Gaya: Shortage of skilled personnel in the finance and accounts sections of Magadh University threatens to queer the pitch for the proposed introduction of smart financial management.

The shortage has delayed implementation of the scheme called comprehensive financial management system developed by Tata Consultancy Services for real-time fund tracking and account reconciliation. It introduces one-time data entry at source only and provides for digital signatures.

"This module will bring out effective financial discipline in terms of accuracy and effective expenditure control, better management of pension and cheque along with effective payment processing of the profit and loss account," claimed an official.

The proposed changes in the mode of salary payment to the university and college employees of the state has also caused delay in salary payment.

Discontinuing the earlier practice of transfer of salary grant to the university accounts maintained with the SBI, the system of treasury payment is being introduced.

Treasury payment, according to education department sources would plug the leakages. The leakages account for about 15 per cent of the salary fund. The university has already opened a profit and loss account No. 295 for the purpose.

University employees are to be trained for a switchover to the comprehensive financial management system but MU and several other universities do not have enough professionals to operate the system. A high level of computer expertise is required to manage the system, said an official.

The university officials have yet to receive the complete guideline to switch over to the new system of salary payment, which is likely to face several teething problems. Once the system becomes operational, utilisation certificates will be automatically generated.

For the past several years, the state government has been delaying the release of salary grant on the alibi that the universities do not submit utilisation certificates in the proper format. That alibi would go once the comprehensive financial management system becomes operational.

Refusing to share details of the proposed changes, MU VC Prof Qamar Ahsan said like every innovative scheme, this one too may initially cause some bottlenecks, but once properly trained, the university staff may not have much of a problem in digital financial management.