Home > Financial > New Finance Shared Service Centre aims to save 15m a year

New Finance Shared Service Centre aims to save 15m a year

Written by Robert McHugh, on 11th Aug 2017. Posted in Financial

article headline

The Minister of State for Public Procurement, Open Government and eGovernment, Patrick O’Donovan TD, yesterday claimed that the Government’s modernisation programme is on track to deliver savings of approximately €15 million per annum through the establishment of a new Finance Shared Service Centre.
 
A new technology solution, which will allow the Finance Shared Service Centre to go live in 2018, hopes to realise millions in annual savings for the State by replacing 31 existing Government financial management and reporting systems.
 
This new centre, which will begin providing finance shared services next year, will be co-located with payroll in Galway, Killarney and Tullamore. Civil service staff from existing finance functions within Departments will be redeployed to these centres. 

Recruitment is expected to begin across all three locations in late 2017 and continue on an annual basis until the Finance Shared Service Centre is fully established in 2020.
 
The case to establish a Civil Service Finance Shared Service Centre was approved by Government in January 2016. When fully operational, it will process approximately 625,000 invoices, administer €30 billion and account for in excess of €50 billion in gross expenditure, according to the Government.
 
Minister O’Donovan said, "The new financial shared services model reflects a real shift in how we will manage and use our financial data. This project will deliver significant benefits to the public through improved Government financial management at a lower cost, and is a central part of the reform agenda that is being pursued."

Source: www.businessworld.ie

More articles from Financial

image Description

Bank of Ireland Business On Line wins at Global Finance Awards

Read more
image Description

KBC records net profit of 173.1m for first half of year

Read more
image Description

Ireland's lost decade is at an end claims Goodbody but risks remain

Read more
image Description

Irish consumer spending rises in July

Read more
image Description

SBCI supports over 21,000 SMEs with loans totalling 855m

Read more