Automating PFM to Improve Reporting in Antigua and Barbuda
Since 2005, the Integrated Financial Management Information System (IFMIS) in Antigua and Barbuda has leveraged the FreeBalance Accountability Suite™ to enable modern comptrollership and governance throughout the public sector, across 28 Ministries and Agencies.
The web-based FreeBalance Accountability Suite™ has automated all public finance transactions related to the budget, including budget preparation, expenditure controls, government audit, procurement, monitoring, reporting, civil service payroll and external reporting. The FreeBalance Accountability Suite™ processes an estimated 18,000 transactions annually.
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Antigua and Barbuda’s PFM Achievements
Public Expenditure and Financial Accountability (PEFA) Assessment
“Past accounting problems, and limited use of FreeBalance, have undermined the reliability and timeliness of financial information in Antigua and Barbuda in the past. However, since 2010, the reengineering of the main accounting business processes and improvements to bank reconciliations procedures have helped clear the backlog of year-end financial reporting and improve the timeliness of the financial statements.”
– 2014 Antigua and Barbuda PEFA Assessment