HM Treasury is seeking to overhaul financial accounting systems run by its Exchequer Fund and Accounts (EFA) team.
The government department has issued a notice for suppliers to help develop a long term strategy for its treasury management system, covering financial accounting, payments and forecasting for government bank accounts.
The accounting and payments system deals with the accounting of main government bank accounts, as well as issuing funds to government departments, and forecasting cash flows each day.
The contract notice cover a number of services, including financial analysis and accounting software development, database software development services, as well as the installation of computers and information-procession equipment.
The EFA team is responsible for two main government bank accounts, the National Loans Fund and Consolidated Fund, which is used to transfer money within government and public sector bodies. Payments from the two accounts need to be reconciled each day, using electronic banks statements from the Bank of England.
The EFA is also responsible for other accounts held by the Government Banking Service (GBS), part of HM Revenues & Customs.
The Treasury said that a new accounting system would have to interface with the GBS system, currently provided by Citi Bank.
Any proposed solution would need to comply with the Treasury’s Windows-based corporate IT infrastructure system.
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