Financial Management Software System

The Vendor is required to provide financial management software system solution should provide comprehensive functionality for accounting, budgeting, cash receipting, fixed assets, payroll, and purchase orders.
- The system must support data import and export to state and federal systems and integrate with departments such as permitting, parks and recreation, court services, and the department.
- Goals
•    Increase customer service levels and responsiveness.
•    Replace the current system with a state-of-the-art solution.
•    Implement best practices through process workflow review and re-design.
•    Implementing features that allow for greater staff efficiency and return on effort.
•    Enter data once in a fully integrated solution to guard against clerical errors and data redundancy.
•    Select and implement a system that is intuitive and flexible to ensure high utilization.
•    Implement the selected solutions without compromising its ongoing operations.
•    Deliver a system on time and within a firm-fixed price budget that will serve the city well for 10 or more years.
- Functional requirements
1. Accounts payable (AP)
•    Provide a fully automated AP process for tracking and managing invoices, vendor information, and payments. 
•    Support electronic invoice approval workflows with multi-level approvals. 
•    Enable automated payment generation through various methods (ach, eft, checks) with secure audit trails. 
•    Support 1099-nec reporting capabilities, including the ability to track and report payments to vendors and contractors, ensuring compliance with IRS regulations. 
•    Allow for the automatic generation of 1099-nec forms and submission to the IRS, streamlining year-end tax reporting. 
•    Integrate with the general ledger to ensure accurate categorization and tracking of contracted service payments. 
•    Provide comprehensive audit trails for all transactions, including contracted services, to ensure compliance with internal and external reporting requirements. 
•    Include importing capabilities to seamlessly upload invoice data, vendor details, and payment records from external systems or files, ensuring accurate and efficient data integration. 
•    Provide a refund module to manage and process vendor or customer refunds, ensuring the accurate tracking and recording of refund transactions within the system.
2. Accounts receivable (AR) 
•    Facilitate the generation and tracking of invoices for payments owed to the city, including fines, fees, and other departmental revenue sources. 
•    Automate the AR process, including payment application and customer account reconciliation. 
•    Provide tools for tracking overdue payments, issuing reminders, and managing collections.
3. Budget management
•    Enable comprehensive budget planning and tracking tools for managing departmental budgets. 
•    Provide real-time budget-to-actual tracking with variance analysis to facilitate better decision-making. 
•    Support multi-year budgeting for ongoing projects, grants, and other long-term financial planning.
4. Cash receipting
•    Enable the secure handling of cash receipts from fines, fees, donations, property taxes, grants, and other revenue sources. 
•    Provide real-time tracking of all cash receipts with integration into the general ledger for immediate reconciliation. 
•    Support multiple receipt methods, including cash, checks, credit cards, and electronic and virtual payments.
5. Chart of accounts
•    Offer a customizable chart of accounts to meet the unique financial reporting needs of the city. 
•    Allow for easy reconfiguration and expansion as the city grows or changes its structure.
6. Eft payments
•    Support electronic funds transfer (eft) for faster and more secure payment processing.
•    Ensure compliance with banking regulations and provide audit trails for all eft transactions.
•    Integrate eft payments with accounts payable for seamless tracking and reconciliation.
7. Project accounting
•    Offer tools for tracking and managing specific projects, such as building renovations, grant funded programs, and special initiatives. 
•    Enable budgeting and cost tracking for individual projects, ensuring alignment with overall financial goals. 
•    Allow for detailed reporting on project progress, costs, and financial outcomes.