Finance

Home page

Finance

SINAM starts introducing financial and accounting reporting system in Finance Ministry

06 July 2012 12:36 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. SINAM company, which is one of the leading system integrators of Azerbaijan, South Caucasus and Central Asia in the field of e-government solutions, has launched another challenging project. SINAM company won the tender for development and implementation of Financial and Accounting Reporting Application for Budgetary Institutions (FARABI, Phase 1) announced by the Ministry of Finance of the Republic of Azerbaijan on November 11, 2011 under the "Corporate and public accounting" project, the company’s press release says on Friday.

The aim of the project is to assist in strengthening and modernization the capacity of public policy and analysis of funds through implementation of financial and accounting system, based on the state-of-the-art international practices, in the budgetary institutions.
Known as the English name FARABI, this system will support: implementation of modern accounting and reporting forms, a new centralized and client-oriented information system, improvement of administrative skills as well as streamlined process of internal and external reporting.

The FARABI system based on web technology and consisting of components SERP for financial and accounting reporting management (including the following modules: Accounting, General Ledger, Personnel, Fixed Assets, Payroll, Financial reports), Oracle BI for analytical reports and Clix LMS designed to manage the training courses for users of FARABI system will be installed in the Data Center of the Ministry of Finance. The initial phase of the project will be completed within 14 months.
It is planned at the initial stage to connect to the FARABI system 35 public and private higher education institutions as well as 4 ministries. In future it is considered to increase the number of connected institutions to the system as well as to bring the total number of connected users (licenses) of these institutions up to 4000.

In general, it is envisaged that all the ministries and other government organizations in Azerbaijan will be connected to the FARABI system. Other institutions, submitting the financial reports to the Ministry of Finance, will also be connected to this system.

In the FARABI system particular attention is paid to information security. Thus, the system provides security and control on the basis of the latest SSL technology and Public Key Infrastructure (PKI). This will be achieved through the integration of the FARABI system with SPKIS- SINAM’s e-signature solution. It should be also noted that the SPKÄ°S system is fully compatible with the SERP software, which is the core of the FARABI system.