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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

slide3
FFIT was designed to answer a simple question
  • How much money do your faculty members have?

Stanford University Confidential

slide4
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

slide5
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

slide6
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)

slide10
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

slide11
Key Takeaways
  • FFIT
  • CMS
  • Working together

Stanford University Confidential

slide12
Do you have any questions?

Stanford University Confidential

slide13
FFIT is being used across campus

Stanford University Confidential

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