Financial Management Software Research Articles

Innovative financial strategies for achieving cost reduction and revenue growth in non-profit organizations

Non-profit organizations operate in a challenging financial environment, requiring innovative strategies to ensure sustainability and maximize their impact. This review paper explores essential financial strategies for non-profits, focusing on cost reduction, revenue growth, strategic financial planning, and leveraging technology. Cost reduction strategies, including operational efficiency, process streamlining, and technology implementation, enable non-profits to optimize resource allocation. Revenue growth is achieved through diversifying funding sources, expanding donor bases, and adopting social enterprises and digital fundraising methods. Strategic financial planning and management, encompassing robust financial plans, regular audits, and risk management, are foundational for financial health. Leveraging technology, such as financial management software, data analytics, and blockchain, further enhances financial efficiency and transparency. This comprehensive approach empowers non-profits to achieve financial stability, improve resource management, and enhance their mission-driven impact. Future directions recommend exploring new financial management practices and technologies to maintain competitiveness and sustainability in an evolving landscape.

Digital Revolution in Food Entrepreneurship: Perspectives from Select Small and Micro Food Enterprises

This study is entitled Digital Technologies and Its Integration In The Operations Of Micro And Small Food Enterprises: Basis For Strategic Plan which intended to describe the profile of the companies namely, Henan Little Jade Foods, The Garden of Clear Fragrance Foods, Tianjin Joint Venture Foods, and Tianjin the EatSmart Way Technology Development Company. These four food enterprises located in Henan and Tianjin, China integrate digital technologies in their business operations. This research aims to provide a description of digital technologies integrated in the operations of micro and small food enterprises as basis for strategic plan. The description of the profile of the four companies dealt with the nature of business, products and services offered, number of years in the business, existing market, platform of distribution, and business or asset size as of 2022. In addition, this study delves into the use of digital technologies in the business areas of management and decision making, marketing, production/operations and finance. Regarding the integration of digital technologies in small microfood businesses, all respondents strongly agreed on the use of digital technologies in the four main areas of management and decision making, marketing, production/operations and finance. In the area of management and decision making, 98% of the respondents strongly agreed with the following item statements:In the marketing area, 96% of respondents strongly agreed that digital technology "helps to broaden the customer base, pricing, customer trends and future demand forecasting, helps to develop a customer-centered marketing strategy, and helps to build a competitive brand." In the production/operations area, 92% of respondents strongly agreed with the statement that the following items: "facilitates the implementation of more effective risk assessment and risk mitigation, brings innovation to the company, facilitates an effective transition from traditional to modernized production models, improves the efficiency of customer relationship management, and better connects the company to the community." In the area of finance, 93% of respondents felt strongly that digital technology has caused "confusion and struggle due to lack of preparedness on issues such as the digital economy, cyberthreats and attacks, financial management software, and digital investments." In marketing, respondents agreed that digital technology has created "confusion due to loss of control over customer interactions, poorly trained staff, and mistrust among customers." They also agreed that on the production/operations side, digital technology has brought about internal conflicts and difficulties in complying with regulatory policies due to different perspectives on understanding digital". Based on these findings, we propose a strategic plan for food companies to study and adapt. The researcher recommends further research into the potential for micro and small food businesses to participate in a centralized data management system. However, this will require more training for employees to ensure that everyone is up-to-date with the industry's digitalization and in sync with customer platforms. The challenges that food companies face in integrating digital technologies must be examined by top management and employees alike to determine what issues the company must strategically address to ensure sustainability and productivity, which are the ingredients for survival in the world market. Keywords: digital technologies, integration, micro and small food enterprises, management and decision-making, marketing, production/operations, finance

Computerized Accounting System as an Aid to Effective Financial Reporting in Small and Medium Scale Food and Beverage Firms in Southwestern Nigeria

