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Financial Management System (FMS)

A financial management system (FMS) is the software and processes a company uses to manage its income, expenses, and assets. Companies use an FMS to: -Keep financial records up to date -Maintain audit trails -Reduce accounting errors -Reduce paperwork -Find cost savings -Comply with accounting standards -Handle payments and receivables -Manage multiple bank accounts

What Small and Midsize Businesses Need to Know About Financial Management System (FMS)

SMBs might use an FMS because they can't afford a large accounting team or lack a dedicated financial manager or accountant on staff. An FMS can be a more cost-effective way for SMBs to handle accounting tasks.

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