FreeBalance® Accountability Suite
FreeBalance Public Expenditure Management
Public expenditure management reflects all functions related to government spending. This exceeds typical “accounts payable” functionality common with private sector accounting because of the need for budget and commitment controls. To reflect these functions, the (PEM) Public Expenditures Management category of the FreeBalance Accountability Suite delivers:
- Expenditures and Purchasing modules to support expenditure controls for standard expenditures including payment management, multiple purchasing vehicles and the purchasing cycle
- Procurement modules to support fiscal discipline on large scale government acquisitions including tendering, e-procurement, contract and spend management
- Grants and Social Programs modules to support government grant, loan and contribution management
The FreeBalance (PEM) Public Expenditure Management functions in the FreeBalance Accountability Suite include the following:
- Budget and Commitment Controls
Ensures that all expenditures are approved and do not exceed budget or allotments set in the system.
- Purchase Cycle
Manages the general purchase cycle including purchase requisitions, purchase orders, goods receipt, and goods returned.
- Purchasing Methods
Develops a range of purchasing “vehicles” such as local purchase orders, petty cash purchases, open contracts, standing offers and special contracts.
- Procurement
Manages government procurement procedures including competitive tenders, tender evaluation, vendor disputes and contract management.
- Vendor Management
Manages vendors including vendor authorization, certifications, and ratings.
- Grant Management
Supports government grant, loan and contributions to individuals, educational institutions, NGOs and businesses.
- Intergovernmental Transfers
Manages transfer payments among governments.
- Social Benefits
Supports government pensions, health care, employment insurance and welfare payments.
- Payment Management
Manages payment cycle including approval, electronic funds transfer, cheques and secure cheques.
The following FreeBalance modules comprise the (PEM) Public Expenditure
Management category:
- (PEPM) Payment Management
- (PEPR) Public Expenditures + Purchasing
- (PESR) Standard Reports
- (GRCM) Contract Management
- (PEEP) FreeBalance E-Procurement Site
- (PEGP) Electronic Government Procurement
- (PESM) Spend Management
- (PEGC) Grants and Contribution Management
- (PEGM) Grantee Management
- (PESP) Social Programs Management
Modules may be purchased separately. Please note that module dependencies will determine if other modules in this category or other categories must be purchased. Please contact FreeBalance for more information.
Supported Standards
The FreeBalance Accountability Suite supports good fiscal practice and internationally recognized standards such as:
- United Nations Common Functions of Government (COFOG)
Functional classification to report government statistics to the International Monetary Fund (IMF) and the United Nations
- The IMF Government Finance Statistics (GFS)
Provides a comprehensive conceptual and accounting framework suitable for analyzing and evaluating fiscal policy and performance of the general government sector and broader public sector of any country
- The IMF Code of Good Practices on Fiscal Transparency
Method to assess government fiscal transparency with practical advice
for improvement
- Generally Accepted Accounting Principles (GAAP)
A collection of rules, procedures and conventions that define accepted accounting practices. This includes broad guidelines and detailed procedures applied to both the public and private sectors
- International Financial Reporting Standards (IFRS)
International Accounting Standards Board, International private and public sector reporting standards
- International Public Sector Accounting Standards (IPSAS)
Cash and accrual reporting requirements for government and public sector organizations. Compliance with the IPSAS standards guarantees that the financial reporting of public bodies conveys what is termed a true and fair view of the financial situation. IPSAS take account of the characteristic features of the
public sector.
- Millennium Challenge Corporation (MCC)
Governance outcome measurements supported in performance objectives
- Medium Term Expenditure Frameworks (MTEF)
Multiple year rational planning and budget formulation processes enabling the government to establish credible and transparent criteria for allocating public resources to strategic priorities while ensuring overall fiscal discipline
- The World Bank Treasury Reference Model
A development tool for fiscal managers and system developers, intended to help implement good practices in fiscal accounting and expenditure control
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