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 Expert

Margaret é uma premiada redatora e professora conhecida por sua habilidade de explicar assuntos técnicos complexos para um público empresarial não técnico. Nos últimos vinte anos, suas definições de TI foram publicadas pela Que em uma enciclopédia de termos tecnológicos e citadas em artigos do New York Times, Time Magazine, USA Today, ZDNet, PC Magazine e Discovery Magazine. Ela ingressou na Techopedia em 2011. A ideia de Margaret de um dia divertido é ajudar os profissionais de TI e de negócios a aprenderem a falar os idiomas altamente especializados uns dos outros.

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