The IFMS provides departments and agencies for the first time with the ability to take ownership, responsibility and accountability for their financial management decisions. The IFMS provides central government with more accurate information, better quality reporting and real time information financial flows. It adds up to major step forward in the public financial management in PNG, providing better and more timely information to support better decision making.
The critical accounting module of the IFMS has now been rolled out and is live at 16 government departments and agencies, with plans to roll out to a further 14 departments this year. It will eventually be rolled out to all government departments, agencies and provincial and district administrations over the next two years.
The Secretary of the Department of Finance, Dr. Ken Ngangan said IFMS was a critical initiative, and a major enabler of improved public financial management.
“The IFMS will help us get value for money,” Dr. Ngangan said, explaining that the system was efficient, transparent and allowed for proper checks and balances in the reporting process.
He said strong financial management was a fundamental pillar of effective and successful economic performance in Papua New Guinea and emphasised that responsibility for sound financial management started with each Government department.
“The Department of Finance is mandated by the Public Finances (Management) Act to ensure that public funds are managed and transacted in a transparent and accountable way and the IFMS is a tool that assists us do that effectively,” Dr Ngangan noted.
The IFMS is delivered by leading innovative software provider, TechnologyOne. TechnologyOne has been operating in Papua New Guinea since 1996, and is the only software provider with a physical presence in PNG, opening an office in Port Moresby in 2010.
“We are pleased to be working with the Department of Finance to deliver a single, integrated enterprise solution. As the only software provider with a physical presence in PNG, our world class solution will improve the transparency and accountability of Government,” TechnologyOne Executive Chairman Adrian Di Marco said.
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TechnologyOne (ASX:TNE) is Australia’s largest enterprise software company and one of Australia’s top 200 ASX-listed companies, with offices across six countries. We create solutions that transform business and make life simple for our customers. We do this by providing powerful, deeply integrated enterprise software that is incredibly easy to use. Over 1,000 leading corporations, government departments and statutory authorities are powered by our software.
We participate in only seven key markets: government, local government, financial services, education, health and community services, utilities and managed services. For these markets we develop, market, sell, implement, support and run our preconfigured solutions, which reduce time, cost and risk for our customers.
For 27 years, we have been providing our customers enterprise software that evolves and adapts to new and emerging technologies, allowing them to focus on their business and not technology. Today, our software is available on the TechnologyOne Cloud and across smart mobile devices.
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