1 / 13

Tools for Financial management

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.

gerda
Download Presentation

Tools for Financial management

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Tools for Financial management FFIT: Faculty Financial Inquiry Tool CMS: Commitment Management System July 2011

  2. Agenda • FFIT • CMS • How the two tools work together • How we review PTAs in preparation for FFIT Stanford University Confidential

  3. FFIT was designed to answer a simple question • How much money do your faculty members have? Stanford University Confidential

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. Demonstration - CMS https://ofweb.stanford.edu (or just type “ofweb” into any campus browser)

  10. 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

  11. Key Takeaways • FFIT • CMS • Working together Stanford University Confidential

  12. Do you have any questions? Stanford University Confidential

  13. FFIT is being used across campus Stanford University Confidential

More Related