Financial Management System

The Vendor is required to provide for a cloud-based SaaS financial management system (“FMS”) solution to replace its current legacy system and supplemental forms, spreadsheets, reports, and documents.
- Comprehensive automated and ad hoc reporting capabilities
- Automated imports and interfaces with sub ledgers and external systems, workflows, distribution of reports, dashboards, etc.
- Document Management: direct document and imaging attachments to transactions
- Budget planning, tracking, forecasting and management
- Improved expense tracking and reimbursement processes
- Contract and vendor management
- Security and Disaster Recovery
- Compliance with boards’ standards, maintaining audit trails, and maintaining transparency and audit readiness.
- Requirements:
• Manual entry of all transactions.
• No workflow, approvals, and signoffs.
• No auditing controls.
• No ability to attach images or documents to a transaction.
• No vendor and contract management in the system, these details are mostly maintained in spreadsheets.
• Paper check processing only for any payments.
• No upload/interface files/direction integration from agency sub ledgers (e.g. the pension administration system) and financial institutions directly into general ledger resulting in manual data entry and manual reconciliation of summary transactions from external system and sub ledgers.
• Manual development of the reports and data needed for the ACFR (annual comprehensive financial report) in excel spreadsheets.
• Users are not able to track budget details and projections easily in a timely manner.
• Users cannot easily make timely purchasing decisions due to the lack of transparency and timely updates of budget to actuals on a vendor, invoice and department level.
• Users are not able to easily track invoices, vendor payments, etc. for budget tracking purposes.
• Manual tracking of changes from year to year for increases or changes needed for the next fiscal year budget.
• Users are not able to track or encumber purchase orders / contractual amounts.
• Invoices are tracked manually and not stored in the system.
• There is no direct link between vendors, contracts, invoices and budgets, all that information is tracked and updated manually in excel or in the current system.
• There are no asset tag details available (i.e. no property location history or tag deletion history) in the system for any assets.
• Users are not able to track investment details or to convert foreign currencies for foreign investments into quarterly market rates, this is all done outside of the system in spreadsheets and then entered manually into the system for the associated accounts.
• The current FMS user interface is not intuitive or user-friendly.
- Questions/Inquires Deadline: April 07, 2025