Departmental Financial Compliance
Take control of your monthly Departmental finances by reviewing key performance indicators for Research Projects, Applications and Awards, Purchase to Pay, General Ledger Cost Centres and VAT. Import R12 reports and a summary table provides a snapshot view, while graphs chart progress through the financial year. Routinely monitor your financial position, improving compliance with University regulations, minimising the year-end burden and providing you with peace of mind.
- Review all key financial data for your Department in one snapshot.
- Set targets for Research spend, overhead recovery, applications and awards, and then compare against actuals during the financial year.
- View the % increase/decrease per category each month to identify problems or successes.
- Charts and graphs allow you to view trends and highlight areas requiring scrutiny.
- Monitor General Ledger Cost Centres on a monthly basis at a top-level (income, expenditure and balance) and low-level (transactional detail).
- Import Open Purchase Order report and view GL Cost Centre balances with commitments.
- Compare grants ending with application and award figures to assist in sustainability analysis.
- Monthly sign-off helps ensures full and proper Departmental review.
- Designed for non-Excel experts; forms and buttons drive an automated workflow, minimising errors and saving you time.
What do users say?
“The running of the reports and updating these to the template is a simple process and the file is user friendly. The information provided on the “finance data” tab is comprehensive and good to see how the department has performed both in month and year to date. I especially find the open orders and GL balances very useful and the research reports are a good indication of activity.”
Paul McNulty, Finance Manager, Jenner Institute, Structural Genetics Consortium & Ludwig Institute
“The tool is easy to use and it is distributed to the Business Manager for information on a monthly basis. Although we do look at our general ledger balances monthly in some detail, this report gives us an overview. I find the open order % section useful and this is used as a motivation tool with my Purchasing Assistant who ensures the % is kept as low as possible!”
Lara Nash, Finance Manager, Wellcome Trust Centre for Human Genetics
“The compliance report allows you to see very easily the key points of your monthly activity such as open PO’s and pre award balances on the same sheet. I particularly like the function of the GL cost centres as it allows you to see all the balances in a simple format.”
Leonora Dempsey, Business Manager, NDM Research Building
After entering some basic information into the template, such as Departmental Two-Letter Code and financial year estimates (should you wish), you will be ready to import the required R12 reports and take control over your Department’s finances.
Local IT or PC set-ups should be no problem, however if technical problems do arise, we will assist in resolving these.
The template will be updated periodically, ensuring that any changes to R12 reports are taken into account, enhancements are incorporated, etc.
Screenshot of Finance Data
Screenshot of General Ledger Cost Centre Summary
Or if you have any queries, contact Mark McDermott (firstname.lastname@example.org).