Download - Tools for Financial management
TOOLS FOR FINANCIAL MANAGEMENT
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FFIT: Faculty Financial Inquiry ToolCMS: Commitment Management System July 2011
Agenda
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• FFIT
• CMS
• How the two tools work together
• How we review PTAs in preparation for FFIT
FFIT was designed to answer a simple question
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How much money do your faculty members have?
Before FFIT, The information needed to manage funds was scattered
• Expenditure statements• Fund statements• Fund authorizations• Shadow systems
Faculty could not access the information directly
It used to be hard to answer this question
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FFIT is…
Convenient – accessible 24/7
Comprehensive – see your facultyAccount balancesBudgetsExpendituresCommitments
From any computer, anytime
Now you can answer the question more easily
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log on to
https://ffit.stanford.edu
(or just type “ffit” into any campus browser)
To see the faculty accounts you manage
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What is CMS?
Oracle Financials hard commitments are the starting point for forecasts in CMS
New & revised data is fed into CMS nightly
Planning and forecasting tool that incorporates expenditure, commitment and budget data
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Reasons to use CMS
Lessens the need to manually enter information into spreadsheets
Perform “what if” analysis Central data access by multiple users Contains a variety of reports Updated commitment and
balance information can be viewed in FFIT
https://ofweb.stanford.edu(or just type “ofweb” into any campus browser)
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Demonstration - CMS
Three step review process
1. Thoroughly review all accounts, 2. Review accounts for possible closures 3. Review FFIT as department faculty will see it.4. Suggest iBudget entries to reflect correct allocation balances
FFIT works when the “owner” values are right
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1.FFIT 2.CMS3.Working together
Key Takeaways
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Do you have any questions?
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FFIT is being used across campus
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