Tools for financial management
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Tools for Financial management. FFIT: Faculty Financial Inquiry Tool CMS: Commitment Management System. July 2011. Agenda. FFIT CMS How the two tools work together How we review PTAs in preparation for FFIT. Stanford University Confidential. FFIT was designed to answer a simple question.

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Tools for financial management

Tools for Financial management

FFIT: Faculty Financial Inquiry Tool

CMS: Commitment Management System

July 2011


Agenda

Agenda

  • FFIT

  • CMS

  • How the two tools work together

  • How we review PTAs in preparation for FFIT

Stanford University Confidential


Tools for financial management

FFIT was designed to answer a simple question

  • How much money do your faculty members have?

Stanford University Confidential


Tools for financial management

It used to be hard to answer this question

  • Before FFIT,

  • The information needed to manage funds was scattered

    • Expenditure statements

    • Fund statements

    • Fund authorizations

    • Shadow systems

  • Faculty could not access the information directly

  • Stanford University Confidential


    Tools for financial management

    Now you can answer the question more easily

    • FFIT is…

    • Convenient – accessible 24/7

    • Comprehensive – see your faculty

      • Account balances

      • Budgets

      • Expenditures

      • Commitments

      • From any computer, anytime

    Stanford University Confidential


    Tools for financial management

    To see the faculty accounts you manage

    • log on to

  • https://ffit.stanford.edu

  • (or just type “ffit” into any campus browser)

  • Stanford University Confidential


    What is cms

    What is CMS?

    • Planning and forecasting tool that incorporates expenditure, commitment and budget data

    • Oracle Financials hard commitments are the starting point for forecasts in CMS

    • New & revised data is fed into CMS nightly


    Reasons to use cms

    Reasons to use CMS

    • Lessens the need to manually enter information into spreadsheets

    • Perform “what if” analysis

    • Central data access by multiple users

    • Contains a variety of reports

    • Updated commitment and

      balance information can be viewed in FFIT


    Demonstration cms

    Demonstration - CMS

    https://ofweb.stanford.edu

    (or just type “ofweb” into any campus browser)


    Tools for financial management

    FFIT works when the “owner” values are right

    • Three step review process

    • Thoroughly review all accounts,

    • Review accounts for possible closures

    • Review FFIT as department faculty will see it.

    • Suggest iBudget entries to reflect correct allocation balances

    Stanford University Confidential


    Tools for financial management

    Key Takeaways

    • FFIT

    • CMS

    • Working together

    Stanford University Confidential


    Tools for financial management

    Do you have any questions?

    Stanford University Confidential


    Tools for financial management

    FFIT is being used across campus

    Stanford University Confidential


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