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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 20th March 2014 Finance & Business Services
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
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
F&BS Organisational Structure Finance & Business Services
Service Improvement at ANU Karen Hill - Director, Service Improvement Group Finance & Business Services
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
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
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
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
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
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
Approach Vision Supporting excellence in education and research through seamless professional services Approach Program management Project management Continuous improvement Finance & Business Services
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
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
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
Priority projects (Tier 1) Finance & Business Services
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
More information Visit: sig.anu.edu.au Contact: Karen Hill, Director Director.sig@anu.edu.au Finance & Business Services
Questions Finance & Business Services
Projects Update Trevor Langtry – A/g Associate Director Financial Operations & Systems Finance & Business Services
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
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
Projects Update Cont…. Travel System • Have experienced some delays • Pilot with CAP in 2 to 3 months Finance & Business Services
Research Accounting – SPF FMR Victoria Allen, Finance Manager Sciences Finance & Business Services
SPF Financial Management Report Finance & Business Services
Statement Tab Finance & Business Services
Journals Tab – transaction listing Finance & Business Services
Viewing all period transactions Finance & Business Services
Sorting by budget class Finance & Business Services
Project Tab Finance & Business Services
Payroll Costing Tab Finance & Business Services
SPF Financial Management Report Finance & Business Services
SPF Financial Management Report Finance & Business Services
Most commonly asked question – What is the balance on my account? Finance & Business Services
Income Finance & Business Services
Income details Finance & Business Services
Expenditure Finance & Business Services
Income vs expenditure Finance & Business Services
Income vs expenditure Finance & Business Services
Income vs expenditure Finance & Business Services
Budget vs Actuals Finance & Business Services
Budget vs Actuals Finance & Business Services
Budget vs Actuals Finance & Business Services
TEA BREAK Finance & Business Services
Investment Office – Foreign Currency Transactions Michael Peel, Treasury Manager Finance & Business Services
Overview Transactions can be made at • Spot (today) • A future date (forward) Finance & Business Services
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
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
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