Unit4, a world leader in enterprise systems for public services, has been selected as part of an €11.6m contract between the Government of Malta and accounting firm, Grant Thornton, that will see all Ministries and Government departments change the way they manage their finances, from a cash accounting to an accrual system.
With EU funding, Unit4 Business World will be implemented in every Department and Ministry following an 18-month pilot project, with a 30-month roll-out plan. Described by Finance Minister Edward Scicluna as a “revolutionary change”, the new system will move them into the 21st century, with a fully devolved accrual based finance, budgeting and information system that will ensure more accountability and transparency in Government income and expenditure.
“Mainly financed by the European Union, this is an important project that will ensure all Ministries and Government departments keep their books according to international standards,” said Joe Pullicino, Partner at Grant Thornton Malta. “They will have access to more accurate, reliable and timely information, and consistency over how each department administers its finances. The Unit4/Grant Thornton consortium took the time over a five-year period to fully understand requirements, needs and culture in order to propose a complete and cost effective solution that is proven in Government.”