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About Finance Shared Services

Published on July 7, 2022

Last update on Feb. 9, 2023

In April 2022, Finance Shared Services was launched with eight Public Service Bodies. The new central finance accounting system will replace 31 different legacy finance systems over time, eliminating the need to maintain, support and upgrade multiple different systems, reducing cost and improving security.

Finance Shared Services will provide a centralised, standardised accounting and finance service on a single-technology platform to 48 government bodies who will be brought on board on a phased basis over the next three to four years. It will consolidate expenditure through the exchequer and support eInvoicing and eProcurement and the management of supplier data.

Finance Shared Services will support these critical finance and accounting administration for central government, including:

  • invoicing
  • eProcurement
  • accounts payable
  • accounts receivable
  • fixed assets and asset maintenance
  • cash management
  • tax management
  • general ledger

The implementation will enable the financial reporting reform required to support the move to international accounting standards. In addition, the simplification and standardisation of accounting processes across central government will strengthen compliance with EU and international reporting and transparency requirements.

Benefits of Finance Shared Services

The benefits of this new central finance accounting system to government and to the taxpayer are:

  • It will replace 31 different legacy finance systems, over time, eliminating the need to maintain, support and upgrade multiple different systems, reducing cost and improving security.
  • This single platform will consolidate expenditure through the exchequer. It will support invoicing and eProcurement and the management of supplier data.
  • The implementation will enable the financial reporting reform required to support the move to international accounting standards.
  • The simplification and standardisation of accounting processes across central government will strengthen compliance with EU and international reporting and transparency requirements.