ABSTRACT
The proper management and utilization of financial resources has over the years
been the bed rock of growth, expansion and continual existence of the world
most popular industries and business organizations. In contrast, the
liquidation of once popular organizations is dependent on the allocation and
improper utilization of financial resources used in the running of these
organization.
However, due to the inadequacies and
imperfection of human beings, a lot of problems such as misappropriation,
misallocation and mismanagement of financial resources, using manual and
mechanical method over the years has led to the collapse of many organizations.
This work is directed towards the
computerization of the already existing financial management system used in
monitoring the allocation and proper utilization of financial resources used in
running of the organization by ensuring faster accurate and credible financial
reports as well as identifying the various problems which are inherent and
encountered in the manual and mechanical methods of determining the funds to be
allocated to the various working areas, (departments) in accordance to the
budgetary system.
Therefore the introduction of
computer would be platform on which the actualization of the design and
implementation of financial management system of the case study of this project
work should be achieved.
TABLE OF CONTENT
Title
Page
ii
Certification
iii
Dedication
iv
Acknowledgement
v
Abstract
vii
Table of
content
ix
CHAPTER
ONE
1.0
Introduction
1
1.1
Statement of
problem
2
1.2
Purpose of study
3
1.3
Aims and
objectives
4
1.4
Delimitation
5
1.5
Limitation
5
1.6
Assumptions
6
1.7
Definition of
terms
7
CHAPTER
TWO
2.0
Literature
Review
10
CHAPTER
THREE
3.0
Description and Analysis of existing
system
19
3.1
Fact findings method
19
3.2
Procedure for data
collection
20
3.3
Organizational
structure
21
3.4
Objectives of the existing
system
22
3.5
Input, Process and Output
analysis
23
3.6
Information flow
diagram
25
3.7
Problems of the existing
system
26
3.8
Justification for the new system
26
CHAPTER
FOUR
4.0
Design of the new
system
28
4.1
Output specification and
design
28
4.2
Input specification and
design
30
4.3
File
design
32
4.4
Procedure
chart
33
4.5
System
flowchart
34
4.6
System
requirement.
36
CHAPTER
FIVE
5.0
Implementation
37
5.1
Program
design
37
5.2
Program
flowchart
38
CHAPTER
SIX
6.0
Documentation
41
CHAPTER
SEVEN
7.0
Recommendation And
Conclusion
44
7.1
Recommendation
44
7.2
Conclusion
45
References
47
CHAPTER
ONE
1.0
INTRODUCTION
Financial management can be regarded
as the process which ensures that financial resources are obtained economically
and used efficiently and effectively in the accomplishment of the desired
goals. These processes involve monitoring and analyzing public institutions
financial conditions, general and special account, management budgetary
procedures, financial statements and reports, payroll/income tax calculation
and salary payments, and managing cash flow.
Price to the emergence and
introduction of computer all these processes and activities were done manually.
The expansion of the University of Nigeria Teaching Hospital UNTH, Enugu just
like any other public institution, will not only intensity but also diversify
the financial operations thereby making the activities increasingly difficult
and wearisome. The volume of transaction has already increased to a level that
requires automation.
Convincingly, the field of data
processing was not easy to get by and so over the years (in the field of data
processing with utmost speed), mankind has searched for the extra-ordinary. At
such time came the emergence of the computer which is widely used virtually in
all areas of human endeavor.
The increase in the use of computer
in both public and private institutions of the world economic is an
undisputable conclusion for efficiency, speed and accuracy of its operations in
achieving results.
However, the manual processes and
procedures of financial resources allocation and utilization is our
contemporary days has been confronted with consistent problems of errors and
wastage of time which are traceable to human mistakes and shortcomings.
The establishment of a sustainable,
manageable, reliable and flexible financial management system for UNTH to curb
these problems inherent in the existing system is the bases of this
project work. Such a financial management system will support all operational
accounting procedures as well as financial management.
1.1
STATEMENT OF PROBLEM
The problems faced in the financial
management activities includes
- The consistent prevalence of errors in calculations carried out on financial reports which are traceable to human mistakes and shortcoming.
- Improper handling of financial statement, reports and records as a result of the problem of space for storage and retrieval purposes which led to many files been misplaced.
- The interval or time consumed in analyzing and ascertaining the accuracy and approval of financial statements and accounts which in turn affects decision making and policy formulation.
This research work is prompted to
these problem g\for it is the basis of the above problems facing manual
financial management procedures and activities today that instilled the
researcher to look into the subject of curbing and controlling financial
management activities manually.
