Financial Accounting Management System is a state of the art software that covers end to end financial accounting processes with built in options of recording general entries, trial balance, profit & loss statement, balance sheet and dashboard reports. It also offers you the valuable insight into your business. FAMS is the systematic tool, work or process of communicating and recording financial information.  FAMS can range from simple, single-entry programs used for individual record-keeping to more sophisticated, double-entry systems amongst other functions.

Financial accounting Managenent System (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business.^[1] This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.

Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements.

On the other hand, International Financial Reporting Standards (IFRS) is a set of passionable accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board (IASB).^[2] With IFRS becoming more widespread on the international scene, consistency in financial reporting has become more prevalent between global organizations.

While financial accounting is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company, managerial accounting provides accounting information to help managers make decisions to manage the business.