Most Small and Medium Scale Enterprises (SMEs) fail due to the lack of keeping proper financial records. To forestall this problem, many studies have recommended the use of Computerized Accounting Systems (CAS) among SMEs. This chapter examines the level, type and reasons for adopting CAS among SMEs in Nigeria. The study was conducted among 229 SMEs in the Food and Beverage sector in Southwestern Nigeria and revealed that most (87.7%) adopted a form of CAS. About 23% adopted non-dedicated software (Microsoft Excel) while 17.9%, 13.1%, 15.7% and 12.2% adopted Financial Management software such as Peachtree, Dac Easy, Sage and Quickbooks respectively. About 9% adopted Tally and 3.8% each utilized Chronicle and Power of Accounting. Majority (58.5%) used both manual and computerized systems. Majority (77.7%) of the respondents indicated that they used batch posting system while 22.3% of the respondents used real-time posting. The batch posting system is prone to entry errors. About 94% adopted CAS to aid financial decision making, 90.8% for improved financial reports and 93.4% to aid overall management decision making. Ninety three percent agreed that adoption of CAS had a positive impact on firm performance. The chapter recommended SMEs fully computerize their accounting systems and those on Excel should use dedicated financial management software among others.

Financial System Design for High-Tech Enterprise Based on Cloud Service and Task Scheduling Algorithm

So far, with the development of the network, a new era of cloud computing is gradually advancing. Cloud services based on cloud computing technology have long become a new business model with broad application prospects. This paper studies the design of a high-tech enterprise financial system based on cloud service and task scheduling algorithm. The project can fully meet the following requirements: the establishment of a financial management system can improve the degree of automation and computerization of financial management and reduce the labor intensity of financial personnel. It is an analysis and decision-making program for the financial management of high-tech enterprises that can be shared using financial management software. Using a financial management system in actual work can achieve rapid financial data entry and improve the accuracy of data accounting. The high-tech enterprise financial management system is a very suitable and convenient management system, which substantially meets the daily business needs of high-tech financial management of enterprises.

Design of University Financial Information System Based on Data Mining Technology and IoT

As China’s information construction level keeps getting better and higher education keeps getting better, new rules and regulations are being made and put into place. These new rules and regulations require colleges and universities to have comprehensive budget management, dynamic fund management, scientific forecast analysis and performance assessment, and the integration of campus cards and digital campuses. At present, the financial management concept and financial management software used by colleges and universities have been relatively lagging behind, which cannot adapt to the needs of current information and career development. Therefore, the financial information system of colleges and universities based on data mining technology is designed. The hardware part is designed with CORBA interceptor, B/S structure, and SQL converter. The software part first figures out what kind of financial information platform is needed. Then, using data mining technology, it builds a financial information model. Finally, it designs the functional module of financial information technology and builds the financial index system for colleges and universities. The results of the system tests show that the designed financial information system works well and has some use value.

Organizational Construction of Financial Management Application Platform Based on Commercial Random Matrix

As one of the basic tools of statistical analysis, random matrix theory builds a bridge for the study of microscopic and macroscopic properties of complex networks. The eigenvalues of the adjacency matrix of the complex network after mapping correspond to the energy spectrum in the random matrix theory, so the characteristics of the complex network are concentrated in the volatility of the eigenvalue sequence. The eigenvalues of complex networks are analyzed through random matrix theory to find the relationship between their structure and properties. This paper discusses the design and realization of the comprehensive application platform of group enterprise financial management. Based on the current situation of the development of financial management software in domestic and foreign group companies, the thesis gives the goals and tasks of the platform research and design. The enterprise financial management platform has made a business and technical architecture design and has made an in-depth analysis and design of modules such as fund management, budget management, statement management, and accounting management. This paper finds that the critical point threshold makes the results of network community division below this threshold poor, and the results above this threshold are good. Furthermore, the tipping point threshold for the NYSE network is significantly lower than that of the CSM network. This paper further analyzes the dynamic cross-correlation matrix and examines the time-dependent changes in the number of outliers, the number of communities, the degree of network modularity, and the degree of decentralization of industry composition under the condition of two market critical point thresholds. From the magnitude of fluctuation, it is found that the NYSE network is much more stable than the CSM network, which may also be related to the basic characteristics of the two markets, because the capital chain relationship is much more stable than the supply chain relationship.

