Financial Management System

The Vendor is required to provide an agency-wide, cloud-based Financial Enterprise Resource Planning (ERP) system, including implementation services.
- The Fund’s current financial workflows are predominantly paper-based and require significant manual review and data entry.
- The Fund’s primary objective is to transition to a fully digital financial management system that automates service delivery to the greatest extent practicable, while ensuring full compliance with all applicable local, state, and federal laws, auditing requirements, and industry best practices.
- The Cloud Solution shall support secure access by Authorized Users and provide reporting, role-based access controls, audit logging, and integration capabilities.
- If applicable, the Contractor shall support the secure migration of data from existing Authorized User systems into the Cloud Solution using documented migration procedures that preserve data integrity, confidentiality, and availability.
- For the duration of an Authorized User Agreement, the Cloud Solution shall conform to the Cloud Solution Manufacturer’s specifications, Documentation, performance standards (including applicable license terms, warranties, guarantees, Service Level Agreements, service commitments, and credits).
- The Cloud Solution must be provided as a Software-as-a-Service (SaaS) offering hosted in a public cloud environment.
- Responsible for:
•    Hosting and operating the application
•    Security of the application, platform, and infrastructure
•    System monitoring, patching, vulnerability remediation, and backups
•    Service availability in accordance with the SLA
- The Cloud Solution must be deployed using a multi-tenant public cloud architecture with logical segregation of Authorized User data.
- The solution shall be designed to scale and maintain performance during peak financial processing periods, including month-end, quarter-end, and year-end close.
- Support shall be provided on a [24x7 / business hours] basis with response and resolution times defined in the SLA.
- Solution shall be based on open, industry-recognized standards and architectures that support adaptability, flexibility, scalability, and integration with both existing and future systems.
- 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.