Finance Services is the third centralised service to be delivered by the National Shared Services Office (NSSO) as part of the Government Reform Programme, following the earlier deployment of centralised HR, Payroll & Pension administration services for Government Departments and Public Service Bodies (PSBs).
It will lead the delivery of all critical finance and accounting administration for central Government, including:
- accounts payable
- accounts receivable
- fixed assets and asset maintenance
- cash management
- tax management
- general ledger
Finance services (FS) began operations in April 2022, with an initial eight Public Service Bodies including:
- the Department of Finance
- the Office of the Comptroller and Auditor General
- the Department of Public Expenditure and Reform
Over 40 additional client organisations will be on-boarded on a phased basis over the next three to four years.
The benefits of this new central finance accounting system to Government and to the taxpayer are as follows.
- It will replace 31 different legacy finance systems, over time, eliminating the need to maintain, support and upgrade multiple different systems, reducing cost and improving security
- This single platform will consolidate expenditure through the Exchequer. It will support eInvoicing and eProcurement and the management of supplier data
- The implementation will enable the financial reporting reform required to support the move to international accounting standards
- The simplification and standardisation of accounting processes across central Government will strengthen compliance with EU and international reporting and transparency requirements