Education Financial Management in Senior High School

The research method used is qualitative by using a descriptive approach to describe the phenomena that occur in this institution. SMA Muhammadiyah 1 Taman was made the object of research because it has implemented financial management well, marked by the rapid fulfillment of learning facilities and the dynamics of ongoing school activities. From the results of the study, it is known that: 1) the management of educational financial management, SMA Muhammadiyah 1 Taman has utilized information technology, utilized bank service products, and financial management software. the implementation of financial management is in accordance with the stages, starting from: a) planning for preparing activities, planning budgets, and determining sources of financial revenues; b) the organization includes the school principal, treasurer, reception treasurer staff, expenditure treasurer staff, BOS treasurer, BPOPP treasurer, wakasek as the executor of the activity; c) the implementation of activities has been carried out in accordance with the program of activities that have been planned, while the realization of the budget against the budget planning is carried out less than 100% due to arrears in tuition fees and student activity funds that have not been paid 100% by the parents of students; d) financial management control is carried out by i) Principals to school treasurers and budget users, ii) Government to principals regarding the use of BOS and BPOPP funds, iii) Persyarikatan Muhammadiyah to Principals regarding supervision and guidance on financial management sourced from parents students, and; e) accountability for budget use is carried out by i) treasurer and activity implementers to school principals, ii) school principals to the government related to the use of BOS and BPOPP funds, and school principals to Muhammadiyah organizations related to funds sourced from students' parents. Education Financial Management

Role Of Financial Management Software And Its Knowledge In The Healthcare Department For The Management.

Role Of Financial Management Software And Its Knowledge In The Healthcare Department For The Management.

CNS: Interactive Intelligent Analysis of Financial Management Software Based on Apriori Data Mining Algorithm

With the steady development of information technology, efficient, fast and safe enterprise financial management has received the focused attention of enterprise managers. Not only that, the integration of enterprise departments and financial operations is getting closer and closer. With the increasing business volume of enterprises, the interactive data generated by the data management system of the financial departments of enterprises has become increasingly prominent. Based on the research and analysis of enterprise financial data, combined with Apriori, clustering, decision tree and other data mining technologies, this paper extracts and utilizes massive financial data generated by the enterprise financial department in the daily management process, and designs and implements an intelligent analysis system of enterprise financial data based on data mining. It provides helpful financial information for the financial management department and senior management and assists the enterprise in making quick decisions.

Design and Implementation of Financial Information System for Mobile Devices

In the economic society, the word “financial management” is no longer unfamiliar to people. A detailed income and expenditure plan can manage the income and expenditure of individuals and families well. With the rapid development of domestic economy and the rapid increase of residents’ income, the following consumption and expenditure are diversified. With the rapid development of mobile applications, people’s daily life is increasingly inseparable from mobile application devices. The data that should be maintained in personal financial management is becoming more and more complicated, and a large number of consumption records are easy to appear in the process of financial management, which makes it more difficult to store and consult personal financial data. The most widely used financial knowledge is in the aspect of companies and enterprises, and there is a set of relatively mature theoretical system structure, and the corresponding excellent financial management software is also emerging in endlessly. In this paper, combined with the current personal financial needs and the development of mobile devices, a financial system based on mobile phone client is proposed, and the implementation of the financial system is described.

