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Real Time Financials aka Shadow System Project

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Title: Real Time Financials aka Shadow System Project


1
Real Time Financialsaka Shadow System Project
2
What is the Shadow System Project?
  • The shadow systems team was charged by the
    Associate Vice-Presidents for Finance, Research
    and MAIS with two primary goals
  • Identify ways to better integrate central
    accounting systems with local supplemental
    systems to reduce redundant efforts
  • Make financial information more accessible to
    project directors

3
Shadow System Advisory team(created November
2004)
  • Virginia Wait Engineering Chair
  • Douglas Duwe Medical School
  • Brenda Bernhardsson Public Health
  • Kathleen Gillespie MAIS
  • Doreen Graden Dental School
  • Kerri- Anne Sullivan Cross ISR
  • Lea Tune Financial Operations
  • Kurt Rigg Financial Operations
  • Elizabeth Holtzman - LSA
  • Debbie Mero - MAIS

4
Process
  • Survey was conducted with Project Directors and
    Research Administrators to determine the key
    reasons for departmental systems
  • Committee reviewed several departmental system
    including purchased systems to determine
    requirements
  • Using the committees expertise, the survey
    results, plus work that has occurred since the
    report was issued, we came up with several key
    principles

5
Principle
  • If you have already told the enterprise system we
    ought to be able to project it
  • Translation Estimated Payroll, Benefits, and
    Financial Aid information should be made
    available, in a reportable format, for a defined
    period of time

6
Principle
  • Whenever feasible the enterprise system should be
    updated real time
  • Translation We need more timely posting of
    transactions to the General Ledger including
  • Service unit billings
  • PCards
  • Journal Entries
  • Vouchers

7
Principle
  • Changes that are generated from business
    processes that occur outside the enterprise
    system need to be reflected in the enterprise
    system faster.
  • Translation We need to improve the process for
    updating personnel funding changes and sponsored
    budget changes
  • Project Human Resources is piloting units
    updating funding changes
  • Project TBD - Partner with Sponsored Programs
    to evaluate sponsored budget change business
    process

8
Principle
  • Control reports should be the same but
    management reports can vary based on departmental
    needs
  • Translation We should update the data
    warehouse more frequently to allow units to use
    custom reports that are available real-time
  • Project Extract translation load project is
    looking at ways to update the data warehouse
    incrementally not a full refresh

9
Principle
  • Even if the enterprise system doesnt know about
    it, we should be able to include it in the
    projection
  • Translation Need a place for storing local data
    the enterprise system doesnt know about
  • Project Unit Defined Commitments (UDCs)
    refinements

10
Principle
  • The interface, especially for faculty, needs to
    be intuitive
  • It should start at the summary level and drill
    down to the detail
  • The faculty member should only need to know their
    unique name
  • The system should know who should get access to
    what no M1s
  • No need for formal training
  • Related Projects Web reporting, faculty
    interface

11
Real Time Financials Advisory team(created
August 2006)
  • Nathan Eriksen, School of Information
  • Krista Farmer, Physics
  • Shane Fortune, Ross School of Business
  • Dean Girbach, School of Public Health
  • Jeanni Goormastic, Nuclear Med/Radiology
  • Maggie Herron, Life Sciences Institute
  • Margie Lesser, Engineering
  • Christina Luo, Law School
  • Mary Martinowicz, School of Natural Resources
  • Pam Schwarzman, LSA Deans Office
  • Scott Stanfill, Biophysics Research
  • Candace Terhune, Social Work
  • TBD, Financial Operations

12
So, what is the plan?
  • Expediting information to the GL
  • SUB (Deb Talley, Todd Ayotte)
  • P-Card (Jackie Creager, PCAG)
  • JE (Eric Kruse, Doug Hovey, Chris Allan)
  • Vouchers (Pat Lilley, Jackie Creager)
  • Extracting SA/HRMS estimate data and creating
    tables in the General Ledger for estimate
    information
  • Payroll / Benefits / Financial Aid
  • Redesign of Corporate Documents (PBSR)
  • Creation of GL tables for migration to the Data
    Warehouse for ad hoc reporting
  • Ultimate goal merge this initiative with the
    Web Reporting and Faculty Interface initiatives
    (Business Intelligence)
  • Timeline
  • Advisory Group Kickoff Meeting (10/10/06)
  • Implementation Team Planning Meeting (10/18/06)
  • Project planning and technical design (in
    process)

13
So, what is your role?
  • Help us understand your business processes and
    need for shadow systems
  • Partner with us to provide a campus-wide solution
    that will eliminate the need for manual,
    duplicate entry
  • Assist in outreach and communication with user
    groups on campus to ensure that the delivered
    functionality will meet the needs of Financial
    Managers, Directors, Deans and Faculty
  • Fill gaps, challenge our assumptions, bring new
    perspectives

14
Deliverables
  • Ability to project revenues, expenses and
    available balance
  • Ability to post transactions from the feeder
    systems more frequently
  • Ability to book encumbrances from the feeder
    systems
  • Ability to track commitments that are not in any
    of the enterprise systems
  • Ability to make notations about expenses after
    they are posted to the GL

15
What is the take away?
  • We will be publishing the financial reports to
    the web
  • The faculty will have direct access to their data
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