Financial Management System of Colegio De Castillejos: An Evaluation

Abstract

One of the most significant and valuable elements to consider in an organization is to make sure which the financial assets of the business enterprise are well managed, specifically in terms of the industry capital. Accordingly, management of working capital is critically essential to the success of every company. In service industry, the working capital is vitally dependent to the sales of the product. It is said that which sales is different during the year because of growth, seasonality or uncertainty, then managing the working capital would be difficult. Furthermore, a firm’s current liability such as inventory, receivables and short-term payables as well as the business enterprise’s current assets varies in accordance to the fluctuations of sales. In this regard, the cash flow within the industry may be insufficient to sustain organization operations, even if the profitability of the industry is satisfactory over the entire year. Hence, there is a need for an effective Financial Management System. The development Financial Management Systems is to support the Ethiopian reform as an example of a successful low risk strategy of automation in a difficult environment, (Peterson, 2006). The writer will use the descriptive method of research utilizing the questionnaire as the main instrument in gathering data. This research was conducted in order to determine the Evaluation of the Financial Management System of COLEGIO de CASTILLEJOS. In order to answer these research goals, the researcher opted to obtain the Evaluation of the Financial Management System of COLEGIO de CASTILLEJOS. Specifically, a total of 50 respondents from COLEGIO de CASTILLEJOS and Municipality of Castillejos, Zambales were randomly selected to make up the sample. This method is used to describe the nature of a situation, as it exists at the time of the study and to explore the causes of particular a phenomenon. Providing Automated Daily Time Record for (log-in/log-out) with biometrics technology is one of the solutions for attendance monitoring. Aside from this the said system should also capable of automated calculation of their payroll. A will documented payroll system will lead the organization to maximize its analysis needs to improve the overall process of cash flow monitoring. Automation of accounting processes using deploying accounting system software is also recommended but manual audit should be made for accuracy purposes.