Cost Analysis of Routine Vitrectomy Surgery

To use electronic health record (EHR) time logs to calculate the complete cost profiles of routine pars plana vitrectomy surgery. Economic analysis. Patients undergoing elective vitrectomy procedures (Current Procedural Terminology codes 67040, 67041, and 67042) at Vanderbilt University Medical Center in fiscal year2019. Process flow mapping for routine vitrectomy surgery was used to define the operative episode. De-identified time logs were sourced from an internal perioperative data warehouse to calculate procedure-level durations. The costs of materials and overhead were calculated from internal financial management software. Costs per minute for space, equipment, and personnel were based on internal figures. These inputs were used for a time-driven activity-based costing (TDABC) analysis. Complete cost profile of routine pars plana vitrectomy surgery. Cost analysis of routine vitrectomy surgery resulted in a total cost of $7169.79 per patient, which was $2053.85 more than the maximum Medicare reimbursement for the equivalent episode, $5115.93. Vitrectomy cases do not break even unless the case duration is fewer than 26.81 minutes, overhead is reduced by 53.78%, or reimbursement is increased by 40.15%. Reimbursement does not compensate for variable costs alone for cases lasting longer than 55.09 minutes. In the cohort used here, 68% of cases are completely unprofitable, with increasing losses directly proportional to the length of the case. This analysis showed that true costs for routine vitrectomy procedures are significantly more than the maximum allowable Medicare reimbursement. Academic ophthalmology departments may benefit from more accurate costing approaches using existing EHR data. These approaches may be informative for policy discussion regarding appropriate reimbursement.

Financial Management of Muhammadiyah Senior Secondary School

This research was conducted on the basis of the importance of school financial management in carrying out the wheels of education which can have an impact on improving the quality of the school itself. Therefore, the research was conducted to identify and provide analysis of the implementation of education financial management, which includes planning, organizing, implementing, controlling and accountability at SMA Muhammadiyah 1 Taman and the factors that influence its implementation. The research method used is qualitative by using a descriptive approach to describe the phenomena that occur in this institution. SMA Muhammadiyah 1 Taman is the object of research because it has implemented financial management well, marked by the rapid fulfillment of learning facilities and the dynamics of ongoing school activities. From the research results it is known that: 1) management of education financial management, SMA Muhammadiyah 1 Taman has utilized information technology, utilizes bank service products, and financial management software. the implementation of financial management is in accordance with the stages, starting from: a) planning to compile activities, planning budgets, and determining sources of financial revenue; b) the organization includes the principal, treasurer, staff treasurer of revenue, staff of expenditure treasurers, treasurer of BOS, treasurer of BPOPP, wakasek as executor of activities; c) the implementation of activities has been carried out in accordance with the planned activity program, while the realization of the budget for budget planning is less than 100% due to the arrears of tuition fees and student activity funds that have not been paid 100% by the parents of students; d) financial management control is carried out by i) the principal of the school treasurer and budget users, ii) the government to the principal regarding the use of BOS and BPOPP funds, iii) the Muhammadiyah organization to the school principal in relation to the supervision and guidance of financial management sourced from parents students, and; e) accountability for the use of the budget is carried out by i) the treasurer and executor of activities to the principal, ii) the principal to the government regarding the use of BOS and BPOPP funds, and the principal to the Muhammadiyah organization related to funds sourced from the parents of students.

Based on the construction of financial management information platform of colleges and universities in 5G environment——Take Guangzhou Nanyang Polytechnic Vocational College as an example

With the rapid development of wireless technology, mobile communication service has experienced the development from voice service to mobile broadband data service, mobile communication network has gradually evolved from 3G, 4G to 5G, namely the fifth generation of mobile communication network.With the advent of 5G technology, the new generation of information technology has accelerated the reform of higher education system, and the construction of an information platform for financial management in colleges and universities has become an important research topic for the information construction and financial work in colleges and universities.Under the background of “Internet +", the construction target of “financial management informatization platform” from the construction stage of “smart campus” is being promoted to the informatization application service of “smart campus” and “Internet of Things +", and the development of financial management informatization in colleges and universities is changing from business process-oriented to service informatization.Financial resources are transformed from digitization to digitization, and the integration, analysis and utilization of data are emphasized to provide personalized services. The main network scenarios of 5G can be summarized as continuous wide area coverage, high capacity of hot spots, large connection with low power consumption and high reliability with low delay. Now that 5G technology is on the way, in the connected society of the future, everyone and everything will be connected to each other, thus achieving the so-called “Internet of everything”.In this paper, using the method of literature research, field survey and data analysis of guangzhou nanyang technological vocational college financial management informationization development research and analysis, combining the present situation of the financial management informatization, with the help of a financial management concepts and network information technology, knowledge, financial software system using financial management information platform for the school financial management software for scientific and standardized management, based on a student online payment platform, financial reimbursement platform, campus all-in-one-card platform, improve the service efficiency of funds, the school to further enhance the level of school financial management.

