The current financial system no longer meets the needs of our University. To achieve modern efficiencies that allow new ways to use and manage financial data without third-party or helper systems, we are replacing our outdated system with a modern financial system. This will give business offices easier access to information to make strategic decisions and further support the important contributions they make each day to the University.
A large component of modernization is the Chart of Accounts. Our existing Chart is outdated, hard to maintain, and lacks the modern capabilities needed to move forward as a University. The new system will make it easier to understand the financial health of all levels of the University. You can learn more in this tutorial about how a new Chart of Accounts will be developed to better suit the University’s reporting needs and make business transactions faster, easier, and more transparent for you and your teams.
The implementation of a modern financial system improves the ability of campus business offices to collect, report, and analyze data that is important for decision-making. Simplifying and streamlining key business processes delivers efficiency in meeting regulatory, compliance and accreditation needs. This reimagination of operations in the academic and student support space allows more time and flexibility for student support and improves student outcomes and experiences.
In addition, there is opportunity to better manage Grants and Endowments – including cross-year projects, start and stop dates, and restrictions around gifts.
Updating our financial system provides indirect yet tangible benefits to our students:
- The ability to demonstrate sound financial management and reporting through a modern financial system allows the University to secure borrowed funds at low interest rates. These funds are used to construct campus facilities that directly benefit and serve our students.
- Additionally, having access to reliable, accurate and timely financial information from a modern financial system helps facilitate informed financial decision-making related to funding programs and services provided for the benefit of our students.