Consultant for an Integrated Accounting System

Terms of Reference

Consultant for an Integrated Accounting System

Invest TCI

1. Background

Invest Turks and Caicos is the national investment promotion agency, established in 2015 to facilitate and promote domestic and foreign investment in the Turks and Caicos Islands. In addition to its statutory mandate, the organization operates one revenue-generating unit that sells items on a consignment basis. The Agency also administers the MSME grant programme that disburses funds to multiple recipients. This includes managing disbursements, monitoring utilization, and reporting on grant performance and compliance.

To strengthen financial governance, efficiency, and transparency, the Agency intends to procure and implement an Integrated Accounting System. The system will automate core financial and procurement workflows, support statutory compliance, improve internal controls, and provide real-time financial visibility.

2. Objectives

The overall objective of this TOR is to engage a qualified vendor to recommend, supply, implement, and support an Integrated Accounting System that:

• Complies with the Turks and Caicos Islands Public Finance Management and Procurement Ordinances.
• Automates accounting, procurement, and payment processes.
• Supports management of government subventions and internally generated revenue.
• Enables end to end management of consignment sales.
• Facilitates MSME grant administration including approvals, disbursements, monitoring and reporting.
• Enforces statutory approval hierarchies and expenditure controls.
• Provides real-time visibility into transaction status and financial performance.
• Strengthens internal controls, audit trails, and financial transparency.

3. Scope of Work

3.1 System Recommendation and Customization

The consultant shall:

• Configure/customize the system to align with organizational and statutory policies.
• Define user roles, permissions, and approval hierarchies.
• Ensure segregation of duties and internal control compliance.

3.2 Core Functional Requirements

The Integrated Accounting System shall include, but not be limited to, the following modules:

a) General Ledger and Public Sector Accounting

• Chart of accounts aligned with TCI Government reporting structures.
• Segregation of subvented funds and internally generated revenue
• Automated journal postings and period closing.
• Commitment control and expenditure monitoring.

b) Budgeting and Subvention Management

• Annual budget setup and allocation by department and funding source.
• Budget availability checks prior to commitments.
• Tracking and reporting on subvention utilization.

c) Purchase Order (PO) and Purchasing Management

• Automated budget and commitment checks.
• Automated purchase order generation and tracking.
• Multi-level approval workflows aligned with procurement thresholds.
• Support for different procurement methods (e.g., quotations, tenders, sole source, where applicable).
• Complete audit trail to support procurement reviews and audits.

d) Payment Request and Disbursement

• Payment request initiation linked to approved Pos or contracts.
• Invoice matching (PO–Invoice–Receipt).
• Approval workflows for payment requests.
• Capability for integration with banking platforms.

e) Revenue and Consignment Sales Management

• Registration of consignors and agreements.
• Recording of goods received and inventory tracking.
• Point-of-sale (POS) or sales recording functionality.
• Automated calculation of commissions.
• Statement settlement and revenue reporting.

f) MSME Grant Management

• Registration of grant beneficiaries.
• Recording of grant approvals and awards.
• Tracking disbursements against approved grant limits.
• Monitoring of grant utilization and remaining balances.

g) Reporting, Dashboards, and Status Tracking

• Real-time tracking of procurement, payment, and revenue transactions
• Management dashboards for finance and senior management
• Statutory and management financial reports
• Export capabilities (PDF, Excel, etc.)

h) Security, Compliance, and Audit

• Role-based access control.
• Secure authentication and data protection controls.
• Comprehensive audit logs.
• Compliance with all relevant ordinance and policies.
• Comprehensive audit logs

3.3 System Integration

• Integrate with existing systems such as QuickBooks, where required.
• Perform data migration from QuickBooks
• Validate migrated financial, vendor, customer and grant data

• Provide API capabilities for future integration

3.4 Implementation Services

The consultant shall provide full implementation services including:

• Project planning and management
• System installation and configuration
• Data migration and validation
• Go-live support and stabilization

3.5 Training and Capacity Building

• User training for finance staff, approvers, and end users
• Administrator and technical training
• Provision of user manuals and system documentation

3.6 Post-Implementation Support and Maintenance

• Warranty period with free support and bug fixes
• Ongoing technical support and helpdesk services
• System updates and upgrades
• Service Level Agreements (SLAs)

4. Deliverables

The consultant shall deliver:

1. Detailed system recommendation and implementation plan.
2. Fully configured and operational Integrated Accounting System.
3. Migrated and validated financial data.
4. Training materials and complete training sessions.
5. User and technical documentation
6. Post-implementation support plan and SLA

6. Qualifications & Experience

• Proven experience in implementing integrated accounting or ERP systems for public sector or statutory bodies.
• Experience with revenue-generating operations, preferably consignment or retail sales management
• At least three similar projects were completed successfully.
• Qualified functional, accounting, and technical personnel
• Financial stability, legal eligibility, and ability to work with public institutions.

7. Proposal Submission Requirements

Interested consultants shall submit proposals including:

• Company profile and relevant experience.
• Technical proposal addressing system functionality and implementation approach.
• Implementation timeline and methodology.
• Financial proposal with detailed cost breakdown.
• Support and maintenance plan.

8. Reporting and Governance

The vendor will report to the Corporate Finance Manager and participate in regular project review meetings. Key milestones and deliverables will require formal approval.

9. Application Procedure

Interested consultants are invited to submit their proposals, including:

• Cover letter explaining their eligibility for the assignment and interpretation of the tasks.
• A detailed methodology and work plan.
• Relevant experience and qualifications.
• Proposed budget and fee structure.
• At least three (3) references from previous clients.

All proposals must be submitted to mnazon@investturksandcaicos.tc on or before March 21^st, 2026.