Integrated Financial Management System (IFMS)
Definition - What does Integrated Financial Management System (IFMS) 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 (IFMS)
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
Email Newsletter
Join thousands of others with our weekly newsletter
Please Wait...
Resources
![[WEBINAR] Index Insanity: How to Avoid Database Chaos](http://cdn.techopedia.com/images/uploads//qrcode.png?width=80&height=40)
Free Whitepaper: The Path to Hybrid Cloud:
The Path to Hybrid Cloud: Intelligent Bursting To Amazon Web Services & Microsoft Azure
Free E-Book: Public Cloud Guide:
This white paper is for leaders of Operations, Engineering, or Infrastructure teams who are creating or executing an IT roadmap.
Free Tool: Virtual Health Monitor:
Virtual Health Monitor is a free virtualization monitoring and reporting tool for VMware, Hyper-V, RHEV, and XenServer environments.
Free 30 Day Trial – Turbonomic:
Turbonomic delivers an autonomic platform where virtual and cloud environments self-manage in real-time to assure application performance.
'@Techopedia'