The Public Financial Management System (PFMS) is government accounting software that helps public officials track and organize financial records and transactions. It was first implemented in 1997, and PFMS includes standard accounts receivable, marketing spending, sales tax, inventory, and payroll features. State governments and local governments use the PFMS all across the country, and it has been nicknamed PFMS for short or “the system.”
This article presents an overview of the prevalence of the public financial management system in American government agencies. The piece began with a summation of how it was initially implemented and why it became very prevalent in American state governments during its inception. This article then went over the system’s functions and features to conclude with a summary of its continued use throughout the American government today.