FreeBalance Modernizing public financial management.

Solutions

Solutions for Central Government

Public expenditure management (PEM) and modernization reforms allow governments to shift the budget process towards outcomes, linking expenditures to areas that make the greatest contribution to policy objectives.

Public financial management (PFM) reforms address all aspects of budget preparation, budget execution, accounting, procurement and audit. A solid financial management system is the cornerstone of reform.

FreeBalance solutions for central government provide predictability and control over budget execution, sound public finances and greater fiscal stability through improved transparency and accountability.

The FreeBalance Accountability Suite automates management of the entire budget cycle, including policy-based budgeting, medium-term expenditure frameworks (MTEF), budget transfers, spending priorities, external resource management, special project accounts, and fiscal decentralization.

FreeBalance Solution Highlights

  • Common Repository - all government transactions across all sectors of the economy are managed in a common repository of fiscal data through a Treasury Single Account (TSA).

  • Flexible Chart of Accounts (COA) - provides fund, project, program and performance management.

  • Web-based and Web-enabled Applications - to enable flexible system deployment based on unique customer requirements.

  • Flexible Controls - enable gradual move from cash to accrual accounting and outcome-oriented budgeting.

  • Modular Implementation - expandable configuration of modules and functionality within each module fits perfectly with the unique evolution of the government modernization process in different countries.

  • Progressive Activation - solutions can be gradually configured with more selected options as certain levels of capacity are reached.

Supported Standards

  • World Bank Treasury Reference Model (TRM)
  • IMF Code of Good Practices on Fiscal Transparency
  • United Nations Common Functions of Government (COFOG)
  • IMF Government Finance Statistics (GFS)
  • International Federation of Accountants International Public Sector Accounting Standards Board International Public Sector Accounting Standards (IPSASs)
  • Medium Term Expenditure Frameworks (MTEF)
  • Generally Accepted Accounting Principles (GAAP)