tools for financial management
DESCRIPTION
Tools for Financial management. FFIT: Faculty Financial Inquiry Tool CMS: Commitment Management System. July 2011. Agenda. FFIT CMS How the two tools work together How we review PTAs in preparation for FFIT. Stanford University Confidential. FFIT was designed to answer a simple question. - PowerPoint PPT PresentationTRANSCRIPT
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TOOLS FOR FINANCIAL MANAGEMENT
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FFIT: Faculty Financial Inquiry ToolCMS: Commitment Management System July 2011
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Agenda
Stanford University Confidential
• FFIT
• CMS
• How the two tools work together
• How we review PTAs in preparation for FFIT
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FFIT was designed to answer a simple question
Stanford University Confidential
How much money do your faculty members have?
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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
Stanford University Confidential
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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
Stanford University Confidential
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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
Stanford University Confidential
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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
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https://ofweb.stanford.edu(or just type “ofweb” into any campus browser)
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Demonstration - CMS
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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
Stanford University Confidential
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1.FFIT 2.CMS3.Working together
Key Takeaways
Stanford University Confidential
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Do you have any questions?
Stanford University Confidential
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FFIT is being used across campus
Stanford University Confidential