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Overview

“The overall objective is to provide a system with adequate audit trails to improve administrative accountability in processing transactions. Improved timeliness and accuracy of transaction processing will also improve timeliness and comprehensiveness of financial reports for decision making”

Like you, we know Public Financial Management (PFM). That’s why you can rely on our smart solutions to help you better achieve your targets in PFM reforms, perform Government’s financial needs more efficiently and increased transparency though our professional, instant and flexible financial reporting tools. 


From budget preparation and execution, expenditure, revenue and treasury management, financial reports / dashboards, and payroll, to value-added analysis, audit management, and more, our financial management information management solutions will save time with every step.

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Highlights

  • Total control on financial budget

  • Multi-Segment, Multi-Dimensional Chart of Accounts

  • Real time reports and dashboards

  • Customized for Government’s processes, aligned with international best practices

  • Donor funded projects support

  • International standard reporting (COFOG, GFS, IPSAS and Donor specific reports)

  • Low cost of ownership

  • A holistic picture of Government’s entire financials

  • Multi-Currency and Bilingual

  • Audit Trail

  • Web-Based

  • MS SQL Database

  • Intranet

  • User Friendly

  • Drill Down capability 

  • Seamless Integration

  • Use of Bar-code

  • Hand-Held Collectors

  • Secured Login (Single Sign on)

  • Hardware Firewall

  • Use of SSL

  • Completely user configured workflow

  • Horizontal and Vertical approval levels

  • Delegation of responsibilities

  • Document attachments

  • Task List

  • Email notification

  • Budget and Allocation Control

  • Auto-application of Double Entry accounting

  • Auto-generation of Payments

  • Auto-calculation of Payroll

  • Audit Trail

  • Instant Financial Reporting

  • Treasury Single Account (TSA)

Budget Preparation Module

  • Budget Ceilings - the system will allow creating unlimited type of budget ceilings at any level of COA using any combination of COA Segments.

  • Budget Validation - when a new budget scenario is created, and budget items entered, the system will validate the budget amount against the defined ceilings and will display an exception report for the ceilings been exceeded.

  • Budget Scenario - the system will allow creating unlimited budget scenarios (versions) e.g. Draft Version, Negotiated Version, Final Version, etc. Upon the creation of a scenario, the system will automatically extract the budget and actual amount of the last 3 years.

  • The Budget Book will contain a separate page for each Cost Center starting with description of the Cost Center mission statement; sub-headings for program objectives, planned activities and expected outputs. By combining fund component, program and activities, reports will be produced to show expenditure against expected and actual outputs where applicable.

  • The Budget Book will also have summary and detailed reports at the various chart of account segments and dimensions.

 

Budget Execution

A full complement of budget control functions to provide an efficient mechanism for the execution of Government’s budget. The core modules included the budget controls, expenditures management and revenue capturing functions.

 

Revenue Capturing

When revenue is collected by the collecting agencies (such as Inland Revenue), an individual receipt voucher will be issued. On a daily basis, each collecting agency will create a Revenue Voucher, attach the batch of receipt vouchers and send it to the Accountant General Department who will review the receipt vouchers and approve the revenue voucher for each batch in the system against which the collected cash will be deposited in the bank.

 

Expenditure Control

When an expense is incurred such as invoice for goods/services or advance payment; the cost center will create an Expense Voucher in the system, attach relevant documents or invoices and submit it in the workflow for approval, the voucher will be reviewed by the verifiers in the Accountant General Department who will validate the supporting documents and availability of cash balance. If cash is available, the Chief Examiner will approve the voucher and the cash office will issue a cheque or payment instruction or do Electronic Funds Transfer (EFT) for each payment to be signed by the Accountant General and submitted to the bank for payment direct to the beneficiary whose details are verified in the Vendor Database. 

 

Purchasing & Commitment Control

​The Purchasing module provides full commitment control on the Government’s budget to ensure the availability of committed budget for supplier.
 

This module will deepen the commitment control by including requisitioning, purchase order, goods received note and invoicing. Standard definition and coding of commonly procured items and indicative prices will be held in an Item Master file for use during costing of plans and budget preparation to ensure consistency amongst line ministries and is also useful for management to periodically check variance between indicative and actual prices.

