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FreeBalance Accountability Suite

 

Overview

The FreeBalance Accountability Suite is the only public financial management (PFM) solution designed exclusively for government.

Across 23 countries, the FreeBalance Accountability Suite is trusted to manage $300 billion in budget dollars. This is more than just budgeting. Our solutions empower governments with the foundation to bring economic growth, accountability and transparency to their citizens.

The FreeBalance Accountability Suite is a flexible, modular financial management system that starts off simple but can scale to reflect the evolving needs of government and public sector organizations.

 

Features

  • Aggregate fiscal controls
  • Multiple levels of allotment controls
  • Multiple commitment levels
  • Multi-funds & project controls
  • Multi-year chart-of-accounts

Benefits

  • Designed exclusively for government
  • Proven robust technology: Perfected over 30 years working alongside governments
  • No customization required: Modular design enables quick configuration
  • Lower Total Cost of Ownership (TCO): Solutions can be scaled up or down to meet needs
 
 

Products

The FreeBalance Accountability Suite is available in six base configurations to meet different government resource planning (GRP) requirements:

 
 

Government Performance
Management

Performance Management enables governments to improve results and outcomes. This includes Performance Budgeting, Monitoring and Evaluation, and Government Transparency.

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Public Financials
Management

Commitment accounting and budget management are unique to the public sector, enabling budgetary and commitment controls. This includes Budget and Commitment Accounting, Assets and Inventory, and Projects and Job Costing.

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Government Treasury
Management

Treasury management enables governments to manage debt and investments. This includes Bank Reconciliation, Cash Management, and Debt and Investments.

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Public Expenditures
Management

Public expenditure management reflects all functions related to government spending. This exceeds typical “accounts payable” functionality common with private sector accounting because of the need for budget and commitment controls. This includes Expenditures and Purchasing, Procurement, and Grants and Social Programs.

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Government Receipts
Management

Governments raise revenue and collect receipts through a number of means. This includes Non-tax Revenue, Taxation, and Billing and Receipts.

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Civil Service
Management

Civil service management enables governments to manage the civil service cycle from recruitment through retirement. This includes Human Resources and Workforce, Payroll and Pensions, and Benefits & Self-Service.

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Additional Features

 
  • Progressive activation
  • Language and localization
  • Multiple currencies
  • Multi-year commitments
  • Year-end & period-end procedures
  • Multiple accounting methods
  • Adjustable fiscal periods
  • Custom workflow & business rules
  • Custom fields
  • Custom forms and reports
 
 

 

Powered by FreeBalance Accountability Platform

 

The FreeBalance Accountability Platform is a web-based Java-powered platform designed for government financial management. Our applications support centralized environment, but are also flexible enough to accommodate decentralized & hybrid models.

 
 

 

Supports International Financial Standards

 

The FreeBalance Accountability Suite supports the highest international standards for fiscal management and accounting, including those from:

 
 
  • United Nations
  • International Monetary Fund
  • World Bank
  • International Financial Reporting Standards (IFRS)
  • International Federation of Accountants (IFAC)
  • Millennium Challenge Corporation (MCC)