Accounting The mission of the accounting program is to offer high quality, comprehensive accounting education which prepares students

for immediate employment in the private and public sectors as well as for graduate or professional education. Students, who are the program's most valued stakeholders, are provided an accounting curriculum that offers a general business education in a liberal arts setting which encourages logical, analytical and creative strategic thinking. Students also engage in positive competition to enable them to develop into confident, global-minded individuals who posses the requisite knowledge and skills to become leaders in their organizations. It is this kind of learning environment that fosters an open channel of communication and interaction among faculty, students and employers and provide students with a structured practical experience through student internship opportunities. Finance The Finance Program is designed to prepare students for professional careers in the private and public sectors, and to pursue graduate study in finance or related disciplines. It seeks to provide students with a comprehensive and contemporary education in financial concepts and practices with sufficient flexibility to respond to dynamic national and global environments. In addition, the program encourages the development of innovative skills among its graduates, and focuses on ethical conduct and professionalism in the work environment. Management Information Systems The Management Information Systems program is structured to prepare students to design, develop, operate, and manage computer software systems and computer-based management information systems. Program content is broad enough to enable students to integrate concepts and apply the knowledge and tools of advanced information technology to practical applications in accounting, finance, and operations management. Graduates of the program are competent and capable of working with current and future information systems technology and knowledgeable of business computer languages. The program is based on a broad liberal arts education followed by upper-level study in computer-based information systems. In order to achieve the goal of developing students as professionals who are confident and well-rounded, the program provides an intense professional learning environment based on student, faculty and corporate interaction.

THE MIS JOB TODAY

MIS personnel must be technically qualified to work with computer hardware, software, and computer information systems. Currently, colleges and universities cannot produce enough MIS personnel for business needs, and job opportunities are great. MIS managers, once they have risen through their technical ranks of their organization to become managers, must remember that they are no longer doing the technical work. They must cross over from being technicians to become managers. Their job changes from being technicians to being systems managers who manage other people's technical work. They must see themselves as needing to solve the business problems of the user, and not just of the data-processing department. MIS managers are in charge of the systems development operations for their firm. Systems development requires four stages when developing a system for any phase of the organization:

Phase I is systems planning. The systems team must investigate the initial problem by determining what the problem is and developing a feasibility study for management to review. Phase II identifies the requirements for the systems. It includes the systems analysis, the user requirements, necessary hardware and software, and a conceptional design for the system. Top management then reviews the systems analysis and design. Phase III involves the development of the systems. This involves developing technical support and technical specifications, reviewing users' procedures control, designing the system, testing the system, and providing user training for the system. At this time, management again reviews and decides on whether to implement the system. Phase IV is the implementation of the system. The new system is converted from the old system, and the new system is implemented and then refined. There must then be ongoing maintenance and reevaluation of the system to see if it continues to meet the needs of the business.

TYPES OF SYSTEMS
Management information systems can be used as a support to managers to provide a competitive advantage. The system must support the goals of the organization. Most organizations are structured along functional lines, and the typical systems are identified as follows: Accounting management information systems: All accounting reports are shared by all levels of accounting managers. Financial management information systems: The financial management information system provides financial information to all financial managers within an organization including the chief financial officer. The chief financial officer analyzes historical and current financial activity, projects future financial needs, and monitors and controls the use of funds over time using the information developed by the MIS department. Manufacturing management information systems: More than any functional area, operations have been impacted by great advances in technology. As a result, manufacturing operations have changed. For instance, inventories are provided just in time so that great amounts of money are not spent for warehousing huge inventories. In some instances, raw materials are even processed on railroad cars waiting to be sent directly to the factory. Thus there is no need for warehousing. Marketing management information systems: A marketing management information system supports managerial activity in the area of product development, distribution, pricing decisions, promotional effectiveness, and sales forecasting. More than any other functional area, marketing systems rely on external sources of data. These sources include competition and customers, for example.

Human resources management information systems: Human resources management information systems are concerned with activities related to workers, managers, and other individuals employed by the organization. Because the personnel function relates to all other areas in business, the human resources management information system plays a valuable role in ensuring organizational success. Activities performed by the human resources management information systems include, work-force analysis and planning, hiring, training, and job assignments. The above are examples of the major management information systems. There may be other management information systems if the company is identified by different functional areas.

Financial MIS Provides financial information to all financial managers within an organization. It integrates financial & operational information from multiple sources. Financial MIS eases analysis by providing fast financial data. It enables financial analysis from different aspects; time, product, customer. With Financial MIS, one can analyze historical and current data. Also one can monitor use of funds. Few examples or functions of Financial MIS are Costing, P&L reporting, Auditing, Funds management, etc. Overview of a Financial MIS

Inputs to the Financial Information System

Strategic plan or corporate policies

o

Contains major financial objectives and often projects financial needs. Important financial information collected from almost every TPS payroll, inventory control, order processing, accounts payable, accounts receivable, general ledger. External sources Annual reports and financial statements of competitors and general news items.

Transaction processing system (TPS)

o

o o

Financial MIS Subsystems and Outputs

Financial subsystems
o o o o o

Profit/loss and cost systems Auditing Internal auditing External auditing Uses and management of funds

Uses of Management Information System in Finance

1.

Financial Management Information Systems

Management Information Systems (MIS) in Finance have been widely adopted both by corporations as well as governments. They are information systems with capacity to maintain large data bases enabling organizations to store, organize and access financial information easily. These systems are primarily used for accounting operations and generation of financial reports.. Increasingly they are also used to support budgetary, planning and decision making processes.These systems are credited with increasing financial transparency, efficiency and accountability. .

2. General Ledger
o

The main use of a management information System (MIS) in finance is that it automatically updates all the transactions in the General Ledger. The General Ledger is the core component of all financial information systems. Financial transactions are simultaneously posted on the various accounts that comprise the organization's "Chart of Accounts". Simultaneous updating of accounts such as sales, inventory and accounts receivable, reduces errors. It also provides an accurate and permanent record of all historical transactions.

Cash Management
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Cash flow management is an important use of MIS in Finance. Cash Management refers to the control, monitoring and forecasting of cash for financing needs. Use of MIS in Finance helps companies track the flow of cash through accounts receivable and accounts payable accurately. Accurate records also help in monitoring cost of goods sold. This can help pin point areas that eat up cash flow such as inventory costs, high raw material costs or unreliable sales.

Budget Planning
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Financial budget planning uses proforma or projected financial statements that serve as as formal documents of management's expectations regarding sales, expenses and other financial transactions. Thus financial budgets are tools used both for planning as well as control. MIS in finance helps organizations evaluate "what if" scenarios. By modifying the financial ratios, management can foresee the effects of various scenarios on the financial statements. MIS thus serves as a decision making tool, helping in choosing appropriate financial goals.

Financial Reporting
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The use of MIS systems in Finance enables companies to generate multiple financial reports accurately and consistently. Generation of financial statements both for internal reports as well as for shareholder information takes less effort because of the automatic updating of the General Ledger. Compliance with Government regulations as well as auditing requirements is also easier because the records are accurate and provide a permanent historical map of transactions that can be verified.

Financial Modeling
o

A financial model is a system that incorporates mathematics, logic and data in the form of a large database. The model is used to manipulate the financial variables that affect earnings thus enabling planners to view the implications of their planning decisions. MIS in Finance enables organizations to store a large amount

of data. This helps managers develop accurate models of the external environment and thus incorporate realistic "what if" scenarios into their long-range planning goals.