Objectives and benefits
Objectives
The key objectives of the Finance One Re-engineering project are:
- Facilitate introduction of the New Budget Framework;
- Standardise University financial processes, reporting and communication ;
- Identification, review and improvement of key process controls;
- Improve the efficiency and accuracy of financial data capture;
- Introduce structures to facilitate future introduction of project costing and provide more useful and reliable information to a wide range of decision makers;
- Reduce the number of cost centres in the General Ledger;
- Reduce the number of and reorganise item codes; and
- Improve financial (statutory) and management reporting.
Benefits
The introduction of the reengineered Finance One system, together with process improvements and a new reporting framework will lead to a transformation of UniSA's day-to-day financial operations.
Ease of Access Benefit - Improvements in the availability and accessibility of financial reporting through the establishment of easier “one stop” access to financial detail
Ease of Analysis Benefit - Improved cross-University results analysis as a direct outcome of reusability and homogeneity of key financial processes and measures
Better Decision Making Benefit - Enhanced financial management capability through a standardised budgeting and reporting approach that provides visibility of gross contribution
Research Reporting Benefit - Improved visibility of research project activity and contribution
Risk Management Benefit - Identification and implementation of key process controls, with resultant improvement to operational risk profiles
Continuous Improvement Benefit - Improved “process capability” through a thorough grasp of the processes - reflected in an enhanced ability to mould and evolve practices in accordance with internal and external needs
Org 1 & 2 FinRep 3 & 4 Sub-ledger
Divisional Financial Reporting Structure