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Finance Forum 20 th March 2014

Finance Forum 20 th March 2014. AGENDA Introduction (David Sturgiss, CFO) Service Improvement Group – Overview (Karen Hill, Director) Projects – Overview of Current Projects (Trevor Langtry, A/g Assoc.Director, Fin.Ops. & Systems)

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Finance Forum 20 th March 2014

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  1. Finance Forum 20th March 2014 Finance & Business Services

  2. AGENDA • Introduction (David Sturgiss, CFO) • Service Improvement Group – Overview (Karen Hill, Director) • Projects – Overview of Current Projects (Trevor Langtry, A/g Assoc.Director, Fin.Ops. & Systems) • Research Accounting – Presentation of SPF FRM (Victoria Allen, Finance Manager Science) Finance & Business Services

  3. AGENDA • Investments - Foreign Currency Transactions (Michael Peel, Treasury Manager) • Tax Unit – Tax Update (Jenny Park, Tax Accountant) • Corporate Finance – Personal Property Securities (Michael Lorenzato, Corporate Accountant) • General Question Time Finance & Business Services

  4. F&BS Organisational Structure Finance & Business Services

  5. Service Improvement at ANU Karen Hill - Director, Service Improvement Group Finance & Business Services

  6. Background Universities are facing a number of challenges including financial constraints, increasing regulatory demands and increased competition. A range of activities have been undertaken to assess efficiency and effectiveness of administrative services: • Staff Survey (2011) • Administration reviews (2012 – 2013) • UniForum Benchmarking (2011 -2013) • ANU Forms Audit (2013) • Budget Solutions Process (2013) • Administrative Services Survey (2013) • Harnessing Service Capacity study (2013) Finance & Business Services

  7. Some quick stats… • Only 43% of staff perceived the ANU processes favourably (Staff Survey 2011) • 82% of 139 administrative activities had a high importance / low satisfaction rating (Administrative Services Survey 2013) • An average across the range of activity categories (correcting, checking, looking waiting, duplicating, unnecessary work) showed staff members spend approximately 16% of a 35 hour week on unproductive activity – approximate annual salary value of $25.5 million • Staff felt integration of IT systems would make administrative processes and activities more efficient and save an average of 6.6 hours (18.9%) in a 35 hour working week (Harnessing Service Capacity Study 2013) • 80% of forms identified in the audit were manual and paper based (Forms Audit 2013) Finance & Business Services

  8. The Service Improvement Group The Service Improvement Group partners with areas of the University to: Identify seek and support initiatives that deliver efficiencies Connect bring together areas to reduce duplication and leverage resources Challenge provide independent challenge to projects to achieve best results Simplify overcome barriers by simplifying complex problems Measure provide frameworks to monitor, measure and report on benefits Share communicate knowledge of successes and key learning's to continuously improve Compare understand our own service performance and learn from other universities. Finance & Business Services

  9. The Service Improvement Group Centrally governed and coordinated approach that focuses on promoting and driving change through core strategic projects aimed at: Access customers can access services at the right time, right place, in a manner that suits them Effectiveness effective service delivery outcomes for ANU Efficiency streamlining and simplifying processes and structures Clarity clear lines of responsibility and ownership – less duplication Integration enterprise wide processes, systems and services that align and integrate Capability empowering continuous improvement in service delivery and support Innovation recognising, advocating, sharing and fostering innovation. Finance & Business Services

  10. Our Expertise/Skills • Program Management • Project Management • Business Analysis • Information Analysis • Business Process Mapping • Business Process Improvement • Service Redesign • Change Management • Communication • Organisational Design • Stakeholder engagement • Benefits mapping The team brings a wealth of experience in sectors including: Higher Education, Immigration, Transport, Finance, Telecommunications, IT, Health, Defence, Manufacturing & Energy Postgraduate qualifications also include Business, Management and Communications. Prince2 and MSP Certified Finance & Business Services

  11. Trends in Industry/Sector CURRENT STATE (ANU) INDUSTRY/SECTOR TRENDS • Manual and paper based • Duplication • Inconsistent customer experience • High touch points • Fragmented processes • Resource intensive • Disparate and out of date systems • Multiple sources of information/data • Inaccessible • Automated and paperless • Minimal touch points • Self Service • Customer driven • Streamlined end to end processes • Cost effective • Integrated systems • Supported by business intelligence • Single online portal for services Finance & Business Services

  12. Approach Vision Supporting excellence in education and research through seamless professional services Approach Program management Project management Continuous improvement Finance & Business Services

