Integrated Financial Management System (IFMS)
IFMS is an information system that tracks financial events and summarizes financial information. It is a web based application which hosts the Financial Management Information System of various government departments facilitating effective financial administration and financial management. The application is also designed to display various financial reports which are related to Drawing & Disbursing Officers (DDOs), Heads of Departments (HODs), Administrative departments in general and Finance department in particular. The basic characteristic of an IFMS is to have a standard data classification used for recording the financial transaction, common processes used for processing such transaction, and internal control of data and elimination of duplicity of data. An IFMS is a unified set of financial system which encompasses the people, processes, technology & controls to carry out financial management functions.
- To provide an effective and efficient monitoring and control of state revenue and expenditure
- To provide a real time financial position of state finances by on-line updation and consolidation of Receipts & Payments.
- To enable the Finance Department to monitor the financial transactions carried out by the DDOs of the various government departments.
- Empower the HODs of various departments with a knowledge based system to monitor the financial transactions and expenditures incurred by DDOs.
- To facilitate DDOs to track their budgetary allotment, payments and expenses against the LOC/LOA.
- Automated generation of accounting statements for the entire state.
- Close integration with Banks, AG Office, Tax System for data/information exchange.
- Online Tax Payment facility for VAT and other Taxes.
- Single sign on.
- Workflow automation.
- IFMS enable the Finance department to monitor the financial transactions of departments.
- IFMS provides a decision support system to the Finance department.
- HODs of different department will be in a better position to monitor the financial transactions and expenditures incurred by DDOs under their control.
- HODs are in a position to know, at any point in time, what is the unspent balance of fund allotted to their sub-ordinate offices.
- The Government can monitor the up-to date financial transactions of the state, which includes both receipts and payments.
- IFMS helps to bridge the information gap between DDOs, Treasuries, Finance department, AG’s Office & Banks.
- Important reports are depicted in graphical presentations for quick access and clarity.