Financial System

The vendor is required to provide to modernize and streamline its financial systems to achieve efficiency and provide a better opportunity for the reporting on key financial metrics and deliverables through a modernized solution, as well as provide enhanced resident experience using an online option for self-serve options related to financial transactions with the town.
• Create a collaborative environment where access to data and information, even from remote locations, is based on system “look and feel,” flexibility, intuition, data definition, data stewardship and security. 
• Development of a desired future state procurement to payment process map for the town 
• The identification of a proposed software solution/package that enables and supports the town’s desired future state. 
• Provide a seamless integration of a new system/package with existing applications. 
• Reduce the number of shadow systems and reconciliations between systems. 
• Align the reporting strategy with the town’s overall data management. 
• This must enable and support performance reporting and consistent information management throughout the organization. 
• With any solution proposed, the data remains under ownership of the town.
• Incorporate fully integrated best business practices. 
• Develop a system that is user-friendly and that empowers users to improve their business processes. 
• Add and improve functionality in back-office functional areas. 
• Improve the quality and accessibility of information for decision support. 
• Reduce redundant data entry, storage, and paper processing. 
• Improve operational effectiveness and productivity. 
• Enhance e-government initiatives, including improved customer service and web self-service. 
• Retire existing legacy and back-office systems and tools.
- Mandatory functionality*
• Accounting
• Accounts payable
• Accounts receivable
• Procurement
• Treasury and cashiering
• Property tax management**
• Water billing*
• Financial reporting
• Online account access
- Optional functionality*
• Asset management
• Budgeting
• Projects and grants
• Development charge administration
• Value add functionality as determined by proponent.