The Village Financial Management System: A Policy Towards Independent Villages

The ultimate focus of this research is to find out how to improve the capabilities of the Village Apparatus and the preparation of the Guidance Book for IT-based Village Finance Administration towards Good Village Governance. Then, this research also focuses on mentoring activities in 15 villages in Gempol sub-district. Assistance results in 15 villages in Gempol Subdistrict, Pasuruan Regency, show that village financial management software can be applied properly. Assistance results in 15 villages in Gempol Subdistrict, Pasuruan Regency, show that village financial management software can be applied properly. Although there are still some difficulties in implementation due to the lack of skills of the village apparatus due to age and parameter constraints that need to be adjusted. In general, the software still needs to be refined related to the filling and storage stages that are still considered inefficient. On the other hand, a tutorial guide book that has been tested from several aspects is considered very adequate. The usefulness of the village financial management guide book is very helpful for beginners in applying village financial management software.

Generational Differences in Managing Personal Finances

In this article, we provide a descriptive account of how people from different generations vary in their use of financial management technology, their access credit markets, and how they finance consumption and incur financial costs and penalties. We use a detailed panel of transaction-level data from Iceland on individual spending, incomes, balances, and credit limits from a personal financial management software. We find that technology adoption is faster for millennials, but use of consumer credit and financial penalties are higher for older generations. While the “coholding puzzle” exists for all people, it appears to be more severe for baby boomers.

Developing Software for Village Financial Management

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Developing Software for Village Financial Management Through the Implementation of Law No. 6 Year 2014 in the Direction of "Good Village Governance"

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FUNCTIONING OF THE SYSTEM OF PRIVIDING FINANACIAL SECURITY OF COMMERCIAL BANKS

Introduction. Annexation of Crimea and the escalation of the conflict in the East, unfair competition, offshore of banking, inefficient activities of the state, which primary task is to create favorable conditions for business, including banking and gaps in legislation create commercial banks conditions under which they have to pay special attention to ensure their own financial security in order to ensure profitable operation in the current market conditions in which banking business is functioning. Purpose. To ensure effectively system of the financial security of commercial banks should be used systematic and comprehensive approaches. Systematic approach to ensure the financial security of commercial bank is used to develop an appropriate provision system of financial security of the bank and a comprehensive approach – to involve the development of a package of organizational and economic measures to ensure stable functioning of the bank to the achieve the appropriate level of its financial security under the condition of elimination of external and internal threats. Results. Thus, we determined that the system of providing financial security of commercial bank is serving environment for the organizational and economic mechanism of ensuring financial security of a commercial bank. In turn, the structural elements of the organizationaleconomic mechanism of ensuring financial security of a commercial bank are components of financial security management software and components of implementation management of financial security of commercial banks. Thus, the components of financial security management software of a commercial bank are regulatory, informational, methodological, analytical and technical and technological support. The components of implemention management financial security of commercial banks, in our view, is toolkit of ensuring the financial security of the commercial bank, functional and process-organizational mechanisms of insuring financial security of commercial banks. The efficiency of ensuring financial security of commercial bank based on principles. In our view, a list of principles of ensuring financial security should be supplemented by the following principles: legality, measurability, controllability, trust partnerships, alternative and economy. In turn, the guidelines of ensuring financial security of the bank, in our opinion, is a socio-economic, financial, innovative, competitive, detection and neutralization of risks and threats to financial security, compliance functioning of the bank with regulatory requirements of the National bank of Ukraine. An important element of ensuring the financial security of the bank is a method of determining the level of financial security and effectiveness of bank support, based on the financial performance of the bank and developed integral index of financial security of commercial bank. Thus the diagnosis banks financial security, based on the calculation of the integral indicator to assess the effectiveness of organizational and economic measures designed to ensure the financial security of the bank and determine the strategic positioning of the bank in the environment. Conclusion. Thus, on the basis of the analysis system of ensuring the financial security of the bank is defined as a set of structural elements (goals, principles and guidelines to ensure the financial security of the bank and the relevant organizational and economic mechanism) which in interaction with the outside and within the internal environment of functioning of the bank, provide implementation of a comprehensive strategy to achieve a certain level of its financial security.

