Budget preparation module involves the systematic planning and allocation of resources to achieve an organization's financial goals. PFM Smart® system streamlines the budget process by integrating data across various departments, ensuring accuracy, transparency, and efficiency. It allows for the creation of detailed budget proposals, comparison of planned versus actual expenditures, and real-time adjustments as needed. This process supports informed decision-making, enhances accountability, and helps organizations align their financial activities with strategic objectives.

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.

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.

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. 

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.

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 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.

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.

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. 

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. 

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.

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.

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. 

• Donor Funded projects accounting module including Budget Controls
• Expenditures Management
• Revenue Management
• Treasury Management
• General Ledger
• Projects KPI’s
• Financial Reporting and Dashboards

Billing and collection module in PFM Smart® system involves the systematic management of invoicing and receipt processes. PFM Smart® system automates the creation of invoices, tracks payments, and manages accounts receivable, ensuring that billing is accurate and timely. It also enables organizations to monitor outstanding balances, follow up on overdue accounts, and generate detailed reports on cash flow and revenue collection. This automation enhances efficiency, reduces errors, and ensures compliance with financial policies and regulations.

PFM Smart® system includes a robust revenue billing and collection module which allows the generation of bills / invoices for different types of revenue, send the bills to the payers electronically through email or SMS, provides a cashiering function to allow revenue collectors to receive payments against generated bills and generate receipts. The revenue collection module integrates with payment gateways to allow the payers to pay their dies online or though mobile money wallets, and generated receipts can be sent automatically to the payer though email.

PFM Smart® system is a robust highly scalable Public Finance and HR Management system which was built based on international practices and standards (like International Public Sector Accounting Standards known as - IPSAS, Government Financial Statistics Manual 2014) . The system comes with all major public finance management functions like budgeting, expenditure management, revenue management, cash forecasting and management, accounting and financial reporting and HR functionalities and is being used at enterprise levels by Central and Local Governments and Departments.

Following diagram represents some key highlight of the Integrated Financial Management Information System of PFM Smart®.

The PFM Smart® system has been built using latest microservice functionality available and has following structure:

“The overall objective is to Ensure efficient, effective and accountable use of public resources as a basis for economic development and poverty eradication through improved service delivery and increased transparency of public funds and accountability through providing a system with adequate audit trails to improve administrative accountability and 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 Organization’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.

PFM Smart® adopts a hybrid approach that combines both bespoke (custom-built) solutions and Commercial Off-The-Shelf (COTS) software offers a compelling strategy to achieve optimal functionality while allowing for smooth customization. By integrating bespoke elements tailored to the specific needs and processes of the government with pre-existing COTS modules, businesses can leverage the strengths of each approach. COTS software provides a foundation of standardized features and functionalities, offering reliability, scalability, and often quicker deployment times. However, bespoke components allow for fine-tuning to match unique business requirements, ensuring a tailored fit and enhancing efficiency. 

This hybrid model offers flexibility, enabling organizations to adapt to changing needs while minimizing the risks associated with full-scale customization or reliance solely on off-the-shelf solutions. It fosters a balance between innovation, agility, and stability in financial operations, supporting strategic decision-making and long-term growth.

Geo-mapping in PFM Smart® system integrates geographic information with financial data, enabling organizations to visualize and analyze financial activities spatially. This feature allows for the mapping of revenue sources, expenditures, and financial trends across different regions or locations. By overlaying financial data on maps, organizations can identify patterns, optimize resource allocation, and make more informed decisions based on geographic insights. Geo-mapping also supports strategic planning by highlighting areas of financial performance, risk, and opportunities, enhancing overall financial management and accountability.

All modules of PFM Smart® System are seamlessly integrated, thus, as payment and receipts transactions will automatically update the treasury bank accounts upon approval through the workflow engine.

PFM Smart® System includes the Bank Reconciliation function to allow treasury team to perform the reconciliation on daily / monthly basis.

The Bank Reconciliation function includes the following steps:
1.  Import of Electronic Bank Statement
2.  Perform Auto-Reconciliation
3.  Allow Manual Reconciliation for unreconciled transactions
4.  Print Reconciliation Reports

All modules of PFM Smart® System are seamlessly integrated, thus, as payment and receipts transactions will automatically update the treasury bank accounts upon approval through the workflow engine.

PFM Smart® System includes the Bank Reconciliation function to allow treasury team to perform the reconciliation on daily / monthly basis.

The Bank Reconciliation function includes the following steps:
1.  Import of Electronic Bank Statement
2.  Perform Auto-Reconciliation
3.  Allow Manual Reconciliation for unreconciled transactions
4.  Print Reconciliation Reports

A digital signature in Public Key Infrastructure (PKI) is a cryptographic technique used to ensure the authenticity, integrity, and non-repudiation of digital messages or documents. PFM Smart® System has the capability to integrate with cloud-based PKI solutions where staff and budgets are freed from maintaining and operating outdated infrastructure, and Zero Touch PKI doesn’t require an army of consultants or a hefty services budget.

