Financial Management Information Solution

The success of organizations and governments in today's fast-paced world hinges on their ability to make informed decisions. Without precise financial data, they are left stumbling in the dark. At Results Associates, we understand the critical role that accurate information plays in financial management. That's why we offer a cutting-edge solution that is designed to evolve and adapt to your needs: the Financial Management Information System (FMIS).

Unlocking the potential of accurate public finance management, our FMIS empowers you to take control of your budget, manage fiscal risks, and ensure the highest quality of expenditure. We help our clients implement offshore financial management information packages that enable them to capture and analyze all revenue and expenses related to the central government. Additionally, it allows them to effectively track and account for assets, manage expenditures on a program basis, and generate the necessary data to make informed financial decisions.

Our team will assist you in selecting the ideal FMIS solution provider, ensuring that every aspect of your organization's needs are met. Leveraging the gold standard for internal controls, the COSO framework, we will design internal control specifications that will safeguard your financial operations.

Furthermore, we will guide you in selecting and implementing conservative international accounting standards, ensuring that your financial reporting meets global standards of excellence. Our team will also help you prepare a comprehensive change program that incentivizes quality and timely delivery of the FMIS solutions, ensuring a smooth transition and maximum adoption within your organization.

Under our supervision, the implementation of FMIS will be executed in three interrelated phases, taking into account your existing PFM capacity. Starting with the basic FMIS, we will gradually advance towards an intermediate level and, finally, an advanced FMIS, enabling your organization to fully leverage the power of accurate financial data.

Basic FMIS: Enhancing Data Reliability for Seamless Budget Management

In the quest for sustainable growth, accurate data management is paramount. Our basic FMIS solution empowers you to optimize data reliability, enabling seamless budget implementation, precise budget utilization reporting, and the generation of fiscal reports. Key features of our basic FMIS include:

• Implementation of a single coding and classification system, encompassing administrative, economic, functional, and funding sources, in line with the IMF's Government, Financial, and Statistics Manual (GFSM 14) and the OECD's Classification of the Functions of Government (COFAS)
• Alignment of the chart of accounts with the appropriate budget classification
• Implementation of core FMIS models, such as the budget module, accounts payable module, general ledger module, payroll system module, and revenue module, enables effective tracking of central government revenue and expenses, improved budget control, and automated budget utilization reporting.

Intermediate FMIS: Unlocking Deeper Insights for Informed Decision-Making

Informed decision-making requires a comprehensive understanding of critical data. Our intermediate FMIS phase expands upon the basic FMIS solution, encompassing a broader scope of expenses and revenue (including extra-budgetary entities, ministries, state-owned enterprises, and subnational governments). Key enhancements in our intermediate FMIS include:

• Implementation of a treasury module supported by a single treasury account (STA), facilitating consolidation of all government funds at the Central Bank, timely vendor payments, automated account reconciliation, and enhanced reliability of accounting data
• Introduction of an asset-based model to capture and monitor the acquisition and disposal of non-financial assets, including fixed assets and subsoil reserves (e.g., minerals, oil).
• Transition from a cash basis to modified accrual accounting standards, improving the quality of financial statements and setting the stage for full accrual standard adoption.
• Generation of financial statements, including income statements and balance sheets, based on modified accrual accounting principles.

Advanced FMIS: Unleashing the Full Potential of Your Data

To truly maximize the value of your data, our advanced FMIS phase harnesses its transformative potential. Highlights of our advanced FMIS solution include:

• Addition of program coding to the account classification, enabling performance reporting on a program basis and alignment with the administrative code.
• Implementation of accrual-based accounting, providing a more comprehensive and accurate financial picture.
• Preparation of financial statements based on international accounting standards, including income statements, balance sheets, and statements of cash flow.
• Generation of performance reports on a program basis, facilitating informed decision-making and strategic planning.
• Extension of module coverage to encompass the entire central government and agencies it controls, ensuring a holistic view of your organization's financial landscape.