Financial Management Package and Implementation Software

The Vendor is required to provide financial management system with cloud-based financial management ERP software, featuring budgeting, to award of service and good projects which may include multi-year projects with milestones.
- Provide an agency-wide cloud-based financial enterprise resource planning (“ERP”) software and implementation.
- The current finance related workflows are largely paper-based and involve a significant amount of manual review and data entry.
- Include provisions for secure remote access, allowing staff to continue full operational functionality from any location during a crisis, ensuring business continuity.
- Security protocols should adhere to industry best practices, including encryption of data both at rest and in transit, multi-factor authentication, and compliance with relevant data protection standards.
- Requirements of the software:
• General ledger
• Accounts payable / accounts receivable
• Encumbrances and purchase orders
• Cash receipts
• Payroll
• Financial reporting
• Budgeting and forecasting
• Bank reconciliation
• Fixed assets and inventory control
• Allocation management
• Accruals
• Multi-year tracking of contracts
• Dashboard for executive review of processes
• Customer service support for technical troubleshooting
- Software should support:
• Complete online help functions, including help with common errors/corrections.
• Multiple users working in the same section simultaneously.
• Multiple users generating reports against the same data at the same time.
• “Drilling down” from reports, queries, or screens from summary to transactional detail.
• Receiving credit card payments while meeting payment card industry (“PCI”) requirements.
• Full integration between sections, including single entry of information (i.e., using information across multiple sections rather than requiring duplicate entry).
• Real-time data processing in every section.
• Support for unlimited number of the fund’s policies, purchase orders, requisitions, payments, journal entries, etc.
• User-defined account number structure.
• Unlimited user-defined fields that can be accessed through queries and reports.
• Structuring data by fiscal year, calendar year, month, or any user-defined period.
• No proprietary databases.
• Ability to convert a minimum of three years of legacy data (including chart of accounts and vendor files) in current software to proposed solution.
• Easy import/export of data (banking, general ledger, budget transactions, other types of data) in formats compatible with Microsoft office.
• Audit trail/tracking – ability to view history of which users have accessed, created, modified data entry items.
• Workflow charts of processes.
• Consistency with board standards.
• Fund accounting capabilities.
• Maintaining multiple years of budget/accounting history, by year (i.e., changes to current year general ledger account structures will not impact prior year accounts/amounts).
• Ability to lock the previous year after year-end closure to avoid inadvertent changes.
• Ability to lock the previous month after month-end closure to avoid inadvertent changes.
• At least 13 periods per year with open periods.
• Posting manual journal entries.
• Automatic journal entry reversals.
• Automatic year-end closing without loss of detail.
• Adding accounts in years other than the current fiscal year.
• Track aging items and other exceptions.
• Support one-time vendor override payments.
• Recurring payables processing.
• Vendor discount management.
• Accessing vendor history by name, order number, quote number, and invoice date, check date, account code, and other criteria.
• Vendor retainage and release.
• Blocking duplicate invoice processing.
• Check printing.
• Allowing users to cancel invoices including comment field and authorization.
• Allowing users to cancel/void checks with comment field and authorization.
• Track whether vendors require 1099s.
• 1099 reporting capabilities at the invoice line-item level.
• 1099 printing capabilities for vendors that require them.
• Check the reconciliation system.
• Electronic payment to vendors (ach, wire, debit).
• Positive pay file output.
• Bank reconciliation for multiple accounts.
• Purchase card transaction processing with ability to include invoice information for vendor purchases.
• Fully integrated with the general ledger.
• Provide a robust security system that will allow the customization of separation of duties, involved with the entering of invoices, payment of invoices, and the entering of new vendors.
• Provide ach payments.
• Allow flexible reporting and vendor history reports.
• Support 1099 tracking, reporting and printing or electronic submission.
• Allow for the scanning of invoices, which should be able to be accessed via drill down features.
• Allow for multiple invoices per check.
• Allow for the entry of expenditure, revenue or balance sheet account numbers.
• Ability to automatic invoice processing from vendors
• Customizable electronic requisitions and purchase order processing and workflows
• Audit trial for accounts payable processing
• Reporting module for accounts payable management
• The module should be fully integrated with the general ledger.
