Back to TopBack to Top
 

4.3 Required Core Financial Management Functionality

 

June 30, 2009

A detailed overview of the FreeBalance Public Financial Management Component Map is located at section 5.2 Core Government Financial Management Requirements. The minimum requirements for core government financial management are:

  • Budget controls where budgetary figures and appropriation are entered into the system, following the budget law, to automatically prevent overspending.
  • Commitment management where expenditure activity is tracked and controlled based on the budget.
  • Conditions by expenditure type, such as capital budgets, and fund type, such as donor funds, to ensure that spending follows government plans and procedures.
  • Approval management where all expenditures and budget transfers are approved based on government fiscal procedures.
  • Payment management and bank reconciliation to manage payments, government receipts and bank accounts.
  • Management reporting to assist in better management of budgets, cash and government outcomes.
  • Statutory reporting following period-end procedures that meets international and national public sector accounting standards.

These functions are supported in the core financial management functions of the FreeBalance Accountability Suite. Governments who implement this core sub-module are able to manage treasury functions. This base enables governments to extend to the entire Public Financial Management footprint. Other FreeBalance modules can operate stand-alone or stand-alone and integrated with existing financial management applications.

The following two tabs change content below.
Doug Hadden

Doug Hadden

Executive Vice President, Innovation at FreeBalance
Doug is responsible for identifying new global markets, new technologies and trends, and new and enhanced internal processes. Doug leads a cross-functional international team that is responsible for developing product prototypes and innovative go-to-market strategies.

Leave a Reply