How does GFEBS support fund control?

How does GFEBS support fund control?

• A. By limiting access to financial reports
• B. By requiring multiple approvals for each transaction
• C. By providing real-time visibility into budget execution and financial transactions
• D. By organizing financial data in annual reports only

Answer: (C)

GFEBS, standing for General Fund Enterprise Business System, supports fund control primarily by providing real-time visibility into budget execution and financial transactions. This capability allows users to monitor, track, and analyze financial activity as it occurs, ensuring that expenditures align with approved budgets. Real-time visibility enables proactive management of funds, allowing for timely adjustments or interventions if there are any discrepancies between planned and actual spending. With this kind of monitoring, stakeholders can effectively manage their resources, ensuring compliance with financial regulations and optimizing the use of public funds. The ability to analyze data as it is generated aids in making informed decisions, which is critical for maintaining fiscal responsibility in government operations. While other options involve aspects of financial management, they do not contribute as directly to fund control as the capability for real-time visibility does.

GFEBS, standing for General Fund Enterprise Business System, supports fund control primarily by providing real-time visibility into budget execution and financial transactions. This capability allows users to monitor, track, and analyze financial activity as it occurs, ensuring that expenditures align with approved budgets. Real-time visibility enables proactive management of funds, allowing for timely adjustments or interventions if there are any discrepancies between planned and actual spending.

With this kind of monitoring, stakeholders can effectively manage their resources, ensuring compliance with financial regulations and optimizing the use of public funds. The ability to analyze data as it is generated aids in making informed decisions, which is critical for maintaining fiscal responsibility in government operations.

While other options involve aspects of financial management, they do not contribute as directly to fund control as the capability for real-time visibility does.