Financial management
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Open1|Finance is the new OTS software system that covers every aspect of a financial department, however complex. It simplifies complex procedures and ensures regulatory compliance.
It offers:
The platform offers full compliance with the International Public Accounting Standards (IPSAS) and the respective requirements that concern the public organisations.
The system Collaborates closely with other software applications of the Open1 family of products by OTS, and also interoperates with central government systems.
Budgeting
Open1|Finance supports all budgeting workflows with an easy-to-use user interface and includes features such as transferring balances from previous fiscal years. It also provides estimations based on previous years, with auto-calculation and adjustments based on fixed percentages, calculation of upper limits for total revenue and analysis of costs per expense/income category and others.
Invoice And Payment Processes
The system supports submission and management of expenditure requests by organizational units and provides automatic creation of budget allocations. It also supports interconnected allocation requests. Monitoring of multi-year expenditure statements and full and/or partial revocation of an expense statement can also be run through the system, as well as monitoring of balances and overdrafts, and contract details. Open1|Finance supports unlimited types of Invoices, customizable invoice templates and online publication of supplier tax information through the state website (IIPR), payment order generation, and automatic invoice conversion. Those using the platform can track, with it, any contract fulfillment and related materials, assets, and services. A detailed warehouse management with inventory valuation is carried out with Open1|Finance as well as asset monitoring, depreciation, and grant management.
Comprehensive Claims And Income Management
