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Finance Process Review

By Dolores Weaver,2014-08-07 12:04
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Finance Process Review

Finance Process Review

Status Update November 2007

Autumn 06

     Process Review Programme initiated in line with University Strategy

    and communicated to staff

     Planning and design of Finance Process Review with Ernst & Young

Autumn 06 Spring 07

     Representative staff consultation covering current finance processes

    and ideas for improvement. Views gathered via 40 one-to-one

    interviews, 5 workshops and website questionnaire.

     Quantitative data gathering

     Benchmarking against best practice organisations

     Report to Programme Board and University Management Advisory

    Group

Overall Feedback

     Staff interviewed were generally positive about current finance

    processes and have a good working relationship with central finance.

     However a number of improvement opportunities were noted, some

    commonly-experienced and some area-specific. These along with best

    practice advice informed our recommendations for the future.

What Does Good Look Like?

     Organisation Technology Success Factors

    Customer focus Integrated ledgers Clear roles & policies

     Devolved budgets One source of data Standardisation

     & asset ownership Electronic Good communication Centralised transactions Clear timetables processing & authorisation Skills & training Automation

     Workflow

Focus of Recommendations

Finance Organisation

     Academics and similar staff should focus their effort on areas such as

    planning and forecasting for which ‘local knowledge and expertise’ are

    vital. Devolution of budgets should be maximised. Routine finance

    processes should be performed (where possible) by specialist support

    staff. Finance roles should be defined and positioned in order to allow

    this focus.

     Staff performing finance roles should be supported with role-based

    training and toolkits.

     Define & position finance roles

     Maximise Role-based benefits training of local & toolkits knowledge

     Organisation

     Increase Key users & specialist delegation support

Finance Systems

     Finance systems need to be updated and fully exploited, making use of

    the latest functionality e.g. electronic approvals & workflow.

     More finance processes need to be properly integrated into the finance

    system e.g. budgeting, reporting, expenses & fixed assets.

     Systems support and training need to be improved with the focus on

    role-based accesses and training.

    Role-based

    Agresso 5.5 systems,

    training Upgrade

    & toolkits

     Systems

     e-Journals, e-Procurement, One source of data, drill down & e-Expenses, analysis e-IRs

     Integrated

     budgeting

     & reporting

Finance Process

     Finance process steps need to be defined and aligned with finance

    roles.

     Processes need to be more consistent, more timely and place greater

    focus on decision-support

     Processes should be clearly communicated via role-based training &

    toolkits

     Clear communication of Definition of policy & process process and roles

     Process

     Separate review Improve quality

     of unique areas & timeliness

     of outputs e.g. trading

    Longer-range

    planning

Implementation Project

Autumn 07

     Update communication to staff

     ‘Quick guides’, covering finance information requested by staff during

    review, written and posted on finance website

     Draft Gold Report produced at year end 07 (also requested by staff)

     Agresso ‘End-User’ workshops held - Communication and consultation

    re upgrade planning & capture of ‘End-User Wishlists’

     Finance role definition in consultation with Faculties/Divisions

     Implementation project planning

2008

     Phased implementation of recommendations

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