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Impact of an ERP System in the Adoption of Current Government Financial Reforms

As published in the Punch newspaper on July 18, 2016, the Association of Chartered Certified Accountants (ACCA) called on its members to take the lead in the current reforms being carried out by the Federal Government in the management of public finances.

The Current Government Financial Reforms in Nigeria are;

  • E-payment system

  • Automated accounting transaction recording and reporting system

  • Integrated payroll and personnel information system

  • Government integrated financial management information system (GIFMIS)

  • Treasury single account (TSA)

  • New classification system and public accountability – National Chart of Account

  • Adoption of International Public Sector Accounting Standards (IPSAS)

The main objective on the above-listed is to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.

In addition to Manji Kalar (Head, Public Sector, ACCA)’s comment; “We intend to find out what kind of finance skills is needed to drive change and what skills does the finance professionals working in government and in state enterprises need.”, Effective Utilization of an Automated Accounting System would complement the changes.

At this juncture, we would like to recommend a well-recognized business management solution - Sage X3 ERP, which would allow professional accountants optimize their business processes, gain actionable intelligence and drive financial innovation, while delivering extreme technology performance. Sage X3 provides accountants the financial skills needed to adapt to the new financial reforms globally.

About Sage X3 Business Management Solution® Suite

Sage X3 is a fully web based, all in one business management solution offering new levels of power and flexibility that is functionally advanced, simple to use and cost effective. It is a comprehensive and modernized enterprise resource planning software that combines business value, standards-based technology, and deep industry experience into a business solution with a low total cost of ownership. It is ideal for enterprise sized companies in various industries such as Government, financial services, Distribution, Manufacturing, Retail, Health, and other service businesses.

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