January 30, 2013Doug Hadden
Lessons learned in International PFM to Assist Good Governance Reform in the Global Public Sector
Ottawa, Canada (January 30, 2013) – FreeBalance, a leading vendor of Government Resource Planning (GRP) software, today released a set of five (5) PFM Good Practice Documents. FreeBalance Good Practice documents collect lessons learned with FreeBalance government customers in 20 countries and research used for product and services development.
- Anti-Corruption – functions of financial management systems that reduce corruption
- Budget Formulation – practices to ensure more credible budgets and improved government performance
- GRP Reform Sequencing – techniques to help determine reform phases tied to PFM goals
- Multiple Year Chart of Accounts (COA) – practices in the design of Budget and accounting classifications and the agility to adapt COA over time to support reform
- Total Cost of Ownership (TCO) – methods to calculate all the potential costs for Commercial Off-the-Shelf (COTS) financial systems for government
FreeBalance has a mission, as a For Profit Social Enterprise (FOPSE), to share lessons learned with the global PFM community. “There are very few ‘best practices’ in government financial management,” said Manuel Pietra, FreeBalance President and CEO. “Yet there are good practices that are ideal for governments based on their context.”
FreeBalance helps governments around the world leverage robust Government Resource Planning (GRP) technology to accelerate country growth. FreeBalance is a recognized leader in fast, adaptable and successful GRP implementations. FreeBalance software manages a global civil service workforce of 1,500,000, and a quarter trillion ($US) annual budgets worldwide. FreeBalance provides software solutions for public financial and human resource management, and supports reform and modernization to improve governance, transparency and accountability. Good governance is required to improve development results. For more information, visit www.freebalance.com.