Financials: What are the basic elements of a financial system that facilitate smooth financial management

Following are the basic elements of a financial system that facilitate smooth financial management:

Inventory Management

Working Capital Management

Fixed Asset Management

Treasury/Funds Management

AR/AP Management

Budgeting & Planning

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The five basic elements of financial system are

1. financial institutions.

2. financial markets.

3. financial instruments.

4.financial services .

5. money.

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I would suggest to the following basic elements to consider in financial system.

System outputs: clear identification of current and future internal and external reporting requirements and designs

System processing: chart of account, budgetary control (if any) and other modules such as payables, receivables fixed assets …etc. should configured in light of the desired outputs

System inputs: Well-established user’s access privileges and segregation of duties is necessary.

In addition, process simplification and ongoing control will always contribute to smoother financial system        

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