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PFM Trends – The Entire Budget Cycle

Public Financial Management (PFM) is budget driven. The budget represents the legal embodiment of government intentions. Government organizations utilize software applications to manage the budget cycle and over the last few years we have seen a trend towards unified and integrated PFM systems. Today governments have to have the entire budget cycle covered by their Integrated Financial Management Information System (IFMIS) if they hope to meet their PFM objectives.

Public Financial Management and the Budget Cycle

Public Financial Management (PFM) is the process by which governments raise and spend public funds. It encompasses everything from budgeting, revenue collection, and expenditure management to treasury operations, auditing and civil service management. The budget cycle is the series of steps that governments follow to prepare, approve and implement their annual budgets.

Government Blockchain Readiness

Amid all the hype and hope around the potential for blockchain to restore trust in government and revolutionize citizen service delivery the reality is that not all governments are ready to adopt these technologies.

Building Trust in Government With Blockchain

Governments are faced with numerous “governance gaps” which limits their ability to deliver on their mandate. Some countries have fewer gaps than others, but as our analysis shows, the gaps integrate and this network effect means that any gap ultimately leads to a trust gap. But, can blockchain fill this gap?

New Social Services Solution

FreeBalance’s new Commercial-off-the-Shelf software solution 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.

How Can Governments Improve Public Expenditure?

Without a fully integrated Financial Management Information System (FMIS), it’s difficult for governments to make sure that they’re using taxpayer money in the best way possible. This can lead to wasteful spending, corruption, and a host of other problems.

How to Manage (and Measure) Government Performance

The balanced scorecard enables tying long-term government goals to annual and medium-term budget proposals which improves program evaluation. The balanced scorecard is also an effective transparency mechanism as it provides evidence of progress towards goals and validates policy.

What Does FreeBalance Do Differently?

Government Resource Planning (GRP) implementations for government Financial Management Information Systems (FMIS) differ from alternatives such as Enterprise Resource Planning (ERP) systems designed for the private sector.

Why are GRP IFMIS Implementations Different?

Choices made by governments have a significant impact on project success and future financial sustainability. The purpose of this paper is to describe FMIS success factors for COTS Government Resource Planning (GRP) systems like the FreeBalance Accountability Suite™.

Total Cost of Ownership of Government Resource Planning (GRP) Systems

Many government organizations fail to calculate the many long-term internal costs are incurred to use, manage and maintain ERP software over many years, yet this is a key element of V4M fiscal discipline. TCO is critical to financial sustainability because PFM reform is an ongoing process. Governments should therefore consider more than the maintenance of a “steady state” and should calculate the costs of progressive modernization and digital transformation.

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