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.
Government leaders are increasingly recognizing the importance of effectively measuring, analyzing, and improving government performance. This is vital for ensuring optimal resource allocation, promoting transparency, and delivering better services to citizens. FreeBalance’s (GPM) Government Performance Management software is designed specifically to address this, providing the tools and functionalities required to enhance government financial management and … Continued
Zero-based budgeting has gained popularity in recent years, particularly among government agencies. In this blog post, we explore the concept of zero-based budgeting, its benefits and challenges, and how it can be applied in government organizations. What is Zero-Based Budgeting? Zero-based budgeting is a budgeting method that requires government agencies to start their budgeting process … Continued
It is unlikely that 2022 will be remembered fondly by governments around the world. In fact, things are so bad that the word ‘permacrisis’ is the Collins Dictionary word of the year. With governments having to deal with unsustainable levels of public debt and seemingly unrelenting waves of crises, all eyes are once again on Public Financial Management (PFM).
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.
Frequently Asked Questions Find answers to commonly asked questions about FreeBalance’s Government Performance Management Solution. What is FreeBalance’s (GPM) Government Performance Management software? FreeBalance’s GPM software is designed to help governments measure and improve their performance by providing a range of tools and capabilities that support the Government Performance Management process. (GPM) Government Performance Management … 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.
The ICGFM Diploma Course in Public Financial Management (PFM) is aimed at PFM professionals, government officials, development partner staff and anyone who wants to enhance their real-world understanding and practical skills in PFM.
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 latest PEFA Assessment from the Public Expenditure and Financial Accountability Secretariat shows that the Government of Sierra Leone has made good progress in many aspects of Public Financial Management (PFM) reform. While there is still work to be done, the government can be commended for its achievements despite the difficulties associated with the pandemic. Find out more.