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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.
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
