PUTRAJAYA, May 2 (Bernama) -- Century Software (M) Sdn Bhd, a subsidiary of Censof Holdings Berhad announced today the completion of a large-scale project that has transformed and represents an evolutionary step in Malaysia’s implementation performance based budgeting.
 
Across the world, performance-based budgeting has been a main agenda of reform for most ministries of finance. In many countries, however has been overly ambitious, and as a result difficult to administer.
 
In Malaysia, some first steps to improve performance-based budgeting have already been taken as the government has undertaken a more outcome-based approach to the annual budget process. By using outcome-based budgeting (OBB), Malaysia has helped successfully link high-level national strategies to specific budget programs and activities using a common results framework to define accountability.
 
Budget activities are mapped to a single program to enhance transparency and accountability. To support the implementation of OBB, Ministry of Finance embarked upon development of an integrated IT platform called MyResults, an online information system that captures the mapping of programs or activities and the complete set of results frameworks. This online application is intended to eventually serve as a complete, integrated results and budget management information system.
 
Censof Group Managing Director, Ameer Bin Shaik Mydin said: “Outcome based budgeting requires a shift in mindset from a short term ‘outputs’ mentality to a medium term focus on economic and social outcomes. Outcomes are harder to deliver than outputs, and by their nature will be publically communicated, requiring resolve from leaders to see the transition through.”
 
The main emphasis under the OBB approach will be the effectiveness and the overall impact of projects and programmes, as opposed to expenditure and output. The focus on results and outcomes will now allow for better resource management and this will subsequently provide greater value for money in terms of public investments and reduce ad-hoc spending.  
 
“This approach aims to shift the conversation from “How much did you spend?” to “How well did you spend it?” or “What did you achieve with it?”, he added.
 
The aim of OBB is to assist Ministry of Finance in reducing wastage and ensure that the nation’s resources are optimised and allocated according to its priorities. A formal project completion ceremony was held with brief remarks from officials of Ministry of Finance and Century Software (M) Sdn Bhd.

About Censof Holdings Bhd
 
Censof Holdings Bhd (KLSE: CENSOF) was established in 2008 and was listed on the Main Market of Bursa Malaysia in 2011. Censof is a technology investment company specialising in financial management software solutions and has also expanded its portfolio to include e-payment gateway services, training solutions, wealth management software solutions and blockchain technology.
 
For more information, please visit www.censof.com

SOURCE : Censof Holdings Berhad

FOR MORE INFORMATION, PLEASE CONTACT:
Name : Tevandran Manickam
Corporate Communications Manager  
Censof Holdings Berhad
Tel : +6 (03) 7962 7851
Email : tevandran@censof.com
 
--BERNAMA