• The system should have unlimited number of customer records and custom history. if not, please specify the limits
• The system should allow for stored standard calculations
• The system should be able to print pre-configured or custom sub ledger records, customer balances.
• The system should be able to generate the customer balances in excel format.
• The system should provide for inquiries by customer for open balance, payment history, including drill down functionally.
• Encumbrance accounting.
• Fully electronic requisition/purchase order process including workflows and approvals.
• Customizable purchase thresholds based on users/departments.
• Creating custom purchase order templates and associated database fields/elements.
• Assigning a unique number to each purchase order.
• Creating purchase order letters, with ability to email purchase orders from the form.
• Attaching digital signature files.
• Vendor maintenance, including tracking an unlimited number of vendors and modifying vendor contact info.
• Tracking purchases against the fund’s account codes and showing remaining budget
• Balance: Verification of budget status prior to accepting a transaction.
• Tracking invoice numbers separate from order numbers.
• Tracking quantity purchased and quantity received on different order numbers.
• Multi-year tracking of contracts
• Quick selection of vendors from a pull-down box, search field, etc.
• Searching previous purchases based on the item, vendor, date searches and purchase order number
• Supporting multiple departments each with their own views and ranges of number
• Tracking purchased items as assets with a user-defined asset number.
• Electronic routing of requisitions/purchase orders for approval (should be full electronic processing from the requestor submitting the requisition via the software, to supervisor approval, to procurement and budgetary approvals) (paperless processing)
• Performance evaluations – to document vendors’ performance, to assess liquidated damages and/or to find vendors non-responsible
• Fully integrated with the general ledger.
- Financial reporting:
• User customization of fields, reports, and budget forecasts.
• Standardized reporting templates accessible to all users.
• Custom reports accessible to individual users or all users.
• Scheduling reports to run at specific intervals/dates.
• Managing “canned” and custom reports efficiently among all users.
• Conducting searches, posting transactions, and generating reports at all levels of the account structure by fiscal year, month, calendar years, or any user defined date.
• Performing keyword, wild card, and multiple field queries.
• Ability to prepare all standard monthly, quarterly, year to date, actual to budget financial report and user defined reports.
• Ability to prepare all standard financial reports with comparisons to prior periods, such as prior month, prior quarter and prior year to date.
• Must have a user-friendly report writer that can access all application data in each module’s database.
• Allow the generation of reports to a spreadsheet application.
• Forecasting capabilities for future periods based on defined parameters and historical data.
• Ability to create custom reports using any data point. (dept., accounts, budget codes, amount, etc.)
• Create charts and graphs from the financial data in the system.
• Generating annual operating and capital budgets.
• Budget preparation at the detail (object) level.
• Summarizing annual budgets at a variety of levels, including object, account, category, fund, department, etc.
• Support for multiple budget versions (i.e., original, amended, adopted, etc.).
• Ability for departments to create and monitor their own budgets.
• User evaluation of current and historical data budget data on-demand and in real time.
• Budget-to-actual reports by month, year, or any user-defined time period.
• Forecasting revenues/expenses at a variety of levels (e.g., object, category, account, and fund) under a variety of methods such as historical averages, percentages, fixed amounts, and by a user defined formula.
• Ability to save budget forecast scenarios.
• Integration with payroll/human resource sections to support salary and benefit budgeting.
• Separating fund balances into multiple subaccounts.
• Ability to generate a multi-year budget
• Directly link to a spreadsheet
• Ability to create budgets at the department level
• Allow for multiple budgets
• Ability to maintain budget history for prior years
• Include a comprehensive audit trail from sub-ledgers in general ledger transaction detail including customer/vendor id, check number, invoice, purchase order, cash receipt
• Number ability to close sub ledgers independently, etc.
• Capability of creating multiple funds and sub funds.
• Process interfund transactions.
• Allow soft close options
• Ability to maintain other than personal services information (budget codes for variances admin expenses and departments within the agency)
• Ability to maintain personal services information (employees’ salary and fringe benefits)
• Customizable electronic budget submission processing & workflows with multiple layers of approval.
• Import records form other applications.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: February 18, 2025