Financial Management and Accountability

Make your financial management transparent and accountable - allocate budgetary funds effectively for the right purposes.

Importance of Financial Management and Accountability

Accountability is mostly important in the financial management since public sector organizations are held accountable to their constituents, electorate and citizens for collecting and distributing public funds according to budget priorities and for minimum cost.

During the budget preparation essential figures estimating revenues and limiting expenditure are produced. Execution of budget involves actions, which transforms the budget figures into the concrete facts – goods, services, flow of financial funds (executed and collected). As each budget provides limited funds, it is necessary to ensure that each spending agency is allowed to spend only these funds that were guaranteed in the budget appropriations i.e. manage its funds within given limits and rules. Evidence from budget execution and revenue collection is also essential for estimating financial needs for the future financial needs to ensure efficient liquidity.

Accounting control keeps track of financial transactions (received and made payments) made by all government agencies. It is critical in monitoring and reporting of receipts and expenditures against approved budgets. Accounting system is important in order to comply with international standards.

Current challenges

  • Spending a Collecting agencies administration
  • Expenditure Management – management of expenditure cycle
    • Commitment creation - requisition and approval
    • Payment order creation - requisition and approval
    • Ex-ante funds availability control - fiscal controls against appropriations and warrants and documentary controls
    • Effective controls at each stage of the expenditure cycle, whatever their form and organization
    • Assuring communication of payment orders with payment execution systems
  • Revenue Management
    • Reception of financial funds on TSA
    • Revenue sharing - sharing funds among central and regional Treasuries
    • Revenue sharing – sharing revenues among central and regional Treasuries
    • Revenue plans processing
  • Cash planning and forecasting - assuring liquidity at minimum cost
    • Registering expenditure plans and revenue plans and estimates
    • Debt management data processing
    • TSA balance processing
    • Creating daily expenditure and revenue forecasts
    • Determining financial position at a concrete day
  • Accounting
    • Configurable Chart of Accounts
    • Registering accounting transaction
    • Accrual accounting support according to the international standards
    • Running integrated system of general ledger and sub-ledgers
    • Accounting controls
  • Reporting
    • Creation of reports for commitment and financial accounting compliant with international standards for local and international institutions

Solutions for this process

QBSW offers the following front and back-office applications for budget execution process intended to central Treasury office (Back-office application) and Spending and Collecting agencies (Front-office application)

 

BUDGET EXPENDITURE EXECUTION

TREASURY MANAGEMENT

 

Looking for more information?
- Read related sections or documents
- Register for newsletter and more information here
- Contact our team - at +421 2 581 003 11 or at info@state-treasury.com

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