Financial Times

BOI's Finance Dept aims for efficient corporate services
The Finance Department of the Board of Investment of Sri Lanka is making progressive developments in processing its financial transactions through new systems, the latest initiative being in collaboration with the Golden Key Company Ltd, the BOI said.

The induction of this new system has made it possible for the BOI to cover a wide range of duties such as general ledger, accounts receivable, accounts payable, cash-book operations & inventory module.

The result is that the BOI is now able to process transactions much faster increasing efficiency and productivity of the BOI. The finance department staff is now able to carry out faster debt collection and faster data processing. "The whole process has not only enhanced the quality of service, but strengthened staff morale and efficiency," said Pauline Matthias, Executive Director (Finance)/BOI.

She said, biannual and annual accounts were handed on time and the annual accounts for the year ending on 31 December 2002 were submitted to the Auditor General by end February 2003, well before the deadline.

The system also enables concerned parties to make payments for application processing fees, for annual ground rents, annual fees, agreement processing fees and other related payments, using their credit cards.

The facility will allow investors who are located overseas to lodge their applications to the BOI without calling over at the BOI office. It also enables existing investors to settle their invoices via the website through a secured payment gateway.

By introducing this advanced technology, the BOI has been able to handle much faster the growing volume of paperwork and at the same time to offer investors a user-friendly service.

Back to Business