Financial Management System

The vendor is required to provide financial management system (FMS) for include:
- Cash management
• Ability to reconcile agency bank statements within the software.
• Ability to record and manage banking deposits and entries.
• Ability to automate banking and investment transactions reconciliation via direct financial institution integration and/or interface files via regular transaction download, classification and clearing of new transactions and reconciling in a system-facilitated and automated approach at the end of the month.
• Ability to view and manage outstanding checks details.
• Ability to implement and manage electronic cash receipts and reconciliation against pas or other systems/financial institutions to eliminate the need for manual tracking of cash receipt.
• Currently agency deposits weekly checks for service credit purchases.
• Ability to run and view cashflow forecasting and projections, trends, cash flow reporting, and dashboard summary views that are customizable by user profile.
- Accounts payable
• Ability to pay vendors via check / wires / ach.
• Ability to implement approval process for invoices and auditing purposes, i.e., implement electronic workflow for approval of invoices and eliminate the need for spreadsheets to track invoices routed for approval.
• Ability to use the system for accurate and timely reporting of outstanding accounts payable.
• Ability to generate bank export files (e.g., ach and positive pay) that can be uploaded to bank.
laser check printing capabilities.
• Ability to manage vendors, including storing of w-9s and other vendor details and ability to associate vendors to invoices and budgets.
• Annual 1099-nec vendor processing, submission and printing.
• Ability to associate general ledger accounts to vendors and invoices when an invoice is entered but also to edit associated account codes at time of entry and prior to payment as needed/appropriate as needed.
- Accounts receivable
• Ability to record "money in" and wires via bank data.
• Ability to receive and report money in for gasb68 and CEO for ABS.
• Ability to receive and report wires for contributions and overpayments (i.e., due to unreported deaths of members).
• Ability to produce accounts receivable (AR) details for 5 different employers to split their share for actuarial costs.
• Ability to manage receivables for the following main AR categories at agency:
1) ER contributions
2) EE contributions
3) Possibly some investment receivables (these are mostly handled in cash management today).
- Capital and fixed assets
• Ability to track capital assets in the system including software, hardware, leasehold agreements, office assets, etc. (for two separate entities as mentioned under general ledger details).
• Ability to track assets, asset tags, inventory information, depreciation information, amortization schedules, end of life details, etc. in the system.
- Budget planning and budget management
• Ability to use the system for accurate and timely reporting on budget to actuals.
• Ability to track trends and budgets-to-actuals on a vendor, invoice and department-level.
• Ability to update and track budget changes throughout the year as needed.
• Ability to support via reporting yearly and mid-year budget planning for both operating as well as capital budget planning.
• Ability to monitor and maintain budget.
• Ability to track professional services against several allocated business departments and allocate accordingly.
• Ability to run ad hoc reports and queries on budget, vendor, and invoicing data.
• Ability to run budget-to-actual variance reports on a scheduled basis to allow for timely and accurate support for the quarterly presentation to finance committee.
• Ability to use the system for managing the budget planning process, including allowing executives and department managers to enter budget details for the upcoming fiscal year, created budget scenarios, review and approvals of planned budget, reporting of proposed budget for internal, committee and board reviews and approvals, capturing of final approved budgets and associated reports.
• Ability to develop and maintain budgets for multiple-year capital improvement plan projects.
• Ability to run year-end budget reporting that shows budget deficits, obsolete budget items, budget gaps, overages and underages.
• Ability to implement workflow and tasks for yearly and mid-year budget planning and approvals.
streamlined and automated budgeting timeline notifications and reminders for yearly and mid-year budget planning process.
- Contract and vendor management
• Ability to note and track the different and various contract terms (e.g., hours, dollars, not-to-exceeds, etc.).
• ability to have a vendor profile that then links into contracts, budgets, transactions, invoices, projects, etc.
• Tracking of budget-to-actuals and balances on a contract level and notifications of reaching a limit at a pre-defined threshold.
• Ability to store, attach and link vendor contracts to vendor details in the system.
• ability to store and track several project details associated with a master contract and vendor and tie project details into associated budgets and invoices.
• Ability to track certificates of insurance (COIS), milestones and contract expirations.
• Automated notifications if any of these milestones and COIS or contracts are about to expire.
• Ability to store contract templates in the system.
- Purchasing EE procurement
• Ability to allocate, track and report on encumbrances for internal and finance committee reporting purposes.
• Ability to monitor and manage spending on contracts that are associated to specific pos and purchases.
• Ability to link and track purchase cards and associated transactions.
• Ability to track purchase inquiries.
• Ability to process, approve, store and track purchase orders and link them to budget and expense categories, ap transactions, vendors and contracts.
• Ability to implement and validate auditing and internal controls around purchases.
• Ability to start a purchase process at the point of a purchase inquiry and track the quotes, final purchase decision and po all the way through via workflow and/or reporting in the system.
- Investment account subledger integration and portfolio management
• Ability to run and customize reports to perform analysis of financial data in the system.
• Automate recording of investment activity into general ledger via import file and integration functionality for investment accounts and reports.
• Ability to update end-of quarter market currencies and reconcile foreign investments.
• Ability to automate reconciliation of investment accounts and investment manager and fund activity and statements to custodian statements.
- Other functional requirements
• Provide easy to understand friendly interfaces with intuitive designs to facilitate user engagement.
• Provide visibility into the enterprise's financial position through automation and process support for general ledger, accounts payable and receivable, financial reporting and analytics, fixed assets, project accounting, investments and other activities.
• Self-service capabilities for designated users to submit expense reimbursements via a portal with pre-defined forms, required fields and required attachments.
• Self-service capabilities for budget owners and contributors to enter and modify budget planning data directly into the systems and to have a task initiated or routed to a budget owner for approval, e.g., via a portal access.
- Questions/Inquires Deadline: April 07, 2025