Maintaining financial records and accounting data are never
Master Data Management
Master data management ("MDM") is a technology-enabled discipline in which business and Information Technology ("IT") work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise's official shared master data assets.Master Data represents "data about the business entities that provide context for business transactions".The most commonly found categories of master data are Parties (individuals and organisations, and their roles, such as customers, suppliers, employees), Products, Financial Structures (such as ledgers and cost centres) and Locational Concepts.
Curating and managing master data is key to ensuring its quality and thus fitness for purpose.All aspects of an organisation, operational and analytical, are greatly dependent on the quality of an organization's master data. Master Data is therefore the focus of the Information Technology ("IT") discipline of Master Data Management ("MDM"). Without this discipline in place, organisations commonly encounter difficulties with having multiple versions of "the truth" about a business entity, both within individual applications, and distributed across applications.