The Integrated Financial Management System (IFMAS), which the Guyana Government implemented in 2004, has been under the microscope in recent days in the Kaieteur News. The issue at hand is that the Ministry of Finance is yet to activate two of the most important modules of the seven-module automated system: the Purchasing and Asset & Inventory modules.
What is IFMAS?
IFMAS (or IFMIS) is an IT-based budgeting, accounting and reporting system that manages spending, payment processing, budgeting and reporting for governments and other entities. It incorporates essential financial management functions into one software suite that can be an off-the-shelf one or a custom-made system, depending on the size and needs of the organization using the system. If fully and properly implemented, including ensuring requisite training for key operatives of the system, IFMAS can improve significantly an organization’s financial management practices through better management of cash resources; improved accountability for all assets (including inventories) and liabilities; more timely and accurate budget and financial reporting; enhanced decision-making;