Family Financial Management Ohio State

financial management system

A financial management system is the methodology and software that an organization uses to oversee and govern its income, expenses, and assets with the objectives of maximizing profits and ensuring sustainability.

An effective financial management system improves short- and long-term business performance by streamlining invoicing and bill collection, eliminating accounting errors, minimizing record-keeping redundancy, ensuring compliance with tax and accounting regulations, helping personnel to quantify budget planning, and offering flexibility and expandability to accommodate change and growth.

Other significant features of a good financial management system include:

  • Keeping all payments and receivables transparent.
  • Amortizing prepaid expenses.
  • Depreciating assets according to accepted schedules.
  • Keeping track of liabilities.
  • Coordinating income statements, expense statements, and balance sheets.
  • Balancing multiple bank accounts.
  • Ensuring data integrity and security.
  • Keeping all records up to date.
  • Maintaining a complete and accurate audit trail.
  • Minimizing overall paperwork.

ERP financial management software should include features that support creation of ad hoc reporting as well as month-end closing, quarter closings and year-end reporting.

This was last updated in March 2012

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Source: searchfinancialapplications.techtarget.com November 6, 2013 – 05:41 am

Maurice Clarett is Back at Ohio State

2010-07-28 09:21:44 by 2ndChance--

Maurice Clarett, former Ohio State football star turned prison inmate, is getting a chance to start over by returning to the university as a student to finish his degree.
Clarett went to prison for robbery and weapons convictions – he had robbed a couple at gunpoint outside a bar on New Year’s of 2006, and in August of that same year was arrested wearing a bulletproof vest and for having four guns in his car. He served 3 ½ years of a 7 ½ year sentence.
When Clarett was released from the Toledo Correctional Institute in April, he expressed an interest in going into geriatric care

Investment managers should have seen Enron's collapse coming.

2002-01-26 12:54:03 by investmentmanagers

It wasn't just Enron employees and individual investors who bet heavily – and lost big – on the company's stock last fall. Some of the nation's largest money management firms and pension funds also got shellacked when they kept buying even as evidence of Enron's troubles mounted, often investing money set aside as retirement nest eggs.
But some industry insiders are reluctant to second-guess firms like Alliance Capital Management, which kept pouring money into Enron. From a money manager's perspective, the energy giant of last fall – with its seemingly bargain prices – still looked like a worthwhile gamble despite enormous problems

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