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.
The Chart of Accounts (COA) or “budget classification” is arguably the most critical part of effective Public Financial Management (PFM) reform and Integrated Financial Management Information Systems (IFMIS) design. The COA for government is more complicated than in the private sector and the COA often changes to reflect legal and financial management reform.
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.
Public Financial Management (PFM) is often seen as a cross-cutting governance reform. The notion is that PFM improvements can lead to service delivery, anti-corruption, public investment and equality improvements – in other words, good PFM supports the delivery of the Sustainable Development Goals (SDGs).
Government digital transformation is about technology investment changes. It is about driving new value for citizens. And, it’s about “business model” changes. It’s about change. Most importantly, a digital mindset is needed.
The Government of Sierra Leone uses the FreeBalance Accountability Suite™ as the backbone of its Integrated Financial Management Information System (IFMIS) – a critical component of its PFM reform program and poverty reduction goals.