IFMS Full Form – Integrated Financial Management System
What does Integrated Financial Management System (IFMS) mean?
An integrated financial management system is a computer-based budgeting and accounting structure that governs spending, payment processing, budgeting and reporting for governments and other organization. It packs a Mammoth amount of eminent financial management functions and features into one software suite.
An integrated financial management system is also monikered as an integrated financial management information system (IFMIS).
VoStory explains Integrated Financial Management System.
An IFMS can be off-the-rack software or a self-made system, relying on the expanse and desideratum of the organization using the system. It can enhance a firm’s financial management through the following capabilities: Improved management of cash, debt and liabilities.
As Integrated Financial Management System, is capable to link all accounting data related to historical financial transactions as well as all cash transactions of payment and receiving, in a single suit and linked with budgeting estimations. So, this artistry always guides the stakeholders and the budgeters to make better estimating and controlling needed in budgeting to prevent both over and underestimation.
So that’s all about the What is IFMS and we hope you might have understood what it is? However, If you still have any other query, then feel free to mention in the comments section below, we would love to help you.