Upload
duongduong
View
215
Download
0
Embed Size (px)
Citation preview
FINANCIAL SYSTEMS UPGRADE
Joaquin Acevedo & Jeff Aschkinasi Finance Commission
26 February 2014
BACKGROUND
• The AMS accounting office processes payments for our 390+ subsidiaries (clubs, constituencies, and resource groups) and all of our internal departments/businesses.
• Since May, we have already issued over 4,400 cheques to date and innumerable amount of cash disbursements
• Our procedural workflows have not changed significantly in over two decades and no longer reflect best-practices nor students best interests.
Average time to process a deposit: 4 business days to 1 week
Cheque requests: 1 week
Cash disbursements: 3 business days
Journal Vouchers: 1 week+
Office backlog: Average of 12 business days backlog for non-cash, subsidiary payments
Coding inaccuracies: ~6% of transactions are miscoded by either staff or submitters
Policy compliance: Over 10% of requests are not following AMS/FinCom policy
CURRENT STATS
“How quickly were we able to resolve your issue?” Over 30% of respondents said we were not able to resolve issues in a
timely fashion Comments from club executives
“Processing invoices is where I have the most trouble with errors and time”
“I would like it if there were an easier way to pay external organizations…”
“It sucks that people can only pick up their reimbursements during select hours”
“The banking system with the AMS is outdated” “Improve SharePoint reports and the software as they doesn’t function
properly” “AMS procedures take much too long to get anything accomplished”
CUSTOMER SATISFACTION
Discovery Evaluation Product selection Outcomes
EXPENSE AUTOMATION
Additional functions Online reporting Journal Vouchers Money orders Insurance requests Corporate credit card requests Float requests
Discovery Ungerboeck
Current solution SugarCRM
Outcomes
Additional functions Contracts Subsidies Grants Management Waivers
CRM
Last “audit” completed 3 years ago Need for updated data Implement new procedures Actually conduct audit of all fixed
assets
AUDIT
Improves service to AMS, clubs and constituencies. Organizes and
increases data access Reduce A/R & A/P
Costs
BENEFITS
Increased security, fraud detection, and error detection Sustainable
practices (less paper! YAY!) Brings AMS up to
the 21st century
t
Component Cost
Expense Automation $41,000 OTC
eCommerce $0
CRM $1,000 OTC $500 annual
Audit $1,000 OTC
BUDGET
Other costs Cost
Systems Project Coordinator $16,800 OTC
5% Contingency $3,015
$63,315 TOTAL PROJECT COST
Funding Source: Capital Projects Fund (formerly Student
Spaces/CPAC)
Current Balance: $724,000 Expected Revenue for FY15: ~ $350,000
BUDGET