(PFM) Public Financials Management Modules

(PFM) Public Financials Management Modules

Enables governments to manage tax dollars effectively

Module Overview

FreeBalance’s (PFM) Public Financials Management modules can be combined and configured in any way and can be progressively activated in line with a sequenced PFM reform program.

(PFPF) Core Public Financials

Elevate your government’s financial management with FreeBalance’s (PFPF) Core Public Financials, the bedrock of robust government accounting.

This module delivers comprehensive budget controls, appropriations management, commitment accounting, and a robust Chart of Accounts. It facilitates double-entry bookkeeping, real-time ledger updates, and accommodates various accounting methods.

(PFPF) Core Public Financials supports journal and expense vouchers, ensuring meticulous financial record-keeping. Additionally, it offers a wide range of financial reports and statements, enabling informed decision-making and financial transparency.

(PFBC) Budget Controls

Comprehensive yet flexible budget management solutions.

With the flexibility to set up multiple aggregate budget controls, this module allows government officials to manage budgets according to their specific needs.

(PFBC) Budget Controls allows for both equal and unequal allotments, can support both soft and hard commitments/obligations as required, and offers de-commitment and de-obligation functions. Providing real-time “free balance” status, it also includes a range of reports and the ability to predict budget deficits and surpluses.

(PFBR) Budget Transfer Requests

Enhance efficiency and reduce administration with a streamlined budget transfer process.

The FreeBalance (PFBR) Budget Transfer Requests module enables users to easily request, action and manage budget transfers, thanks to a smooth and user-friendly workflow approval process.

This module offers the flexibility to manage transfers within line items, and has easy-to-use reporting functionality, making it an indispensable tool for governments aiming to optimize their financial operations while promoting transparency and data-driven decisions.

(PFCB) Cash Books

Quickly realize operational efficiency with FreeBalance’s simplified ledger and cash book solution.

Based on wider functionality from the (PFPF) Core Public Financials module, this streamlined tool has been specifically designed for swift implementation and tailored to meet the stand-alone receipting needs of government finance ministries.

This module is ideal for government leaders looking to quickly reap rewards in ledger and cash book management, but who do not want to undertake large-scale transformation across fiscal operations.

(PFFA) Fixed Assets

Robust support for fixed asset accounting, depreciation, custody transactions, and asset transfers.

The FreeBalance (PFFA) Fixed Assets module facilitates asset depreciation and valuation, allowing for customizable depreciation rules.

Assets can be assigned to individual employees, with the system recording locations, maintenance, and the asset’s expected lifetime, ensuring meticulous asset control.

Moreover, this module supports different accrual methods, including accruing only capital assets or accruing outside of the financial system, enhancing flexibility for government financial management.

(PFFM) Fleet Management

Maximize the value of governmental vehicle assets while optimizing financial resources.

The FreeBalance (PFFM) Fleet Management module focuses on the specialized needs of managing government vehicles.

This includes tracking vehicle warranties, recording mileage of individual vehicles and groups of vehicles, scheduling required maintenance, and reporting on/analysing usage, allowing for comprehensive monitoring of vehicle resources and investment.

(PFFM) Fleet Management enables precise control over vehicle management, ensuring efficient cost management, asset assignment, and depreciation.

(PFSI) Stores and Inventory

Ensure accurate inventory management and optimize resource allocation.

FreeBalance’s (PFSI) Stores and Inventory module streamlines the procurement process by facilitating purchases from internal stores. It is tightly integrated with the receiving process to ensure easy and accurate recording keeping.

The (PFSI) Stores and Inventory tool manages multiple inventory locations and facilitates seamless inventory transfer, ensuring efficient inventory counting and reconciliation.

This tool empowers government agencies to optimize resource allocation and enhance transparency in public spending.

(PFSL) Sub-Ledger

Comprehensive and well-structured accounts are easy with the FreeBalance (PFSL) Sub-Ledger module.

This tool supports sub-ledgers as an intermediary set of accounts, seamlessly linked to the main ledger.

It also accommodates multiple sub-ledgers that can function independently, providing a tailored approach for various parts of the Chart of Accounts and specific transaction types, such as Accounts Receivable or Accounts Payable. These sub-ledgers effortlessly roll up to the General Ledger, ensuring a unified and well-organized financial ecosystem.

(PFAA) Accountable Advances

Easily manage advance payments to ensure effective government operations.

FreeBalance’s (PFAA) Accountable Advances module offers robust functionality for controlling advance payments. This ensures precise implementation, and facilitates automatic control over advance payment recovery.

Whether managing advance payments or simple advances, (PFAA) Accountable Advances streamlines the provision of cash for services, goods, or constructions not yet delivered. This module seamlessly integrates accountable advances into the General Ledger, creating a unified and efficient financial system.

(PFBM) Budget Management

Improve your financial governance with a tool designed for efficiency and informed decision-making.

(PFBM) Budget Management ensures governments invest tax dollars effectively to maximize value for citizens, supports financial transparency and improves strategic fiscal management.

With this module, governments can seamlessly handle budget appropriations, streamline budget transfers, swiftly action budget amendments and quickly apply budget control update vouchers. And thanks to easy access to data, mid-term reviews can be undertaken effortlessly.

Additional Reading

Interoperability Defining the Relevant “Architectures” for PFM Implementations Defining and understanding the different architectures involved in PFM implementations is crucial to enabling success public financial management reform.
Public Finance Technical Architecture: What is it? What is the fundamental public finance technical architecture problem? Technical architectures designed to support PFM and FMIS do not align with business architectures.
Government Spending The Importance of Budget Planning in Government Budget planning involves the strategic allocation of limited resources to diverse policy priorities. It is a complex process, but technology such as the FreeBalance Accountability Suite can help.