The Effectiveness and Efficiency of Management Information System (MIS) in Financial Management in Business Enterprises

This study aimed at studying the impact of the MIS on financial management, as well as analyzing the effectiveness and efficiency of the MIS in financial management in business organizations. The study was performed in more than forty manufacturing companies in four districts, namely Pune, Aurangabad, Jalgaon and Dhulia in India. Companies’ managers were selected to expose their views to describe the awareness of the MIS and its impact on financial management. Quantitative method was the appropriate technique for this study and the questionnaires were employed for data collection. Furthermore, data was statistically analyzed using MANOVA and Univariate ANOVA test. Based on the study findings that reveal the necessity of implementing the MIS to manage the financial transactions, it was recommended that companies should take data entries of financial management into consideration while developing the MIS and several reports should be generated to provide adequate information for effective decision making. This study will assist financial managers in running business effectively in organizations.