Analysis of the Critical Success Factors of Integrated Financial Management Information Systems in Selected Kenyan Counties

This study sets out to analyze the critical success factors of integrated financial management systems in selected county governments in Kenya. The study focused on the following objectives: perceived benefits, top management commitment, change management, human capital development and technological infrastructural development as success factors for IFMIS implementation at county governments. A descriptive survey was adopted targeting 135 county employees who use IFMIS in selected counties. The research sample size consisted of 45 county employees in Kiambu, Bungoma, Machakos, Nairobi and Nakuru counties. The study involved finance departments of two counties with significant financial wastage and 3 counties with good financial records. The sampling technique used was snowballing sampling technique which involved 45 participants. Questionnaires were the main tool for data collection. A pilot study was conducted using 10 IFMIS employees in Mombasa County. It enabled the researcher to improve on reliability of the instrument used and familiarize researcher with data collection process. Data obtained was both quantitative and qualitative. Quantitative data was coded and keyed into an SPSS package for statistical analysis. The study revealed that change management, technological infrastructure, human capital development and top management commitment are all critical success factors in adoption of IFMIS in county governments. The study recommends that for IFMIS implementation to be very effective and efficient in enhancing transparency and accountability within the counties: change management should be handled better; the National treasury and Counties should organize regular skills advancement courses on IFMIS, encourage phased implementation and testing of the financial management software. A political class support is mandatory at county levels to ensure good financial management and hence reduced corruption.

The Adoption and Implementation of the International Public Sector Accounting Standards: The challenges faced by the United Nation in producing UN-IPSAS compliant financial reports in Kenya.

Purpose:The purpose of this study was to assess the challenges faced by United Nations, Nairobi in adopting and implementing IPSAS. Methodology:The study used a mixed research design involving both descriptive and explanatory research designs to describe the state of affairs of the study variables as well as test the cause and effect relationships between variablesAccording to United Nations (UN) website, there are 13 United Nations agencies in Nairobi Kenya with a total of 540 accountants. The choice of accountants as a population is because they are the most knowledgeable users. The study units for this study werethe junior and senior accountants.The sampling units for the study were drawn from the 13 agencies in the UN team of Kenya. A sample size of 20% of the population was taken as the sample size. This yielded 108 accountants. Random sampling was done. A close ended questionnaire based on a likert scale was used to collect data. Data wasanalyzed by use of descriptive and inferential statistics. Specifically, frequencies count and regression analysis results were generated using SPSS version 20.Results:The study concluded that; technological challenges, organization challenges, financial challenges and perceived usefulness challenges significantly influence the rate of IPSAS adoption by UN agencies.Unique contribution to theory, practice and policy:The study recommended that practitioners in the field of financial management and IPSAS software development should address the technological challenges associated with the adoption of IPSAS accounting. In particular, technical support from trained accountants, adequate ICT infrastructure and provision of training manuals would improve IPSAs adoption.