Not every financial-accountability software solution can claim to change how countries work. The Government Accountability Solutions from FreeBalance can. And it is finding a niche in developing countries as well as those undergoing reconstruction or restructuring.
“What we do is combine multiple bank accounts in one, automate it and divide (fiscal) responsibility so one person can’t control everything,” Bruce Lazenby, President and CEO of FreeBalance told the Business Edge (Ontario, Canada). “This leaves a trail for an auditor. So, if there’s a problem, the political thing kicks in and the bad guys find out this isn’t an academic exercise.”
The Government Accountability Solution is a unique combination of software and services designed to help governments enhance transparency and credibility. It provides core financial solutions like preparing budgets, tracking grants or loans, purchasing and financial reporting. Planning, Implementation and Sustainability services are also available.
“Without this type of responsibility, there can be no economic stability,” Lazenby tells the Business Edge.
There are other options, but many carry pricetags far beyond what developing nations can afford. FreeBalance’s solution carries a more affordable price and it works. Governments across five continents, including Afganistan, Sierra Leone, Guyana, Timor Leste (formerly East Timor), Kosovo, Jamaica and Antigua have implemented FreeBalance’s solutions.
Mongolia is the most recent nation to begin the transition to free market economics with the help of FreeBalance’s Government Accountability Solutions.
“Today, that transition has been successful and we’ve achieved many tasks,” Mongolian Treasury Department Director General Khandsuren Purevsuren told the Ottawa Business Journal during a week-long study tour of Canada in August. “If you compare now to 1990 Mongolia, there has been so much success.”
So much success that the World Bank is moving funds directly into Mongolia’s financial system for the first time in the country’s history according to Business Edge.
“The government runs on money…the World Bank and IMF have to be impressed enough with what you’re doing to allow the government to handle its own financial affairs,” Lazenby told the Ottawa Business Journal.
Together, FreeBalance, Mongolia and other countries using FreeBalance Government Accountability Solutions are drawing the blueprint for a swift and successful transition to free market economics that other nations around the world can follow.