1.2 PURPOSE OF
STUDY
This project work is very essential
in various ways to a number of people including the business men, sole
proprietors, firms, organization, companies etc. both private and public
institution whose utmost desire is to ensure expansion of their institution
through proper financial resources allocation and management. It will be
enormous benefits to both accountants and auditors from time to time.
Also it is to remove repetitive,
inefficient processes and unclear procedures and provides adequate information
supporting financial decision making which enables the institution to secure
its resources against dubious minded managers as well as unreliable
information.
Finally, the project work is also to
serve as a reference or guide for future research to be carried out for proper
documentation.
1.3 AIMS AND
OBJECTIVES
The aim and objectives of this study
is to minimize and if possible eradicate the problems or errors made by human
beings due to shortcomings. This will be achieved by the establishment of a
sustainable, manageable and flexible financial management system.
Another aim is to ensure that
financial records are properly stored thereby preventing them from getting lost
since these records will be used in the future especially when making or
planning for budget. Also the work is to ensure that accurate, faster and
reliable calculations are carried out on reports without any suspicious of any
sought.
1.4
DELIMITATION
As a result of the complexity of the
organization in question as well as the financial management activities, this
research only considers the properly monitoring of internally generated funds,
its expenditure and disbursement using computer option to control it.
The research would as well look at
the nature of the existing problems and suggest ways of controlling them.
The researcher would as well
consider some manual processes of controlling financial resources without
necessarily going further to expose sophisticated procedures in
controlling these resources as they are beyond of the circumstances
beyond the researcher’s control.
1.5
LIMITATIONS
This research work was seriously
constrained by a number of factors, the most pronounced of which were time and
money.
TIME
Time was the most important obstacle
to the feasibility of this project work. As a student held bound by serous
studies for examination, the research was not given the best appropriate attention
it should had though I made sure that the few I had meticulously collated will
be a point of reference to other researchers in financial management problems.
MONEY
Inadequate finance also pose some
threats and challenges to the realization, completion and success of this
research work. Going to libraries for week as well as browsing on internet to
gather materials and the organization which I used is my case study to
interview some members of staff, typesetting and biding the discoveries
into booklet, all these demanded enough financial resources.
1.6
ASSUMPTIONS
In the research work, I assumed that
the facts and figures gathered are both accurate and reliable and that at the
end of the study I would be able to report in this work, the various processes
involved in a financial management operations.
1.7
DEFINITION OF TERMS
FINANCIAL CONTROL: This is defined as processes which makes sure that financial
resources used in running an organization are obtained and efficiently utilized
in the accomplishment of set objectives or desired goals.
INTERNAL CONTROL: Internal control is defined as “Not only internal check and
internal audit but the whole system of controls, financial and otherwise,
established by the management in order to carry on the business of any the
company in an orderly manner, safeguard its assets and secure as far as
possible the accuracy and reliability of its records.
INTERNAL CHECK: This is defined as the allocation of authority and work in
such a manner as the afford checks on the routine transactions of day-to-day
work by means of the work one person being proved independently by another, or
the work of a person being complementary to that of another.
BUDGETING PROCEDURES: This refers to practices. Processes, institutional
arrangements, documentation, norms and conventions governing budget
preparation, approval, implementation, appraisal and review
COMPUTER SYSTEM: An electronic device or system which is capable of
performing sequence of operation in a distinctive and explicit manner. These
operations entails computation and manipulation of data. A computer system is
made up of inter-related components that works together to achieve an aim.
COMPUTER
PROGRAM: These are set of detailed instructions or statement that are logically
arranged and transferred to computer system and used to direct the
functionality of the system. It also entails procedures to be followed by the
computer system in order to obtain the required result.
PROGRAM FLOWCHART: A graphical representation of the structure of a program
indicating the control flow and primitive action perform by the program.
SYSTEM FLOWCHART: A diagrammatical representation of the logical steps flow of
documents around the computer and perform by the computer.
RECCURRENT FUNDS ACCOUNT: This is an accounting system used in UNTH to monitor the
financial resources used in the acquisition of transactory materials i.e daily
recurring materials such as fueling, trying of drugs etc.
SALARY ACCOUNT: This is a system that maintains or records all the account
paid to workers at the various levels of management and sections of the
institution.
CAPITAL ACCOUNT: This is a system that monitors financial resources used in
buying long lasting materials eg equipment, buses etc.
SPECIAL PROJECT ACCOUNT: This system monitors all expenditure incurred in the
execution of defined projects by the institution.
TURN OVER: This represent the total amount of money or capital
generated by an organization or commercial form over a specified period of
time.
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