  13. Program management • Oversee the Service Improvement Program containing 50+ projects and Program ‘Blue Print’ for current and future state • Implement a Program Management Framework (Managing Successful Programs) = interested in the benefits • Monitor Tier 1 Projects • Business process for the identification, prioritisation, selection and authorisation of service improvement projects • Monitor, track and report on progress / completion of projects within the program Support visibility, transparency and accountability for service improvement projects through a program management approach Finance & Business Services

  14. Project management • Lead service transformation projects in partnership with the business owners (more later) • Provide project assistance and support to Tier 1 Projects • Business cases for agreed strategic projects in partnership with business owners • Project management capability within the University • Lessons Learnt, Post implementation reviews (PIR) and benefits tests (BT) for key projects Deliver service transformation projects on time, within budget and to the quality expectations of the customer and end user Finance & Business Services

  15. Continuous improvement • Establish a continuous improvement framework and policy – feedback systems • Accessible methods to capture service improvement ideas • Lead the UniForum Benchmarking Exercise • Lead the Harnessing Service Capacity study (Unproductive Activity) • Establish opportunities for staff to become involved in the service improvement agenda Provide a framework, information and data to support a continuous improvement culture at the University Finance & Business Services

  16. Priority projects (Tier 1) Finance & Business Services

  17. New Policy: Project Management Project Management Policy, Procedure, Sizing Guidelines and Templates https://policies.anu.edu.au/ppl/index.htm http://sig.anu.edu.au/tools-and-templates Finance & Business Services

  18. More information Visit: sig.anu.edu.au Contact: Karen Hill, Director Director.sig@anu.edu.au Finance & Business Services

  19. Questions Finance & Business Services

  20. Projects Update Trevor Langtry – A/g Associate Director Financial Operations & Systems Finance & Business Services

  21. Proposed New Projects Procurement to Pay: • Requisitioning – a simplified requisitioning with approval workflow • Specifications completed and costed by ITS • Pending Scheduling for development • Integration between Chemical Inventory System and P/Soft Financials • Replacement of CIS with P/Soft Functionality ???? Finance & Business Services

  22. Projects Update Cont…. Accounts Payable Workflow Rollout • At the tail end – approx 85% going through workflow • Post Implementation Issues OneStop Receipting (2014) • Commenced • Three Phases Finance & Business Services

  23. Projects Update Cont…. Travel System • Have experienced some delays • Pilot with CAP in 2 to 3 months Finance & Business Services

  24. Research Accounting – SPF FMR Victoria Allen, Finance Manager Sciences Finance & Business Services

  25. SPF Financial Management Report Finance & Business Services

  26. Statement Tab Finance & Business Services

  27. Journals Tab – transaction listing Finance & Business Services

  28. Viewing all period transactions Finance & Business Services

  29. Sorting by budget class Finance & Business Services

  30. Project Tab Finance & Business Services

  31. Payroll Costing Tab Finance & Business Services

  32. SPF Financial Management Report Finance & Business Services

  33. SPF Financial Management Report Finance & Business Services

  34. Most commonly asked question – What is the balance on my account? Finance & Business Services

  35. Income Finance & Business Services

  36. Income details Finance & Business Services

  37. Expenditure Finance & Business Services

  38. Income vs expenditure Finance & Business Services

  39. Income vs expenditure Finance & Business Services

  40. Income vs expenditure Finance & Business Services

  41. Budget vs Actuals Finance & Business Services

  42. Budget vs Actuals Finance & Business Services

  43. Budget vs Actuals Finance & Business Services

  44. Finance & Business Services

  45. TEA BREAK Finance & Business Services

  46. Investment Office – Foreign Currency Transactions Michael Peel, Treasury Manager Finance & Business Services

  47. Overview Transactions can be made at • Spot (today) • A future date (forward) Finance & Business Services

  48. Larger Foreign Currency Transactions • For transactions greater than $100,000 the Investment Office can assist • For spot (today) transactions, the Investment Office has access to wholesale market rates • For future transactions, the Investment Office is able to remove foreign currency uncertainty by: 1. By transacting at spot (at wholesale rates) and then placing the foreign currency in either a foreign currency term deposit or a foreign currency account (USD only) (Funds must be already available) 2. Entering into a Forward to lock in a rate today ( Funds must be available for settlement at an agreed future date) Finance & Business Services

  49. Removing foreign currency uncertainty • Why do we do this? • To protect the AUD position • When do we do this? • When there is a firm commitment or purchase order and funding is approved Finance & Business Services

  50. Option 1: Buy at Spot (Funds available now) • Summary Steps Involved: • Delegate Approves the transaction • Investment Office contact NAB FX Desk and buy Foreign Currency • Investment Accounting team arrange settlement • Funds are placed in Term Deposit or a Foreign Currency Account • Interest received is slightly higher in a Term Deposit account • Typically a Term Deposit is entered into when payment dates are known Finance & Business Services

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