FBUS - Financial Budgeting and Utilization System
Adoption of right technology, complying with accountability and transparency has become mandatory, critical & vital and become the need of the hour now days in Financial Management. The heads of program of Nodal Agency of Government, every now and then want authorities to furnish the granular level information to higher authorities seated at Secretariat or Mantralaya. At times having accurate, audited & validated information at any given point in time does not become available from the Subordinates and Operational level people across the chain (Districts, Blocks, Clusters etc.).
To address the above we have developed FBUS. An automated online system, which is not only futuristic and ahead of technological spectrum, but also supplemented by our ever growing partners ecosystem spread across geographies (Taluka’s, Districts, States and Across Country) imperative and important to put in to use by way of continuous implementation and training the ever changing contractual resources on ground.
FBUS system for Funds Budgeting & Utilization tracking of various Government Schemes and Programs, covers heads and sub heads operational activities under sponsored schemes of Central and State Governments. It is a centralized fund flow, budgeting and utilization management system, specially designed module integrated within EPPS ERP which provides comprehensive decision making, support and management information for scheme managers responsible for administering planned schemes to various Centrally Sponsored Schemes (CSS) and Central Sector Schemes (CS), along with State Plans and Additional Central Assistance (ACA). The system is geared for Fund Management, Budgeting, Financial Accounting, Monitoring, Utilisation and report utilization under these schemes at different levels of implementation on a real time basis.
FBUS is a transaction based system that provides real time utilization of funds, released from consolidated funds. It has been designed in a way to meet complete end to end requirements of accounting and fund management. FBUS is integrated with financial accounting and Management Systems to provide accounting needs of various departments and implementing agencies. FBUS has an in built Utilization Certification (UC) Module, which will be used to track and monitor the UCs from implementing agencies.
Public Expenditure and Utilization – Operational Challenges
The Government at the Centre and the State face a number of issues when it comes to the management of fund allocation, disbursal and utilization. The key challenges being
- Geographical spread (Most programs are implemented at blocks & below block level)
- Infrastructural limitations like intranet, hardware office equipment etc.
- Manpower limitations: Few vs. Required; Non-skilled vs. Skilled
- Ability(limited) to adopt new technologies and accept change
- Size(bulk) of operations
- Tedious processes for procurement; adoption; enablement
EPPS 'Financial Budgeting and Utilization System’
FBUS is a centralized fund flow, budgeting, utilization management system.
The system is geared for fund management of planned /non planned activities
Schemes of the Federal, State Governments and report utilization at different levels of implementation on a real time basis.
FBUS also has an in built Utilization Certification (UC) Module, which will be used to track and monitor the UCs from implementing agencies.
- Fund Disbursement
- Receipt & Payments
- Bank Reconciliation
- Fund Realization & Expenditure Tracking
- Fund Utilization Tracking
- Centralized Multiple Location MIS Tracking
- Cash Book
- Integrated Financial Module
- Integrated Authorization & Approval Mechanism
- Double Entry Fund Accounting as per Generally Accepted Accounting Principles (GAAP)/ Comptroller and Auditor General (CAG)
- Advances, Fund in Transit Tracking
- Physical & Financial Real Time Progress
- Revised Budgeting & Fund Re-allocation
- Component & Activity Tracking
- Program Budgeting (Component & Activity Wise)
Standard MIS Reports
- Financial Management Report (FMR)
- Statement of Expenditure (SOE)
- Statement of Advances (SOA)
- Multiple Location Wise Reports
- Components & Activity Wise Reports
- Budget / Actual Real Time Comparison
- Periodic Monthly / Quarterly / Yearly Reports
- Exception Reports
- Standard Financial Reports like Cash Book / Trial Balance / Balance Sheet
- Statutory reports like Utilization Certificate (UC)
EPPS FBUS – A Comprehensive Solution.
- Technology - Scalability, mobility, simplicity & configurability
- Functionality – User friendly Interface, centralised data storage, Real Time & Instant MIS
- Simplified Periodic MIS Reporting (Physical and Financial)
- Real Time Fund Utilization Tracking (Block to Districts; Districts to State; & State to Government of India)
- India wide spread Implementation and Service Partner Network.
- Capable of handling Size, Scope and Range of Government of India / States sponsored Schemes / Programs.
- Increased efficiency of Fund Management and MIS Reporting.
- Easy integration of 3rd party Applications through API interface.