The International Public Sector Accounting Standards (IPSAS) is public sector’s equivalent of the IFRS (International Financial Reporting Standards), which is designed for profit-oriented entities. The two Standards are almost similar—it is like pouring the same wine into a different bottle with different set of labels. Just like IFRS, many countries across Europe and other parts of the world have adopted IPSAS, as part of the global best practices for public sector accounting. Nigeria adopted the Cash-based IPSAS in 2014, and migrated to the full Accrual-based Standards in 2016.
Public Sector accounting ought not to be taken lightly because it involves managing the peoples’ resources, their welfare and their overall well-being, on behalf of the people. If private companies can collapse due to accounting improprieties, then it is also possible for nations to collapse for the same reason. Of course, this has happened to many nations, and the consequences have been very catastrophic. Corruption does not just happen—it happens because somebody is not keeping proper record in order to render a good account.
Paying serious attention to public sector accounting is not only a moral obligation; it is also a mandatory statutory obligation. Budgets, which form the fulcrum of public sector accounting, are often backed up by enabling law before they can become effective. It therefore means that not adhering to the provision of the budget is unlawful. However, adhering to provisions of the budget requires a system that enables proactive and real-time monitoring of budget implementation, and this cannot be possible without the right software solution. It is for this reason we decided to develop ExpressBook PSA accounting and budgeting software. There is a special version of the software fully customized for the public sectors in Nigeria. The customiztion became necessary to bring the software into full compliance with the National IPSAS Chart of Accounts.
About ExpressBook PSA
ExpressBook PSA is full-featured IPSAS-compliant Accounting and Budget Administration software. The Nigeria version has been customized to work with the National IPSAS Chart of Accounts, released by the Office of the Accountant-General of the Federation, as a standard feature.
ExpressBook PSA complies with both Cash and Accrual IPSAS accounting. It comes pre-loaded with the National IPSAS Chart of Accounts and Budget Preparation template. The primary modules of the software are as follows:
- Budget Administration & Control
- Accounts Payable
- Accounts Receivable
- Inventory Management
- Noncurrent Assets Management
- Projects Monitoring & Control
ExpressBook PSA is not just about features; it is more about relevant and ease of use. The system has been customized based on the practical requirements of the National Chart of Accounts and the exigencies of the Nigerian system, without compromising any of IPSAS’s requirements. For example, we have put in so much into designing and building the Budget and Project monitoring and control modules because of the importance of these two activities to the government. Integrating these two modules seamlessly with the General Ledger also makes execution, monitoring and reporting very easy. It is our hope that public sector entities in Nigeria (at the Federal, State and Local government levels) will embrace this software as part of their efforts and duty to render transparent accounting, and in line with the provisions of the International Public Sector Accounting Standards (IPSAS). Perhaps, this could be one way the government will be able to win the trust of the people. Afterall, IPSAS is more about the interest of the people.
ExpressBook Medix is designed and built to automate accounting and medical records management functions for hospitals. The accounting module comes in two versions—International Public Sector Accounting Standards (IPSAS)-compliant version (for government-owned hospitals), and the International Financial Reporting Standards (IFRS)-compliant version (for privately-owned hospitals). The medical administration module is essentially the same for the two versions. The IPSAS-compliant version comes pre-loaded with the National IPSAS Chart of Accounts.