Considering the gradual effectiveness of the Whistle Blowers Policy of the federal government, the Minister of Finance, Mrs. Kemi Adeosun has explained that the introduction of the accounting software was part of measures to improve Public Financial management across all levels of government.
The software package was launched at the Federation Account Allocation Committee (FAAC) meeting and 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.
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.
She also added that it 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 developed IPSAS Compliant accounting software suite “OneBook” is aimed at enhancing efficiency, accountability, and transparency in government finances.
Analysts say 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.
OneBook is designed to ensure the application of controls and standards across spending agencies for recording, processing and releasing payments and the App has been integrated as part of the conditions included in the Fiscal Sustainability Plan for State Governments.
