12. Finance system: conclusion

All companies should have a financial control system in place.

A one-person sole trader may only need pen, paper and a good memory. But it rapidly becomes useful to make use of modern computer applications such as spreadsheets or professional accounting systems.

The finance control system may be part of a larger Management Information System (MIS). This allows financial records to be integrated with other records such as personnel. For example, the MIS would allow management to analyse the cost of employing staff by combining headcount with salaries.