FG LAUNCHES ACCOUNTING SOFTWARE TO ENHANCE ACCOUNTABILITY, FISCAL AND FINANCIAL DISCIPLINE
As part of ongoing measures to improve Public Financial Management across all levels of Government, the Federal Government has developed an IPSAS Compliant accounting software suite “OneBook”, aimed at enhancing efficiency, accountability, and transparency.
The OneBook suite offers a complete solution that allows for standardization and seamless exchange of information across all tiers of Government by providing a unified accounting and reporting solution across key areas: Government expenditure, financial, treasury and receipts management.
The adoption of the platform will help to achieve cost savings as it ensures the application of controls and standards across spending agencies for recording, processing and releasing payments.
Introduction and compliance with IPSAS also formed part of the conditions included in the Fiscal Sustainability Plan for State Governments.
The software package, which was launched at the Federation Account Allocation Committee (FAAC) meeting for March 2017, is capable of capturing various revenue types and would impact the entire financial operations from budgeting, through revenue and expenditure management to final accounts.
Minister of Finance, Mrs. Kemi Adeosun, said the software will be made available to all States and Local Governments to support their accounting and reporting processes. States that are yet to convert to IPSAS accrual accounting will be able to use this suite as it guarantees IPSAS accrual compliance.
The Minister said the software is fully compliant with International Public Sector Accounting Standards (IPSAS) and will enhance Public Sector Financial Management, Analysis and Performance Reporting.
OneBook software captures data once, thereby eliminating redundant data processing and also provides a single source of truth on government budget, appropriation, allocations, releases, obligations and expenditure.
The advanced software is an initiative of the Federal Government through the Ministry of Finance.