 

General ledger, Bank Reconciliation and Financial Reporting

Journal voucher posting will occur when there is a need to post entries to record financial transactions that are not generated directly from the expenditures or revenue module. On a periodic basis the Accountant General will import an electronic bank statement in a format to be mutually agreed between with the bank. The system provides a powerful bank reconciliation tool with auto reconciliation capability and a provision for manual reconciliation.


Upon posting of all transactions and closure of fiscal period, authorized users can print or preview up-to-date trial balance, in-year management reports and statutory financial statements. The users can slice and dice by selecting different levels for reporting across the COA segments. Reports are generated in ‘pdf’ format and can also be exported to Microsoft Excel for additional data analysis.

 

Payroll

Payroll module configuration will ensure compliance with the Government’s regulations guiding and policies. The objective is to ensure consistency between nominal rolls and the payroll with seamless integration with the core financial modules to enhance credibility of reported payroll costs having single user logon and same user interface and look and feel. The payroll provides the capability to support creating and maintaining of employee records and performing monthly payroll calculation and payment with seamless posting of financial information to the General Ledger. The payroll system contains the following functions: employee master record; employee’s archived documents; allowances/deductions business rules definition; periodic payroll calculation and payroll sheet generation; workflow approval; payroll reports; and auto recording of payroll financial information to General Ledger.

 

Fixed Assets Register

Provides for unlimited number of assets by ministry/ department /cost center; multiple asset types, book value and asset reports. The Fixed Assets module provides the capability to support the creation and maintaining of assets register and performing all relevant financial activities. The Fixed Assets module contains the following functions: Item Master; Assets Master; Asset Update; Asset Disposal; Asset Re-Evaluation; Asset Depreciation; and Asset Count.

 

Inventory Management System

Provides a tool to automate all aspects of managing inventories, receiving, tracking, warehousing and storage, turnover, and reordering. Automation can dramatically impact all phases of inventory management, including counting and monitoring of inventory items; recording and retrieval of item storage location; recording changes to inventory; and anticipating inventory needs, including inventory handling requirements. 

 

Interface with other systems

Activities will be implemented to align the chart of accounts and establish data exchange protocols between the system and other systems. The system will facilitate publication of aid data in conjunction with efforts through the Development Assistance Database (DAD). Online Analytical Processing (OLAP) technology will be used to organize data from the various sources to support business intelligence and production of Executive Dashboards through a data warehouse. 

 

Improved Payment Approach

Our system introduced an improved payment process and control using bar-coded Payment Instruction, which has a dual benefit of direct payment to end-beneficiary and streamlining bank reconciliation. The system is configured to track payments from sub-ledger bank accounts that roll-up to the Treasury Single Account and thus provides a checkpoint for availability of cash before effecting payment. In addition, allocations cannot be made if there is no approved and sufficient budget with further control at the payment point that checks for sufficiency of allocation.

 

Revenue Collection

Automation of Government’s revenue collection, receipt generation and integration with financial management system and auto-generation of Revenue Voucher and Ledger Posing. Our Revenue Collection module provides robust controls on collected revenue and increases the efficiency of the collection process. The module covers different sources of revenue such as:

  • Customs Revenue

  • Inland Revenue

  • Airport Visa

  • Transportation

  • Road Tax

  • Business Licenses

  • Etc.

 

Petty Cash Management

The system provides the capability to define the Cost Centers eligible for petty cash and the ceiling amount of each center. This function will also be used to define the authorized custodian of each office who will be treated as a Payee when petty cash payment is released.


The Petty Cash Voucher will be used by Cost Centers to submit a request for petty cash payment which could be first payment at the beginning of the year, or top-up payments throughout the year. The voucher once created and submitted will be forwarded to Accountant General for approval.


When the Cost Centers start spending from the petty cash and receiving invoices, they will create a Petty Cash Expense Voucher to record these expenses as well as to allow requesting for top-up payments. Upon approval of the Petty Cash Expense Voucher, the system will automatically Debit the expense and Credit the petty cash account.

 

Multi-Dimension Chart of Accounts

One of the main features of PFMSmart system is the capability to capture Multi-Segment, Multi-Level Chart of Accounts which provides the flexibility of financial reporting at any level and segment. For example, the financial reports can be generated for each Ministry and Object codes, or for each Fund and Activity codes or Fund and Object codes, etc. With the multi-level structure of Chart of Accounts, the system can have the controls (Appropriation) for each segment at higher levels while the transactions are entered at lower levels. 

 

2019 Release

  • Interactive Financial Charts & Dashboards

  • Mobile Application

  • Handheld Collectors