By Dipo Olowookere
An International Public Sector Accounting Standards (IPSAS) compliant accounting software suite called ‘OneBook’, which will enhance Public Sector Financial Management, Analysis and Performance Reporting has been launched by the Federal Government.
The new software is aimed at enhancing efficiency, accountability, and transparency and it 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 like government expenditure, financial, treasury and receipts management, is part of the ongoing measures to improve Public Financial Management across all levels of government.
Minister of Finance, Mrs Kemi Adeosun, disclosed that the software will be made available to all states and Local Governments to support their accounting and reporting processes, stressing that states yet to convert to IPSAS accrual accounting will be able to use this suite as it guarantees IPSAS accrual compliance.
She said 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.
According to her, the introduction and compliance with IPSAS also formed part of the conditions included in the Fiscal Sustainability Plan for State Governments.
It is capable of capturing various revenue types and would impact the entire financial operations from budgeting, through revenue and expenditure management to final accounts.
Adedapo Adesanya