What is a key benefit of effective debt collection strategies in GFEBS?

The key benefit of effective debt collection strategies in GFEBS is increased financial stability for the agency. When an agency implements successful debt collection practices, it enhances its ability to recover owed funds, thus ensuring that financial resources are available to support its operations and projects. This stability allows the agency to maintain budgetary control, allocate funds where they are needed most, and fulfill its financial obligations without undue pressure.

Moreover, increased financial stability leads to improved operational efficiency, as available funds can be invested back into programs and services that benefit the agency's mission. A stable financial footing also positions the agency to respond more effectively to unexpected fiscal challenges, ensuring continuous service delivery and better overall performance.