Financial management is a wide-ranging organization function. It often becomes challenging to keep a track of all the activities of it especially in case of large organizations. Since various activities of financial management are interwoven together it calls for an integrated system that streamlines all the related data and information at one place.
What is the IFMIS system? Integrated financial management information system (IFMIS) is a fusion of various information and communication technologies that bring together the functions of budgeting, accounting, financial reporting, cost control, debt management and auditing processes to help the organizations in managing various financial aspects.
IFMIS allows enhanced financial management capabilities. IFMIS software can be prefabricated or tailor-made as per the organization’s needs. With IFMIS, organizations, government or otherwise can manage their spending, cost, budgets and resources.
IFMIS also popularly referred to as Integrated Financial Management Information System, can be assimilated with other functional information systems such as human resource information system or production information system for better supervision.
IFMIS is found to be particularly relevant in a situation where the economic infrastructure of an organization has become outdated. An adequately operational IFMIS helps promote better governance for the entity.
It provides real-time financial data through which managers are able to keep updated with budgets, monitor any variance occurring in the planned expenses and thereby take prompt corrective actions.
How can transparency be achieved in the usage of financial data? How can accountability be appointed in such cases? How information technology can be used to strengthen decision-making skills? How financial data of various years can culminate for better planning? How can the organization achieve better financial control through automation?
How can integrated financial management help public sector organization? These are some of the questions and problems that pose themselves in front of entities when handling financial data. IFMIS helps in simplifying these issues.
It stores financials of previous years and a complete database of spending, budgets, inventories, assets and liabilities which enables better supervision, monitoring and control. It is becoming the need of the hour for complex organizations running multiple departments to make itself, not just aware of benefits provided by IFMIS but also become well familiar with its functioning.
Zoe talent solutions recognize how IFMIS is contributing to efficiency and governance in organizations and thus has introduced the integrated financial management information system course for professionals.
The course will help its participants in using the stored and streamlined financial data for better management. The course gives insight into the framework and functioning of IFMIS. Participants shall be able to generate reports, budgets, track spending and gain a firm grip on sales ledger administration, audits, debt management, etc.
On successful completion of the Integrated Financial Management Information System (IFMIS) course participants shall be able to:
- Grasp functioning and the increasing role of IFMIS in organizations especially in the public sector
- Record spending and hence have a better understanding of the organization’s expenditures
- Help in budgeting and financial planning by providing previous financial information
- Assist in preparation of various types of financial reports tailor-made to organizations’ preferences
- Have better monitoring and control over entity’s finances
- Simplify the procedure of data collection and usage hence augmenting decision making
- Assist in audit by providing relevant historical financial information
- Enhance financial transparency and accountability of staff
This is a collaborative training program on Integrated Financial Management Information System (IFMIS) and will comprise of the following training methodologies:
- Interactive lecture sessions
- Problem solving sessions
- Case studies
- Group discussion
- Management games
Zoe Talent Solutions follows the ‘Do-Review-Learn-Apply’ model.
On successful completion of the Integrated Financial Management Information System (IFMIS) course, participants shall be able to benefit their organization in following ways:
- Assist their organization in better management of various financial aspects such as debt, cash, liabilities
- Prove apt budgeting skills hence helping the organization in better financial control
- Prepare financial reports relevant to the organization using historical data and real-time financial data provided in IFMIS
- Assist the management in keeping a better tab on payrolls and human resources management
- Help the organization in prompt regulatory compliance
Successful completion of the Integrated Financial Management Information System (IFMIS) course shall benefit participants in the following ways:
- Inculcating in them the sense of accountability
- Gain best practices followed in the usage of IFMIS
- Understand the functioning of information system and expand their expertise in the field of financial management and information management
- Make them more financially adept by providing training in preparation of different financial reports
- Enhance decision making skill
Who should attend?
- Financial managers, credit managers
- Departmental heads, managers, executives, corporate managers
- Financial analysts
- Public financial managers
- Auditors, accountants
- Ministry and government officers
- IT professionals
Module 1: Integrated Financial Management Information System (IFMIS)
- Role of IFMIS and its benefits
- Components of IFMIS
- Financial planning and analysis
- Elements of IFMIS: ledger administration, payroll system, asset module, accounting module
- Impact on corruption
- Institutional challenges
Module 2: Public financial management
- Public financial management cycle and its connection with IFMIS
- Relation with governance
- Public debt management
- Budgeting and long-range planning
Module 3: Levels of integration
- Integrating budget into IFMIS
- Integrated chart of accounts
- Treasury management
Module 4: Change management
- Understanding risk in implementation
- Organization development
- Change management strategies
- Building communication strategies
- Change capability blueprint
Module 5: Development of IFMIS
- Commercial off the shelf (COTS)
- Deciding between off-the-shelf and tailor-made
- Security settings in IFMIS
- Business Process Re-engineering
Module 6: Auditing and financial reporting
- Audit trails
- Financial audit, systems audit
- Preparation of budgets, cost reports, etc.
- Accounting information system
- Internal controls
Module 7: Implementation of IFMIS
- Procurement of software/hardware
- Technology components
- Project management
- Phased approach to implementation
- Work break-down structure
Module 8: Country cases of IFMIS and Best practices
- Case studies of nations
- Learning from a failed implementation
- Best practices: capacity building, the establishment of objectives, project management