FreeBalance Social Services Solution
FreeBalance’s new Commercial-off-the-Shelf software solution helps governments and public sector bodies to manage social services such as pension funds, welfare programs or universal credit. Based on the core functionality of the FreeBalance Accountability Suite™ the package of modules offers an end-to-end solution for any government ministry, department or agency involved in social security.
The solution was developed for Honduras INJUPEMP (Intituto Nacional de Jubilaciones y Pensiones de los Empleados y Funcionarios del Poder Ejecutivo), the country’s largest pension fund, and required a number of new modules which have been successfully rolled out.
The new modules added to the FreeBalance Accountability Suite™ provide public sector organizations the ability to manage actuarial calculations and forecasting, benefits and loans, liquidity modeling, and risk. As with all modules of the FreeBalance Accountability Suite™, the new functionality is fully configurable and can be progressively activated.
Pension Fund Solution
The integrated pension fund solution comprises modules from all six pillars of the FreeBalance Accountability Suite™.
(GPM) Government Performance Management
- (GPPB) Government Performance Budgeting
- Multiple year budget formulation, forecasting, version control and scenario planning for budget preparation.
- (GPLR) Legal and Risk Management – NEW
- Monitors ongoing litigation and tracks expenses and revenues related to each case. This module also calculates the potential financial outcome.
(PFM) Public Financials Management
- (PFPF) Core Public Financials
- The core foundation for government accounting – budget controls, appropriations, commitment accounting and Chart of Accounts.
- (PFFA) Fixed Assets
- Supports fixed asset accounting, depreciation, custody transactions and asset transfer management.
- (PFSI) Stores and Inventory
- Enables purchases from stores in the purchasing process, linked to the receiving process.
(PEM) Public Expenditure Management
- (PEPR) Purchasing and Expenditures
- Covers the core government purchase and commitment cycle – requisitions, purchase orders, goods receipt, goods returned, expenses and payment vouchers.
- (PEPM) Payment Management
- Initiates payment processes and collection management by expense voucher from any source.
(GTM) Government Treasury Management
- (GTBR) Bank Reconciliation
- Automatic multi-currency bank reconciliation.
- (GTCM) Cash Management
- Enables the forecasting of cash availability to reduce debt and increase investment income.
- (GTDM) Debt Management
- Manages the debt instruments issued by the government and related transactions, from availability of borrowings, receipt of loan proceeds, to loan repayments. The features and functions include forecasting for loan amortization for both principal and interest.
- (GTIM) Investment Management
- Records all data related to financial investments such as acquisitions, interest or dividend proceeds and sales, and information on forecast transactions. Fully integrated functionality with the CSML and PFPF modules for the accounting and reporting of investment transactions.
- (GTLN) Loans Management – NEW
- Manages the eligibility, approvals and creation of loans issued to both individuals and organizations. Supports the collection of loan amortization which integrates with revenue management, and has the ability to monitor and report loan status
- (GTLM) Liquidity Management – NEW
- Provides for the administration of and accounting for all transactions related to investment funds.
(GRM) Government Receipts Management
- (GRRV) Government Receipts Management
- Supports revenue and tax collection.
(CSM) Civil Service Management
- (CSPR) Payroll
- Maintains payroll integrity from linked salary scales, assignments, bonuses and other benefits.
- (CSBA) Benefits and Actuary Management – NEW
- Benefits Management supports the registration of pensions, granting of pensions and economic aids, both as a benefit and/or service to members. It integrates with CSPR to process benefits payments. The Actuarial submodule manages changes in the valuation and calculation of pension funds affected by changes in the investment market, legislation and regulations. Actuarial valuations are measured through various indicators and applied to the member database.
- (CSML) Member Loan Management – NEW
- Manages grant of loans to members of the Social Security System and supports the core processes of the Loans Department from loan application, trigger analysis and protocolization, to settlement and release of funds.
- (CSAC) Affiliations and Contributions – NEW
- A single, centralized data repository of all information related to the fund’s income including member and employer contributions, loans, payment agreements, etc. In addition, this module controls the contribution collection process and is integrated with the financial modules to record revenue.