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Financial Systems Update

Financial Systems Update. Jeanne Marie Isola, UW-IT Information Management. MRAM November 8, 2012. Finance Program Roadmap. eFECS Phase III - VI. Implement. Plan. Implement. Plan. Implement. Procure to Pay. Implement. Plan. Implement. Plan. My FD Automated JVs. Plan.

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Financial Systems Update

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  1. Financial Systems Update Jeanne Marie Isola, UW-IT Information Management MRAM November 8, 2012
  2. Finance Program Roadmap eFECS Phase III - VI Implement Plan Implement Plan Implement Procure to Pay Implement Plan Implement Plan My FD Automated JVs Plan Implement Options Analysis Initiate Replacement Stabilize or replace “at risk” products (e.g. Vitcos, Oasis etc.) Production Support/ /Incremental improvements Jeanne Marie
  3. eFECSPhase 4-6 Roadmap Planning September Permanent Cost Share Tracking approach October Cost Share Intersections on Research Management Lifecycle November Architecture Prioritization Estimates December Roadmap Proposal Articulate improvements as ways to reduce: Administrative Burden Compliance Risk
  4. High Level Cost Share Life Cycle Opportunities: Reduce administrative effort & Improve Usability across business process Increase compliance Essential Collaborators: Grant Contract & Accounting, Management Accounting & Analysis, Academic Units, Office of Research, Decision Support Center, and UW-IT
  5. Procure to Pay Roadmap Business Value Proposition Comparison to U of Michigan: University of Michigan has larger spend ($2B vs. $1B) yet fewer non-central FTE involved in procurement function 3.5 % > 1 %
  6. eProcurement Strategy Overview Goal:Utilize eProcurement to manage all procurement functions creating a streamlined, single point of entry for all purchases. This should standardize the process and reduce costs. PAS *Requisition/PO Accounts Payable Payment Scheduling, Accruals, Payment Processing, APE Interface, 1099, etc. Contract Compliance *Non-PO *eInvoicing Sourcing Non-Catalog eProcurement Encumbrances *eReimbursements Vendor Management Payments to individuals Contract Management * Modules are Implemented
  7. Procure to Pay: To the future Non-Catalog Ordering and Non-PO Invoices will allow campus users to order good and services taking advantage of the eProcurement features like approval flow, electronic order routing, and electronic invoicing
  8. History of My Financial Desktop
  9. Accomplishments! $400,000 to $600,000 in annual savings from in FM staff time; more savings throughout. 50% reduction in printing BAR/BSR reports Eliminates time-consuming manual process used by over 3000 PIs and UW fiscal staff 75 percent time reduction to generate individual transactions in over 40,000 budgets
  10. Coming Soon!My Financial Desktop Automated Journal Vouchers
  11. Questions?
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