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It is IT based system, Help to summarize large amounts of Financial data in Charts, summaries and diagram optimize informed decision making by management to increase accuracy and efficiency in operations.
Integrated Financial Management System of IFMS, is a computerized system that being used to link all accounting data related to historical financial transactions as well as all cash transactions of payment and receiving, in one window and linked with budgeting estimations . This always helps the decision makers and the budgeters to estimate in good order with reference to the historical data stored in the same program. This also leads to better estimating as well as better control needed in budgeting to prevent both over and under estimation. In fact this was being used previously for governmental organizations. However, now it is being used for all business interested in better strategic planning.
It is an IT system used in financial management and consolidate most of the financial information that help in decision making in simple screens available for decision makers.
An integrated financial management system (IFMS) is an IT-based budgeting and accounting system that manages spending, payment processing, budgeting and reporting for governments and other entities. An IFMS bundles many essential financial management functions into one software suite.
An integrated financial management system is also known as an integrated financial management information system (IFMIS).
An IFMS can be off-the-shelf software or a custom-made system, depending on the size and needs of the organization using the system. IFMS can improve an organization's financial management through the following capabilities:
