Governments adopt performance-based budgeting to improve spending prioritization and to increase the efficiency and effectiveness of public expenditure. Performance budgeting is considered a reform that improves upon traditional budgeting.
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.
The reality is that the public sector is ill-prepared to deal with the opportunities and challenges of government digital transformation. This governance gap is a trillion-dollar annual problem. Poor governance and weak institutions are recognized as the #1 perceived impediment to prosperity and citizen wellbeing.
With more than 50 different modules providing end-to-end public financial management functionality, the FreeBalance Accountability Suite™ can be progressively activated to meet the evolving requirements of your PFM reform program.
Empower Reallocating, Tracking, Auditing through Good Public Finance Practices The good news: many governments already use program budgeting in Financial Management Information Systems (FMIS). Program structures in Charts of Accounts tie government objectives to projects across government Ministries, Departments, and Agencies Performance structures (outputs & outcomes) in Charts of Goals integrate with COA structure track … Continued
Government digital transformation overlaps with overall country digital transformation. It is therefore important for governments to use program or performance budgeting to make sure that expenditure on digital transformation initiatives actually deliver against the national development strategy.
PFM is about following the budget cycle from planning through to outcomes by building resilience in Public Investment Management and achieving sufficient fiscal space to react to crises. And, the use of an effective Government Resource Planning (GRP) system like the FreeBalance Accountability Suite™ to support the entire budget cycle.
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.
The upgrade to Version 7 of the FreeBalance Accountability Suite™ provides the Courts Administration Service with a unified, web-based solution with benefits like a multi-year graphical chart of accounts, fully configurable workflow management and enhanced reporting.