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.

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

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Margaret Rouse

Technology Specialist

Margaret is an award-winning writer and educator known for her ability to explain complex technical topics to a non-technical business audience. Over the past twenty years, her IT definitions have been published by Que in an encyclopedia of technology terms and cited in articles in the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine, and Discovery Magazine. She joined Techopedia in 2011. Margaret’s idea of a fun day is to help IT and business professionals to learn to speak each other’s highly specialized languages.

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