Financial Management System Software

The vendor is required to provide financial management system software provider that will be able to provide a product that will provide the organization with the ability to manage all its financial management needs in-house including but not limited to, create manual and automatic, recurring and reversing journal entries, robust workflow and approval controls, asset management module, accounts payable and receivable capabilities including billing, payment, and accurate aging reports, ability to open and close prior periods to process required adjustments, robust reporting capability including financial statement preparation, cash flow, and forecasting models, both delivered and ad-hoc, and ability to fully integrate with our current human resource information management system (HRIS).
- A robust financial management solution including:
•    Ability to create automated recurring journal entries (i.e., depreciation, prepaids, etc.)
•    Ability to create reversing journal entries
•    Ability to amend approved je, for specific users only 
•    Workflow and approval controls, for example allowing a journal entry to be created by one user, then approved by a separate user, then posted, all within the same system with automatic notifications to approvers
•    Customizable general ledger (GL) chart of accounts, including divisions, departments, locations, project codes, employee info (for payroll reporting) including earnings and deduction codes, managed internally 
•    The ability to generate, sign, and print cheques within the system to replace handwritten cheques 
•    Security management, including both role and user administration, managed internally 
•    Ability to access system from any location – current system login is tied to physical office address only 
•    Ability for employees to submit expenses, supervisors to approve, and payment to be made all from within the system 
•    Direct integration with microsoft 365 (m365):
o    Direct integration to support automated user provisioning and deprovisioning. 
o    Support for single sign-on (SSO) using modern authentication protocols to ensure security and ease of access.
•    Direct integration with UKG pro for financial data from the general ledger:
o    Direct integration for the exchange of financial data, ensuring accurate and timely synchronization with the general ledger.
o    Automated data flows to reduce manual entry, duplication, or reconciliation errors.
•    Direct integration with RBC express and BMO spends dynamics for financial data:
o    Direct integration for the exchange of financial data, ensuring accurate and timely synchronization with the general ledger.
o    Automated data flows to reduce manual entry, duplication, or reconciliation errors.
•    In cases where direct integration is not available, the finance system must provide:
o    Comprehensive and well-documented APIs that allow for:
1.    User management (provisioning, deprovisioning, role assignments).
2.    Data exchange capabilities, enabling secure push and pull of financial, payroll, and HR-related data to and from UKG pro and other systems.
o    APIs must support industry-standard security protocols and be capable of handling both real-time transactions and scheduled data transfers.
•    Reporting capability for all modules, both with pre-delivered system reports and ability for users to create, edit, modify reports as required, with drill down and roll up capabilities, with output to be available in .pdf, .xlsx, .docx, etc. including but not limited to:
o    Trial balance
o    A full general ledger on all accounts
o    Accounts payable and accounts receivable aging reports (30/60/90/120 days).
o    Financial statements and notes to the financial statements (templates to be created to our specifications and internally customizable)
o    Journal entry detail reports
o    Employee expense tracking
o    Profitability analysis
o    Record of assets and liabilities including depreciation and aging
•    Audit analytics
•    Billing and receiving and invoicing module that is capable of:
o    Not only sending invoices but also receiving and processing payments in multiple currencies, with instant currency conversions based on the rate in place on the specified date
o    API integration into online payment services to collect payments with a receipt generated
o    Billing reminders for outstanding payments allowing for multiple contacts for each client and customized invoice reminder messages per client. 
o    Able to pay either electronically or by cheque.
o    Reminders sent to users about stale dated cheques, aging items, and follow-ups that are needed
•    Ability to lock and unlock periods when needed by specific approved users
•    Ability to add rules for what codes can be used, as an example parent to child relationship between specific department and division codes.
•    Budget and forecast module that are updated in real time
•    Real time posting of financial information
•    Ability to add, remove and change vendor information but have it required certain criteria for fraud controls.
•    Ability to implement regulatory requirements
•    Dashboarding capabilities.

- Questions/Inquires Deadline: October 14, 2025