Project Description

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:

  • Financial management of an organization
  • Budget monitoring and reporting
  • Revenue and expenditure management
  • Asset and warehouse management
  • Dynamic reporting and informational dashboards
  • Regulatory Compliance

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

Through the system, every income is monitored and certified with an easy to use and manage procedure:

COMPREHENSIVE DEBT MANAGEMENT AND COLLECTION

  • Monitor overdue debts: Tracking and analyzing of outstanding debts.
  • Send debt alerts: Debtors notification about overdue payments.
  • Manage debt arrangements: Creation and monitoring of payment plans.
  • Handle compulsory collection measures: Initiation of legal actions like confiscations.
  • Manage debt deletion requests: Processing of requests for debt forgiveness.
  • Automate evidence tracking: Tracking the status of certification documents.
  • Automate insurance deductions and taxes: Automatic document generation.
  • Process income notes: Submission of annual and monthly income certificates.
  • Support electronic payments: Facilitation of payments through various channels (Open1|EasyPay, SEPA).
  • Manage bank accounts: Tracking banking transactions.
  • Process checks and remittances: Handle check payments and remittances.