Public financial management is the system by which the financial aspects of the public services’ business are directed, controlled and influenced, to support the delivery of the sector’s goals. PFM systems are embedded in—and influenced by—broader sets of processes, systems and institutions. PFM systems are also part of broader national policy processes, which produce directives or plans that inform public resource allocation. Public financial management (PFM) systems are a core area for reform in many developing countries.
PFM includes all components of a country's budget process - both upstream (including strategic planning, medium term expenditure framework, annual budgeting) and downstream (including revenue management, procurement, control, accounting, reporting, monitoring and evaluation, audit and oversight). Our expert team helps government in each and every aspect of PFM from budgeting to Revenue Management, from Planning to Monitoring and Evaluation.
PFM systems support decision making on fiscal policy and underpin budget implementation and reporting. Shortcomings in such systems can lead to lack of fiscal discipline and macro-economic instability, weaken the alignment between the allocation of public resources and national policy priorities, and contribute to greater waste and corruption in the delivery of public services. The importance of good public financial management for the effectiveness of the state has become increasingly clear over the years. Good public financial management supports not only good governance and transparency but is also crucial for effectively delivering the services on which human and economic developments rely. For these reasons, many bilateral organisations and multilateral institutions consider public financial management to be a priority. We work with governments, bilateral and multilateral organisations for developing efficient systems and ensuring accountability in management. We as a PFM system consultants work indispensably in ensuring that aid is being used achieve development goals, we provide a comprehensive guide covering aspects from allocation of resources to the use of resources making entire process easier.
Macroeconomic Stabilisation
A stabilization policy is a macroeconomic strategy enacted by governments and central banks to keep economic growth stable, along with price levels and unemployment. Macroeconomic stability acts as a buffer against currency and interest fluctuations in the global market.
Monitoring and Evaluation
Monitoring and evaluation (M&E) is a process that helps improve performance and achieve results. Its goal is to improve current and future management of outputs, outcomes and impact. We assess the performance of projects, institutions and programmed set up by governments, international organisations and NGOs by establishing links between the past, present and future actions.
Performance Budgeting
Performance budgeting is a shift from traditional budgeting. It has evolved through Inputs, Activities, Output, Outcome, and Performance, which makes allocation and use of public budget effective. We emphasize ministries to focus from outlays to performance. Our parameter settings for performance measurement tool helps in better service delivery, Decision making and evaluating results. We begin budgeting with analysis of a given sector, augmentation of existing instruments and infrastructure, implementing programmes for the targeted groups and finally estimating the required amount of funds to be allocated. We assess the past to improve the future of the budget allocation in the most efficient and easy manner possible.
Auditing and Accounting
Our Assurance, Audit and Attestation services are aimed at assisting stakeholders. Our audit approach incorporates ideal practices that are customised in accordance with the capacity of an organisation. Complicated issues like International Financial Reporting Standards and Sarbanes will ease. We assist an institution in achieving its goals by ushering a methodical system to inspect and better the efficiency of risk evaluation and management.
Local Government Reforms
A significant amount of work has been undertaken in recent years to review and improve the local government sector. We provide the Government with end to end consulting services to help them to implement reforms in an effective and timely manner with desired goals achieved. Local self-government has high administrative cost without any significant right to raise tax thereby high dependence on state and central institutions for finance. Authorities are highly indebted and defaulted due to mismatch of intake . allocate and utilize. We lay a strong emphasis on decentralisation and the strengthening of Local Authorities backed by independence finance management and incorporating international best practices. We at PKMG have assisted various local bodies in innovative fund raising programs and innovative land leasing agreements to generate employment.
Public Procurement
Public procurement refers to the purchase by governments and state-owned enterprises of goods, services and works. Public procurement remains the government activity most vulnerable to waste, fraud and corruption due to the size of the financial flows involved. Effective implementation of critical capital intensive development projects requires integration of procurement with planning and budgeting. Starting from the project inception, procurement, year wise budget allocation in advance for the entire for the entire project development cycle is required. We make sure that all processes are in place for procurement so that procurement process is in line with project results.