Financial Reporting System

The Vendor is required to provide financial reporting system that streamlines and automates the annual comprehensive financial report (ACFR) creation process, improves data accuracy, and enhances audit readiness.
- Key functionalities
1. ACFR structure and report generation
• Automate the generation of various government-wide and fund financial statements, notes to the financial statements, schedules, tables, and other information required for the county’s ACFR.
• Notes to the financial statements, schedule, tables, and other information should be linked to financial data and updated automatically with any changes and maintained and reconciled with the financial statements and flagged if there are differences.
• Support presentation of the county’s financial data consistent with its chart-field structure, including fund, account, department, program, and project levels.
• Allow configuration of report layouts, including the ability to:
o Add or remove rows and columns;
o Insert, reorder, or rename account groups;
o Hide rows or columns with zero balances; and
o Apply custom sorting or formatting consistent with the county’s financial presentation standards.
• Provide automated roll-ups and consolidations by fund, department, account, function, project or other accounting dimension as defined by the county.
• Allow for seamless updating of page numbers in the ACFR and other reports.
• Allow authorized users to define, modify, and save fund and department roll-up structures, including the ability to expand or collapse hierarchical groupings within financial statements and for various reporting requirements not associated with financial statements.
• Maintain report templates that can be reused or updated annually.
• The system shall support the automated generation, management, and distribution of the following report types:
o ACFRs
o Financial statements
o Schedules generated from verified financial data
o Variance analyses for multiple reporting periods
o Statistical reporting
o Financial statement lead schedules
o Ad hoc reporting using validated datasets
o Budget development and analysis reports.
2. Data accuracy and reconciliation
• Maintain a direct link between source data (e.g., PeopleSoft financials) and generated financial statements to ensure accuracy and traceability.
• The financial reporting system should be capable in integrating with multiple ERP or financial management systems in the future and must not depend on any single platform for its functionality.
• Reconciliation tools that identify differences between trial balances and published reports, including summary variance reporting.
• Allow authorized users to perform “on-top” adjustments or reclassifications for reporting purposes without altering the underlying source data.
• The ability to clearly identify all adjustments applied within the reporting environment and retain an audit trail of user, timestamp, and action taken.
3. Workflow, review, and version control
• Configurable workflows for data preparation, report generation, review, and approval by designated staff.
• The ability to maintain full-spoken control of reports, capturing changes made throughout the reporting process.
• The ability to compare versions and revert to prior versions of reports as needed.
• Support concurrent access by multiple users while maintaining data integrity and proper locking to prevent overwriting.
4. Audit support and documentation
• Maintain an immutable audit trail from each reported figure back to its original transaction source.
• The financial reporting system shall provide transaction-level traceability, allowing authorized users to view the originating ledger or journal entry that supports each reported balance.
• This functionality shall maintain full audit context without requiring export or manual lookup outside of the system.
• Produce documentation packages to support audit review, including reconciliations, schedules, and adjustment logs.
• Secure, read-only access for auditors or authorized reviewers to validate reported data.