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Digital PFM – Why Isn’t It Working? What Can Be Done?

The recent Budgets and Bytes event hosted by the Overseas Development Institute (ODI) for the launch of their new digital public financial management (PFM) hub and white paper entitled Digital Public Financial Management: An Emerging Paradigm are a great first step to get consensus around the challenges and opportunities, but in our view there is still lots lots needed to integrate public finance, economics, and digital technology. 

Customization vs Configuration in Digital PFM

Adapting Commercial-Off-the-Shelf (COTS) software such as the major Enterprise Resource Planning (ERP) systems to operate in government organizations can be disastrous. Enterprise software projects in government are fraught with failure and complex implementation methods. Many in the technology industry view these travails as the “cost of doing business.” “It is what it is”, etc. But why does it have to be this way? Why can’t COTS software adapt easily to changing requirements?

How Fighting Corruption and Implementing Effective Public Financial Management Systems Improve Citizen Wellbeing

The latest World Happiness Report in the report indicates that FreeBalance customers improved their perceptions of corruption scores by an average 1.74% vs the global average improvement of 0.09%, indicating that the investments made in the FreeBalance Accountability Suite™, an integrated and unified Government Resource Planning (GRP) solution, have strengthened accountability and transparency mechanisms in these countries.

A Better Way for Government Financial Software?

Governments around the world often develop custom financial management software instead of implementing Commercial Off-the-Shelf (COTS) solutions such as the FreeBalance Accountability Suite™. The benefits of COTS software are well understood but we recognize the benefits of custom developed software in that it improves technical and IT capacity, adapts to the unique requirements, reduces costs for on-going maintenance and retains intellectual property with the government.

Role of Treasury Management Systems

Government financial management and accounting are different from that of private businesses. The accounting principles and regulatory requirements are unique to governments. For instance, governments have to maintain a high level of transparency and accountability, which requires the use of specialized accounting standards. Private sector ERP systems are not designed to handle these specific requirements and may not provide the necessary features to comply with the government’s regulatory and reporting requirements.

The Benefits of Government Treasury Management

Treasury management refers to the process of managing an organization’s financial resources, including its cash, investments, and liabilities. Government Treasury Management is a critical aspect of fiscal governance that helps countries manage their financial resources, support economic growth, and ensure transparency and accountability in public finances. A well-managed treasury system can provide governments with the necessary resources to fund public services and investment in infrastructure, education, and health. This is where the FreeBalance Accountability Suite™ comes into play.

FreeBalance’s Change Management Approach and Offering

System implementations impact the whole organization, and people are at the heart of these changes. Over the past 40 years, FreeBalance has learned many lessons about the importance of Change Management in Government Resource Planning (GRP) implementations. While Project Management is responsible for delivering the system, Change Management manages the people-side of change that the system brings. To ensure success, FreeBalance advocates for the integration of Change Management with Project Management.

Differences Between Civil Service Management and Human Resources in the Private Sector

This blog discusses the key differences between civil service management and human resources in the private sector, including the importance of budget planning, payment management and commitment control. It also explains why private sector HR solutions may be inappropriate for civil service management and outlines considerations for success in both the public and private sectors.

How to Stop Corruption in Government Procurement

Corruption is a complex and multifaceted issue that has far-reaching implications for government procurement. It has devastating effects on the overall functioning of government institutions and can lead to a breakdown in trust between citizens and their leaders. Find out how Government Resource Planning systems help to combat corruption in government procurement.

FreeBalance Customers Buck The Trend

FreeBalance’s analysis of the published results shows that the global average has declined by 0.2% over the last ten years, yet FreeBalance customers have improved their scores by 3.8%. In the last three years especially, a trend has begun to emerge showing that countries using FreeBalance Accountability  Suite™ are steadily improving, while the rest of the world declines.

How Public Financial Management Mitigates Global Risks

For the last four decades, FreeBalance has helped governments around the world implement PFM reform to support their goals. While improved Public Financial Management does not offer a universal solution for all government challenges, it is critical nonetheless. The PFM toolkit offers governments the opportunity to manage global risks and build country resilience.

Managing Public Expenditure Effectively

Government entities are constantly looking for ways to save money and improve their processes for managing public expenditure, but it can be difficult to know where to start. Without an effective public expenditure management system in place, governments struggle with waste, inefficiencies, and a lack of transparency. FreeBalance’s (PEM) Public Expenditure Management solution is designed to help public sector entities manage their finances more effectively.

Government Capacity Building

Building public financial management skills is core to enabling governments to achieve improved governance for inclusive and sustainable growth.

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