Finance One re-engineering project
Current system
The University utilises the Finance One System to record and report financial transactions and balances.
Over time a significant growth in the number of cost centres has increased the complexity and limited the effectiveness of management and financial reporting. ‘Line of business' reporting has become complex and problematic. In addition many external and internal reporting requirements can only be met through the use of uncontrolled and un-audited spreadsheets.
The current system has become cumbersome and inefficient, struggling to meet today’s reporting requirements.
Compounding the issues above many Financial Processes are performed differently across the University, weakening internal controls and wasting valuable resources in unnecessary rework.
Why Change?
The Finance One Re-engineering project is recognition by the University that it can no longer continue to operate efficiently in today’s environment with the financial information currently available. In order to address these issues Finance One needs to be restructured and Financial Processes standardised to meet today’s reporting requirements and allow sufficient flexibility into the future.