Financial Managers Role in System Control:

Financial Managers Role in System Control:

                Finance and Accountancy is a complete system which needs a controller. Financial Managers are the personals which are responsible to control that system. The role and responsibilities of financial managers to control the accounting and financial operations of a business firm or financial department are too much important. They are responsible to record all the financial information, manage the departmental and complete organization cash flows, prepare the timelines, budgets for running and all projects which are in the pipeline, prepare the reports of all the financial transaction, preparing the financials at the end of the annual year and responsible for internal auditing process. That all work and responsibilities require a complete system.

That’s the reason every business organization segregates the duties of the accounting staff and employees to control all the financial system and to manage it efficiently. Every system needs a very efficient controller who is very well and effectively to control the complete information system with their efficient and effective roles. When information is available at right time to right person mean secure and confidential and with proper integrity that all the objectives of a financial system control.

The information security is too much necessary to run the system accurately and efficiently. They are too many threats regarding data and information security exist in which the popular are data theft, data manipulation, program alteration, file alteration, sabotage, logic bombs, viruses, trogons, worms and backdoor information controlling are mostly known and related to information security.

When a business firm or organization trying to develop a new business setup they are very well about the above-explained threats. That’s the reason they trying to develop a system with four basic objectives in which their data and the complete business financial information is secure with accuracy, validity, safe, and adaptability.

They need a proper system in which the business priorities are very well defined. Business goals, objectives are well defined and its strategic plans and information are very effectively implemented to achieve the best possible results from the resources. The changing of plans in case of any mismanagement is possible and very effectively well defined. The Physical controls and Logical controls of the information systems are too much important for controlling a system. The upper explained three objective accuracies of data with availability at the right time, data security and confidentiality and data or information systems use with integrity must need in the physical and logical controls of a financial system. Every person who is allowed to use the system he needs a unique ID, Password and complete information about system security and awareness about the importance of information.  The need proper information and awareness about the input of information and processing of information. Data formatting, edition, processing and checking are related to data input. Processing control means completeness of data, validation of data arithmetic controls, run-to-run control, and sequence control.

When the entire three basic objectives achieve about data and information system control then the data storage is the point left which make this process to complete. Every data and information system requires a proper storage system to control the information and data, we need backups of the data which save our information in case of mismanagement and any accident or loss. The Physical controls are too much important in this case the hard drive capacities, data processing system hardware now too much efficient. The technology shifted to digital systems now the floppy drive and CD-Drives era is ended the world is using moveable data storage flash drives which are more efficient and effective to use. But there are too many limitations of modern systems to use because the data is very important for every organization and they not want to lose their data in any situation and in any case. They are spending a very big portion of their financial funds to improve their system security and to make their system more efficient and effective to use.

In this regard, every business organization appoints a separate system to control and store their financial information and define the role and responsibilities of every person which helps them in controlling of information flow. There are many systems which nowadays the business organizations using like SAP FICO, Quick Book, Tally Software, Sage System, Peach Tree Software, Microsoft Office Applications software like Excel, Access. That shows us that the role and responsibilities of the financial managers in system controlling are very important and they need to give proper time and focus to control the information flow system.