Integrated Financial Management System

What Does Integrated Financial Management System Mean?

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.


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

Related Terms

Latest Data Management Terms

Related Reading

Margaret Rouse

Margaret Rouse is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical, business audience. Over the past twenty years her explanations have appeared on TechTarget websites and she's been cited as an authority in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine and Discovery Magazine.Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages. If you have a suggestion for a new definition or how to improve a technical explanation, please email Margaret or contact her…