The MOF delegation shed light on the crucial role of the CFS in managing the financial aspect of government work by linking ministries and government organizations through a set of Oracle E-Business Suite applications.
The most significant of these applications being the "General Ledger" where each ministry or government organization is separately identified with its allocations, expenditures and revenues posted to the system; "Payables", which is used for matching invoices with purchase orders; and "Purchasing", which creates purchasing orders for goods and services and ensures that required financial resources are available.
Among the major CFS’ benefits highlighted during the presentation were: avoiding duplicate data entry; cost savings, averting any spending that exceeds allocated budgets, and providing a central vehicle for government financial transactions.
CFS reflects the keenness to adopt best practices with regard to payment systems and financial management as a whole.
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Quelle/Source: Bahrain News Agency, 28.01.2015
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