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An integrated financial management system (IFMS) is an IT-based budgeting and accounting system that manages spending, payment processing, budgeting and reporting for governments and other entities. An IFMS bundles many essential financial management functions into one software suite.
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An integrated financial management system is also known as an integrated financial management information system (IFMIS).
Techopedia Explains Integrated Financial Management System
An IFMS can be off-the-shelf software or a custom-made system, depending on the size and needs of the organization using the system. IFMS can improve an organization’s financial management through the following capabilities:
- Enhanced management of cash, debt and liabilities
- Ability to use historical information to provide better budget modeling processes
- Reduced cost for financial transactions
- Increased decision-making efficiency
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