By David Agba Abuja 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 effi ciency, accountability, and transparency.
Th e OneBook suite off ers a complete solution that allows for standardization and seamless exchange of information across all tiers of Government by providing a unifi ed accounting and reporting solution across key areas: Government expenditure, fi nancial, treasury and receipts management.
Th e 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.
Th e software package, which was launched on Tuesday at the Federation Account Allocation Committee (FAAC) meeting, is capable of capturing various revenue types and would impact the entire fi nancial operations from budgeting, through revenue and expenditure management to fi nal 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.
Th e 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. Th e advanced software is an initiative of the Federal Government through the Ministry of Finance.
