IPLS finance/account system
Since 2005 IPLS has adopted GMSMe to establish, maintain and run its Financial System. As a result of our soaring prestige and influence in the Albanian society IPLS’s Executive Board decided to introduce a financial system that would ensure compliance with the established policies and procedures, provide transparency, accountability and consistency and give accurate and complete record of the organization’s activity.
Summary of GMSMe features
IPLS Sources of Finance
- GMSMe ensures profound budget management and strong financial control, provides transparency in work with project and contracts from programmatic and financial point of view including multi-funded projects.
- GMSMe has in-build accounting module which comprises of General Ledger, AP (including a check writer) and AR, petty cash management and bank reconciliation, functionally. The multi-currency functionality enables all accounting bookings to be automatically calculate and recorded in two currencies. Each transaction is mapped to multiple Chart of Accounts thus meeting local statutory reporting requirements and requirements according to IAS and GAAP.
- GMSMe provides strong reporting tools covering financial, management, accounting (local and IAS), Specific funding agencies’ reporting needs and data consolidation at HQ. The system standardizes documentation created in the course of work.
- GMSMe is in full compliance with USAID rules and regulations including the terrorist list automation check. It also meets the requirements of the other major US and European donors and funding sources.
- GMSMe unitizes from the latest internet technologies – on-line application module for submission and preliminary review of applications is developed. In addition, one installation can be accessed remotely, maintenance and trouble shooting is provided remotely.
IPLS’s major sources of financing include a variety of prestigious international agencies such as USAID, World Bank, Open Society Institute, etc. In accordance with its established fund raising policy and practice IPLS has been successful in either winning open bids organized in Albania (notably World Bank, USAID, DANIDA) or, in many instances, taking its own initiative to raise funds. In other occasions, funding agencies have solicited the IPLS contribution to propose and implement projects in various areas of public law where IPLS has built a consolidated reputation.
- Major domestic and international donors: USAID, World Bank, National Endowment for Democracy, American Embassy/Democracy Grants, Press Now, DANIDA, OSFA-Soros Foundation, OSCE, Ford Foundation, East West Management Institute, EU, etc.