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which has been activated to receive these invoices digitally, and to communicate with vendors.
The measure follows the recent approval by the Council of Ministers of the General Purchasing Conditions for Delivery of Goods and Services.
According to the Minister of Finance, Marinka Gumbs, “A significant benefit of this new process is that there will be a central point, the Accounting Department of the Ministry of Finance, that will now be aware of all invoices due.”
“This will improve payment activities, accounts payable activities, and cash management activities, thereby enhancing public financial management,” said the Minister.
Minister Gumbs explained that before an invoice is accepted, it will be vetted to ensure that all required information is included.
These requirements include: the Vendor’s name and contact information; a unique invoice number, the vendor’s CRIB and Chamber of Commerce registration numbers, their banking information, and the Ministry, Department and/or Person within the Government that received the goods and/or services.
At a later date, the vendor will also be required to provide the government-issued Purchase Order number.
“Once we are assured that the invoices have the necessary information, the Accounting Department of the Ministry of Finance will be tasked with routing the invoice through the organization to receive the necessary approvals before proceeding with payment,” said the Minister of Finance.
“The Department will also monitor the agreed upon timelines to ensure that the invoices are returned promptly for payment by the Ministry of Finance (or alternative handling),” Minister Gumbs further clarified.
All these requirements will be published in the National Gazette, placed on the government website, and announced internally and publicly.
The implementation of a centralized invoice receipt will directly streamline the way the Government handles invoices for services and goods received from third parties and improve payment and accounts payable activities.
To read more:
https://smn-news.com/index.php/st-maarten-st-martin-news/45920-finance-minister-marinka-gumbs-streamlines-third-party-invoicing-process.html
