iFINANCE 2.0 is a web enabled system, developed to simplify the school’s annual budgeting exercise. It greatly reduces the time and effort for the budgeting committee and other relevant stake holders by making the entire budgeting process online, including approval of requirement (AOR) and payment voucher generation.
In a nutshell, the system allows authorised budget Account owners to submit budget proposals online every year. Once submitted, it will be approved or rejected online. Once the budget is approved, relevant authorised users can submit AOR against the approved budget and can also submit payment vouchers subject to AOR approval. In addition to this, using various detailed reports available online, school leaders can control the yearly budgeting exercise more efficiently.
+ Newly Added Features +
Enhanced Budget Tracking and Allocation
- iFinance 2.0 now allows the creation of unlimited budget account categories such as School Operating Fund (SOF), Opportunity Fund (SF), Cluster Fund (CF), Pupil Fund (PF), Manpower Grant etc. as per individual schools’ budgeting needs.
- Includes a macro view of the school’s budget fund utilisation at the budget account category level.
- Generates new advanced reports that can be used to reconcile with MOE IFAAS System.
Introducing an Online Budget Monitoring Tool
- Helps to track budget balance real time for different departments under various budget entities.
- Able to track various details such as Total budget approved (Original & Adhoc), Total AOR Amount Pending for Approval, Total AOR Amount Approved (not paid), Total Amount Paid etc.
- Reports can be exported to MS Excel.
Improved process in the AOR Module
- Introducing 2 types of AOR form submission – AOR for standard purchases and one for Purchases made under the Framework Agreement (FA) or Period Contract (PC).
- Added a new role called AOR verification officer, who will verify all submitted AOR before it is forwarded to respective HOD & Approving officer for approvals.