CID Baltic has developed a solution for the public sector “myLOBster FVAS”
CID Baltic – member of the international group of CID companies– has developed a solution for the public sector “myLOBster FVAS”. Competitive advantage of myLOBster FVAS is that this solution has implemented all the functionality necessary for the public sector. This system is for strategic and activity planning, accounting management, budgeting, personnel and salary, document management and the consolidated entity reports. A company is able to deploy this solution to any level of government organizations as well as top-level government structures in Lithuania. ´
The development of “myLOBster FVAS” is related to reform of Public Sector Accounting and Financial Reporting System in Lithuania. Since this year public sector institutions must manage their accounts through the new Ministry of Finance certified public accounting and financial reporting standards (VSAFAS) and switch to the accrual accounting. In order to comply with the accounting and financial reporting standards public companies have to change the existing financial accounting systems. This reform is sponsored by the European Union. The reform in Lithuania is carried out in order to move to the same accounting standards as well as across the EU. Besides that the purpose of this reform is to improve public sector activities.
CID Baltic actively participates in this process. The company won the contest in one municipality and is preparing the implementation of “myLOBster FVAS”.
SOA technology, used by CID Baltic, allows slightly and in real-time creating information links between government departments and any other organizations. System is more advanced and has more opportunities than competitive solutions in web browsers. This ensures more efficient work of the system users.
