Integrated Financial Management Information System (IFMIS)
06 - 10 May 2024
Sandton
Johannesburg South Africa
Cost per Delegate
R 19,999.00
Overview
Financial management is a wide-ranging organization function. It often becomes challenging to keep a track of all the activities of it especially in case of large organizations. Since various activities of financial management are interwoven together it calls for an integrated system that streamlines all the related data and information at one place..
What is the IFMIS system? Integrated financial management information system (IFMIS) is a fusion of various information and communication technologies that bring together the functions of budgeting, accounting, financial reporting, cost control, debt management and auditing processes to help the organizations in managing various financial aspects.
IFMIS allows enhanced financial management capabilities. IFMIS software can be prefabricated or tailor-made as per the organization’s needs. With IFMIS, organizations, government or otherwise can manage their spending, cost, budgets and resources.
How can transparency be achieved in the usage of financial data? How can accountability be appointed in such cases? How information technology can be used to strengthen decision-making skills? How financial data of various years can culminate for better planning? How can the organization achieve better financial control through automation?
How can integrated financial management help public sector organization? These are some of the questions and problems that pose themselves in front of entities when handling financial data. IFMIS helps in simplifying these issues.
It stores financials of previous years and a complete database of spending, budgets, inventories, assets and liabilities which enables better supervision, monitoring and control. It is becoming the need of the hour for complex organizations running multiple departments to make itself, not just aware of benefits provided by IFMIS but also become well familiar with its functioning.
The course will help its participants in using the stored and streamlined financial data for better management. The course gives insight into the framework and functioning of IFMIS. Participants shall be able to generate reports, budgets, track spending and gain a firm grip on sales ledger administration, audits, debt management, etc.
Course Objectives
On successful completion of the Integrated Financial Management Information System (IFMIS) course participants shall be able to:
• Grasp functioning and the increasing role of IFMIS in organizations especially in the public sector
• Record spending and hence have a better understanding of the organization’s expenditures
• Help in budgeting and financial planning by providing previous financial information
• Assist in preparation of various types of financial reports tailor-made to organizations’ preferences
• monitoring and Have better control over entity’s finances
• Simplify the procedure of data collection and usage hence augmenting decision making
• Assist in audit by providing relevant historical financial information
• Enhance financial transparency and accountability of staff
WHO SHOULD ATTEND
• Financial managers, credit managers
• Departmental heads, managers, executives, corporate managers
• Financial analysts
• Public financial managers
• Auditors, accountants
• Bankers
• Ministry and government officers
• IT professionals
COURSE OUTLINE
Integrated Financial Management Information System (IFMIS)
• Role of IFMIS and its benefits
• Components of IFMIS
• Financial planning and analysis
• Elements of IFMIS: ledger administration, payroll system, asset module, accounting module
• Impact on corruption
• Institutional challenges
Public financial management
• Public financial management cycle and its connection with IFMIS
• Relation with governance
• Public debt management
• Budgeting and long-range planning
Levels of integration
• Integrating budget into IFMIS
• Integrated chart of accounts
• Treasury management
Change management
• Understanding risk in implementation
• Organization development
• Change management strategies
• Building communication strategies
• Change capability blueprint
Development of IFMIS
• Commercial off the shelf (COTS)
• Deciding between off-the-shelf and tailor-made
• Security settings in IFMIS
• Business Process Re-engineering
Auditing and financial reporting
• Audit trails
• Financial audit, systems audit
• Preparation of budgets, cost reports, etc.
• Accounting information system
• Internal controls
Implementation of IFMIS
• Procurement of software/hardware
• Technology components
• Project management
• Testing
• Phased approach to implementation
• Work break-down structure
.
Country cases of IFMIS and Best practices
• Case studies of nations
• Learning from a failed implementation
• Best practices: capacity building, the establishment of objectives, project management
• Modeling existing lines and structures
• Assessment, reconductoring, refurbishing, etc.
• Joint use issues and modeling
• Links to SAPS
• Theory and examples
End of the Workshop
For Training arrangements call us on the detail below
TANZANIA: +255 749 50 26 78
SOUTH AFRICA: +27 694 31 79 73
KENYA: +255 749 50 26 78
DUBAI: +27 694 31 79 73
