks, managers and various people who will interact with the new system. Hardware entails the input devices that feed the data into the system. The data to be entered is the financial transactions. Input devices include the mouse, keyboard, and the touch pad. Storage devices store the information and data such as the hard disk. Output devices display the processed data including the printers and the monitors. Communication devices include the company's Local Area Network (LAN) and the Internet. The third component is the software that refers to the MIS itself and the operating system that provides a platform where the system runs. The fourth component is data which is the raw facts and figures entered into the system for processing. The fifth component is the processes and procedures which provides guidelines and rules for operating the finance management information system (MIS).

The new system will be a huge benefit to Riordan Company because it will aid in decision making and unproblematic because it provides accurate, complete, and timely information when needed. The new system shall be an integrated system with the following modules that are beneficial in the development of the business operations. The general ledger module provides the cash flow information while the budgetary accounting module aids in the preparation of the company's monthly and annual budgetary allocations such as transactions. The accounts receivable and payable modules provide information for the company's income and expenses respectively. Other encored modules in this system include the payroll system that will assist in the human resource management affairs and salary processing. The project ledger module assist maintains the records and keeps track of all the running projects for the company. The asset management module keeps record of all the company's assets being brought in or taken away.

Business requirements driving the need for the MIS

The driving forces behind the introduction of the new system include the need to keep a transparent and accountable system of all payments and receivables. The business will also need to record and keep track all the liabilities and assets of the company. For the successful operation of any business, there is a need to minimize paperwork, synchronize all the company's accounts, coordinating financial statements, maintain data, information security, and to update the financial business records. The business also needs a system that will aid in auditing and policy formulation. Each function works together to form the basic requirements that drive the need for a financial management information system (MIS). Embracing a computerized finance system will help the company solve the above problems comfortably.

Information used in the MIS The financial management information system accepts all type of data that is entered by the finance clerks. For example, facts and figures of payments, receivables, inventories of assets and liabilities, summarized data, and any other form of raw data. The system then processes the data to produce information that is useful for management decisions, policy formulation, and unproblematic. The system is composed of various modules each with its own information that help support the Company. For example, the general ledger and the accounts payable module produce financial reports on daily, monthly, and annual basis. The Payroll module produces pay slips and other human resource information such as the number of employees, salary scales, and work experiences. Procurement module produces the sales and marketing information while the inventory subsystem produces the total number of company's assets and liabilities including their states or conditions.

Information security and ethical concerns with the MIS

 

The most important thing in every system is the assurance of data and information security. Financial Management Information System (MIS) is no exception because it deals with the company's financial data and information. Any company's data should have the latest system security installed in order for the company to be protected at all times. The basic information security concerns are the Confidentiality, Integrity, and Availability abbreviated as CIA. Financial information should be kept in a highly confidential manner. For example, any material that is confidential should be kept in a safe physically or electronically locked while having to provide a password or answer certain questions certain individuals with the clearance should know.  This means that financial data should be only available to the people who deal with finance. If someone from finance was to quit, retire, or get fired from the company, then each lock and password must be changed and all finance employees will be notified of the change. This can also be assured through biometric identifiers such as fingerprint scanners. Integrity refers to the protection of financial data from unauthorized and malicious modification. The information should be kept as original as possible and should not be tampered with by anyone at any time. Availability refers to the provision of financial information when needed. The system should provide information for decision making, planning, budgeting, and policy formulation when needed without delay.

 

Please help.

 

Subject Computer
Due By (Pacific Time) 06/21/2015 05:00 pm
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