The integration with donor and recipient financial systems is a key enabler for aid transparency. Transparency and accountability are dominant themes in governance and are key factors to improve aid effectiveness.
Ottawa, Canada (PRWEB) June 08, 2011
FreeBalance, a For Profit Social Enterprise (FOPSE) software company that helps governments around the world to leverage robust Government Resource Planning (GRP) technology to accelerate country growth, has published a white paper titled “Aid Transparency Integration: The Integration of Donor and Recipient Government Financial Systems.” This white paper will be presented as part of the Aid and International Development Forum (AIDF) in Washington, June 8-9. Visit FreeBalance booth #311 to learn more.
The FreeBalance white paper describes how integration between donor and government financials systems reduces transaction costs and corruption through automation. This improves efficiency and effectiveness by data harmonization. The white paper also details how manual methods of integration compromises data quality and timeliness resulting in less coordination and less effective aid. It reveals that tracking disbursements from donors and payment by recipient governments does not show progress, so aid transparency and effectiveness can be improved by following the commitment cycle used in government commitment accounting. And, the white paper advocates the use of program budgeting by all aid stakeholders for timely reporting and ease of integration with project documents.
"The integration with donor and recipient financial systems is a key enabler for aid transparency. Transparency and accountability are dominant themes in governance and are key factors to improve aid effectiveness," said Manuel Pietra, President & CEO of FreeBalance. "Integration can be accomplished with aid management, budget preparation and budget execution systems. Government Resource Planning systems can seamlessly be integrated and support the International Aid Transparency Initiative standards."
The FreeBalance Accountability Suite is a Government Resource Planning (GRP) solution that supports transparency and accountability. FreeBalance solutions for governments and external aid projects and funds simplify administration and reduce transaction costs for government or private organizations managing aid projects. The FreeBalance Accountability Suite automates reporting to donors, project finance management, and project performance management. The FreeBalance solution operates in developing nations around the world, including low-capacity countries, and providing effective donor reporting that meets international standards.
FreeBalance is active in 19 countries, including Antigua & Barbuda, Afghanistan, Canada, Iraq, Kosovo, Kyrgyz Republic, Liberia, Mongolia, Namibia, Pakistan, Sierra Leone, Southern Sudan, Timor-Leste, and Uganda among others. FreeBalance software manages more than a quarter trillion ($US) annual budgets worldwide. More than 70,000 users around the world use FreeBalance software to manage a global civil service workforce of 1,500,000.
FreeBalance helps governments around the world leverage robust Government Resource Planning (GRP) technology to accelerate country growth. FreeBalance software solutions for public financial and human resource management support reform and modernization to improve governance, transparency and accountability. Good governance is required to improve development results. For more information, visit http://www.freebalance.com.