- Quarterly forecast production

Transcription

1 Workshop Content Example Target Audience Strategic Reporting The production of, and ability to access, the required strategic reports for each college or support group, with a focus on leadership reporting. - Availability of required information - Availability of reports - Content of reports - Integration of information - Dashboard - Summary information - Snapshots College accountants and support group level accountants, Directors, Heads of Service. Financial Planning - Annual Process The annual process whereby budgets are set for each college / support group and pushed out. - Annual budget setting process - Annual revenue projections - 3 / 5 / 10 year financial planning - Budget transfers - Annual budget College accountants and support group level accountants; Management Accounting; Financial Accounting; Registrars. Ongoing Forecasting and Budgeting The processes involved in regular forecasting and budgeting throughout the year at a detailed level. - Quarterly or monthly forecasting - Rolling forecasts - Budget transfers - Salary forecasting - Research forecasting - Capital equipment accounting - Capital Budgeting, Forecasting & Reporting - Quarterly forecast production College accountants and support group level accountants.

2 Internal Transfers Any form of internal recharging for goods or services from one department / school to another. - Internal purchases - Internal sales - Catering - Salary recharges - Telephones Business managers and CBS; and department finance managers. Statutory Reporting All statutory reporting, excluding that associated with research grants. - Annual financial statements - Ongoing financial reporting throughout the year - Consolidation of group accounts - Includes coding hierarchies - Annual reports Financial accounting team, plus one representative from Management Accounting. Operational Reporting The ability to access the required reports at an operational level, with a focus on detailed reporting. - Availability of reports - Content of reports - Account code hierarchies - Integration of information - Reports accessed via BI / MI, WebFirst, efinancials, Excel or any other method - Departmental monthly reporting - Day-to-day reports Finance and Business Managers

3 Purchasing This covers purchases which do not go through a tendering process. - Raising purchase orders - Receipt of purchase invoices - Goods receipting - Accounts payable process - eprocurement - VAT recording - Supplier rationales and coding - Purchase of stationary from existing contract AP team; school administrators, finance managers, business adminitrators. Sales All sales processes from raising an invoice to cash receipt. - Sales invoicing - Recoverable salaries - Rent (accomodation services) - Student invoicing (e.g. fees) - Debtors - Credit notes - Sale of assets - Student fees - Let out a hotel room - Staff salaries paid by NHS - University gift shop Fees department, accomodation services, school administrators, finance managers and business managers. Note that internal sales are out of scope (these are covered within the internal transfers workshop).

4 Treasury The processes for managing and investing funds, and for pensions administration. - Banking - Funds Management - Pensions new members - Pensions payments - Pensions leavers - Speak directly to Terry Fox Finance Specialist Services Procurement This covers purchases which go through either the Quick Quote or Tendering process. - Quick Quote ( 5,000-50,000) - Formal Tendering (> 50,000) - VAT recording - High value, complex or unusual procurements - Purchase of a machine for 8,000 Procurement, AP, high users of Quick Quote / Formal tendering

5 Capital Programmes/ Budgets Processes around the justification of capital programmes (for capital expenditure). - Policy - Request and Approval of capital expenditure - Management of capital budget - Capital projects - Capital equipment - Management reporting - Benefits realisation - Includes estates - Capital Budgeting, Forecasting & Reporting - Constructing a new building - Renovations on existing asset Estates, accomodation services and ISG. Note that this excludes the process for physically purchasing / spending budget (this is covered within procurement). Finance Support Services The ability of end users to log support issues. - Financial support help desks (FIS / SAS / IS) - First line support and triage - Support to staff and internal customers - Finance System Support - Teams who respond to users having an issue raising an invoice - Teams who respond to user queries regarding finance policies Central Finance and ISG

6 Research Grants The process of recording and monitoring research grants post award stage. - Salary forecasting - Grant budget and code set up - Apportionment and journals - Forecasting & reporting - Statutory Research Grant reporting - Commitment and capital accounting Not applicable Research Grant Finance Team and Research Grant Administrators Payment Strategy Processes around receipt of cash and online payments. - Student cash payments - Cash advances - Tellers, EFTPOS and subsistence - Petty cash - Optimisation of the Cash Office Provision - Students paying fees - Students paying fines - Research trips with cash only payments Cash office, Finance Specialist Services and school level / support group department level representation. Subsidiaries The processes around collecting, collating and checking financial information from subsidiaries. - Integration of subidiaries data within core reporting - Process of liaising with subsidiaries and obtaining information - Alignment of policies and procedures (subsidiaries to university wide) Not applicable Financial accounting team