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Navigating Financial Systems: Simplifying Processes, Improving Efficiency, and Ensuring Accuracy

Discover the key issues in financial systems and why they are crucial. Explore the benefits of Financial Data Interchange (FDI) in speeding up payments, reducing errors, and cutting costs. Learn what you can achieve with FDI, except for some specific transactions. Find out how different stakeholders, from finance and IT to library staff and system suppliers, can work together to implement better financial systems successfully. Consider incorporating FDI, EDI, and other tools to streamline processes and enhance outcomes. Embrace the journey towards efficient financial management and reap the rewards of improved workflows and accuracy.

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Navigating Financial Systems: Simplifying Processes, Improving Efficiency, and Ensuring Accuracy

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Presentation Transcript

  1. Which side are you on? Financial Systems issues

  2. Why do they keep banging on about this? • Pay the right people • Pay them on time • Pay them at the right time • Save paper • Save people

  3. FDI = Financial data interchange • Yes but still - Why bother? • Speed of payment • Eliminate errors at rekeying • Eliminate recharge costs

  4. FDI - What can you pay with it? • Everything!? • Including • Things you never ordered on your LMS/ ILS • Except • Petty cash • Foreign currency • Purchase card • Disputed invoices

  5. How to get there • Finance } • Audit } Probably all want it • I.T. } - in theory • Library staff/ management } • And the System suppliers …?

  6. Getting there 1 • Finance • Their requirement • Their specification • Audit • The Armalite and the Ballot box

  7. Getting there 2 • I.T. • Well actually it’s our specification • testing, testing • Partners – who’d have ’em? • Library staff/management • It doesn’t seem like less work • Just do it!

  8. Getting there 3 • System suppliers • The technical specification • Consortia/ different authorities • New finance systems • Changed finance requirements

  9. Getting there 4 • Stock Suppliers • EDI • Consolidated invoices • Numbers and Dates on invoices • Payment address v order address

  10. Was it worth it? Should we do it? • In a wordyes

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