1.  Key Pair Generation: The signer generates a pair of cryptographic keys: a private key and a public key. The private key is kept secret and known only to the signer, while the public key is freely distributed.

2.  Signing Process: To sign a document or message, the signer uses their private key to generate a unique digital signature for that specific data. This signature is essentially a mathematical operation performed on the data using the private key.

3.  Verification Process: Anyone who receives the digitally signed document or message can verify its authenticity by using the signer's public key. They apply the public key to the signature, and if the resulting verification process succeeds, it proves that the document was indeed signed by the holder of the corresponding private key.

4.  PKI Infrastructure: PKI provides the framework for managing digital certificates, which are used to bind public keys to entities (such as individuals or organizations). Certificate Authorities (CAs) are trusted entities responsible for issuing these certificates. When a signer wants to distribute their public key, they obtain a digital certificate from a CA, which includes their public key and other identifying information, digitally signed by the CA.

5.  Trust Chain: The trustworthiness of a digital signature relies on the trustworthiness of the CA that issued the signer's certificate. To establish this trust, CAs are hierarchically organized, with higher-level CAs issuing certificates to subordinate CAs, and ultimately to end entities. This forms a "chain of trust" where each certificate in the chain is signed by the private key of the issuing CA, all the way up to a root CA that is inherently trusted by systems or users.

6. Revocation: Digital certificates have a limited validity period. Additionally, if a private key is compromised or the certificate holder's authority is revoked, the corresponding certificate can be revoked by the issuing CA. This prevents the unauthorized use of the compromised key or the certificate after its intended purpose is no longer valid.

Overall, PKI with digital signatures provides a robust mechanism for ensuring the authenticity, integrity, and non-repudiation of digital communications and transactions.

The PFM Smart® System have inbuilt business intelligence for generating various kind of management information reports along with user specific dashboards which enable the key stakeholder in quick decision making. This module will be customized based on gaps and needs identified in “Study and Analyse” phase.

We are specialized in the development and implementation of Integrated Financial Management Information Systems (IFMIS). Our IFMIS systems are currently implemented in several central and local Governments. A major component of our current systems is the financial reporting and dashboards. We have strong experience in financial reporting needs in alignment with international best practices, PFM Smart® System has the capability to generate financial reports for the Governments as well as for the donor projects such as World Bank projects.

The Financial Reporting within PFM Smart® System involves
the systematic process of collecting, processing, and presenting financial data
to provide a comprehensive view of an organization's financial status in
real-time. PFM Smart® System integrates various financial functions, enabling
accurate and timely reporting for decision-making. This system supports
compliance with regulatory requirements, enhances transparency, and helps in
tracking financial performance, budgeting, and forecasting. Through detailed
financial reports, stakeholders can assess the financial health of the
organization, ensuring informed financial management and strategic planning.

PFM Smart® System includes a comprehensive audit trail which records all types of actions performed on any transaction in the system. The audit trail records all actions such as create, edit, delete, approve, etc. along with the user who performs the action, date and time.

PFM Smart® System supports various level of logs that will include infra, database, DMS, CMS and application Logs.

Transactional Log: will record user info, timestamp, location(office id) and IP against each transaction. History of the critical data would also be maintained by the system.

API Logs: will maintain source IP, API details, response status and agent info against each API call based on the log level configuration. 

Session Logs: will record each success/failure login attempts with user Id, IP, Session identifier and timestamp. Will also record session duration he logged out properly. 

Access Logs: will record every action that user has performed after the successful login. This will include IP, User, action & agent info and timestamp.

Database Logs: will include error logs, general query logs and binary logs for database operations.

Error Logs: System would also maintain error/exception logs along with the error details, in case of functionality failure. It will record parameter(s), function name, caller method(if applicable) and timestamp along with .  

Infra Logs: Infrastructure logs will be capturing each request/event info and its source details. These logs will be the responsibility of the Infra vender.  

One of the main components for Performance Based Budgeting is the program indicators. PFM Smart® system provides a powerful tool to capture the program indicators for each program in the budget plan and set the targets as well as input the results. PFM Smart® system also provides analysis reports and dashboards for the indicators and geo-mapping, one of the most important dashboards is the comparison between the program spending versus the target achievements.

Our IFMIS Mobile application was developed for both Android and IOS users and supports the management team to perform their task efficiently. The Mobile Application Includes the following features:

Workflow Task list: To allow the Ministry senior staff to approve transactions through the mobile

Notifications: To allow the IFMIS users to receive notifications

Dashboards: To allow the management team to view real-time dashboards about the financial performance of the Government