In the event of a crisis, it is critical for governments to have accurate information about their financial situation in order to make informed decisions. However, without good Public Financial Management (PFM) processes and systems in place, this is often difficult or impossible.
The foundation of all good PFM is an integrated Financial Management Information System (IFMIS) such as the FreeBalance Accountability Suite™.
How Does Good Public Financial Management Improve Government Response Effectiveness?
Good Public Financial Management is an important part of good governance. It ensures that revenues are collected efficiently and effectively, expenditures are controlled, and resources are used in a transparent manner to achieve desired outcomes.
The FreeBalance Accountability Suite™ helps governments to improve their PFM processes by providing an integrated platform that supports all aspects of financial management, from budgeting and planning to expenditure control, cash management, accounting, and treasury. The Suite also includes powerful tools for data analysis, reporting, and visualization.
By improving PFM processes, the FreeBalance Accountability Suite™ helps governments respond more effectively to crises by providing the information and tools necessary to make quick and informed decisions. For example,
- Supporting the reallocation of spending for health, income, and business support from other budgets through classification and process improvements
- Optimizing controls to facilitate priority spending, enable audit, and reduce less important expenditures through workflow adjustments
- Enhancing tracking, forecasting, and transparency through integration of timely data across information systems
Enhance Public Spending Efficiency with FreeBalance Portfolio of Services and Toolkits
FreeBalance offers a range of crisis response services including:
- Emergency Fiscal Advice Engineering: as-needed access to the FreeBalance PFM virtual “war room” for governments needing quick access to expert resources during the crisis
- Emergency Sustainability Enablement: emergency PFM advisory engagement for governments seeking to adjust controls, enable reallocations, and improve tracking during a crisis
- Public Financial Management Resilience Empowerment: comprehensive phased PFM advisory engagement for governments seeking to mitigate fiscal shocks and become resilient to future shocks
- Finance Ministry Continuity Engineering: analysis of critical task regulations, business processes, and information systems to ensure continuity of critical Finance Ministry functions
Benefits of FreeBalance’s PFM Crisis Response Services
With decades of Public Financial Management experience, FreeBalance is the first choice for governments looking for assistance with PFM resilience. Benefits of FreeBalance’s unique offering include:
- Acquire only the services, products and solutions required
- Engage only the experts you need
- Contract for low-cost initial remote services
- Receive onsite services when realistic
- Build local public finance capacity
- Focus on your government context
Conclusion
FreeBalance provides software, advisory services and training that help governments improve their PFM, making it easier to respond effectively to a crisis.
Next step: arrange for a Masterclass call
- FreeBalance experts will analyze your country public finance capabilities before the call, customizing portfolio recommendations
- Approaches described
- Interaction maximized
- If appropriate, a custom proposal will be provided quickly
Get in touch now