Foreign Related Literatures Essay Example

and most startling distinctions between successful and discontinued small businesses lie in their approach to the uses which can be made of accounting information .... In recognition of such findings, recent years have seen increased attention to financial management in small business training and education programs and in the many books and articles written for small business. It is not unreasonable to ponder whether this attention has had a visible impact on the way in which small businesses are operated.

 INTEGRATED FINANCIAL MANAGEMENT INFORMATION SYSTEMS

This paper discusses the subject of “best practices” for designing and implementing Integrated Financial Management Information Systems (IFMIS) and how to put them into place in specific environments: namely, in developing and transitional countries as well as in conflict and post-conflict situations. The IFMIS provides a critical financial management solution for countries whose administrative and economic infrastructure is obsolete, or has been destroyed through war and years of conflict.

There is broad agreement that a fully functioning IFMIS can improve governance by providing real-time financial information that financial and other managers can use to administer programs effectively, formulate budgets, and manage resources. Sound IFMIS systems, coupled with the adoption of centralized treasury operations, can not only help developing country governments gain effective control over their finances, but also enhance transparency and accountability, reducing political discretion and acting as a deterrent to corruption and fraud. Obstacles should not be underestimated.

The road to implementing successful IFMIS in developing countries is paved with difficulties, such as resistance from the bureaucracies involved; lack of decision-making from the top; weak human capital; corruption and fraud; and, in the case of conflict-ridden countries, the instability and violence that impair

any efficient long-term work. Moreover, IFMIS systems are complicated, expensive, and difficult to manage and maintain. Indeed, a 2003 review of 34 IFMIS projects supported by the World Bank over 15 years estimated that only few of the systems were likely to be sustained after donor support ceased.

Obstacles notwithstanding, the task is still feasible. Technology exists and aid agencies can play a very important role in helping the decision-makers choose the most adaptable and appropriate tools for their environments. The choice of a step-by-step, or phased approach offers the best chances for successful implementation as a project can be carefully monitored and reviewed regularly. Given the cost of such exercises, it is important to aim first for a sound “entry level” system, which, once functioning effectively, can then be extended to support additional functions.

Indeed, the simple demonstration effect of effective entry-level systems can generate the necessary demand for more comprehensive systems. Political will is crucial to this process. Once the decision has been made to implement an IFMIS, the battle is half won. Garnering support from those who will use the new system, and overcoming resistance from those who stand to lose from its implementation, can be an equally daunting challenge. Change management is therefore an important part of any IFMIS project. On a more practical level, selecting the right tools, equipment and technology requires a good deal of shopping around.

All too often, it is discovered only after procurement of new systems that those systems do not meet the specific conditions and needs of the project, leading to costly delays and unplanned outlays. To avoid these types of hiccups, a variety of experts should be

called on to test, monitor and guide the implementation process. Above all, IFMIS implementation requires patience. The full project life cycle—from definition of objectives, to system specifications, to system procurement, configuration, testing, and rollout—can easily take seven to ten years, or longer, to complete.

This type of time horizon is usually well beyond the attention span of donors, which is why it is advisable to divide IFMIS implementation into clearly defined stages with clear objectives and milestones. As each stage is completed, stakeholders should carefully assess project progress and ensure that the system under development still meets the needs of the government, and that government commitment to the IFMIS is still there. The ultimate goal should be to put in place sound systems that are well understood and embraced by counterparts and in the end will be self-sustaining.

The Louis Berger Group, Inc. and Development Alternatives, Inc. (January 2008) Local Review of Related Literatures

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