Solutions for Central Government
Public expenditure management (PEM) and modernization reforms allow governments to shift the budget process towards outcomes, linking expenditures to areas that make the greatest contribution to policy objectives. Public financial management (PFM) reforms address all aspects of budget preparation, budget execution, accounting, procurement and audit. A solid financial management information system is the cornerstone of reform.
FreeBalance Government Resource Planning (GRP) solutions for central government provide predictability and control over budget execution, sound public finances and greater fiscal stability through improved transparency and accountability.
The FreeBalance® Accountability Suite is a GRP solution that automates the management of the entire budget cycle, including policy-based budgeting, medium-term expenditure frameworks (MTEF), budget transfers, spending priorities, external resource management, special project accounts, and fiscal decentralization.
FreeBalance Solution Highlights
- Common Repository
All government transactions across all sectors of the economy are managed in a common repository of fiscal data through a Treasury Single Account (TSA).
- Flexible Chart of Accounts (COA)
Provides fund, project, program and performance management.
- Flexible Controls
Enable gradual move from cash to accrual accounting and outcome-oriented budgeting.
- Modular Implementation
Expandable configuration of modules and functionality within each module fits perfectly with the unique evolution of the government modernization process in different countries.
- Progressive Activation
Solutions can be gradually configured with more selected options as certain levels of capacity are reached.
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)