Real Time Financials and M-Reports

1. Real Time Financials and M-Reports Project Update for Unit LiaisonsMarch 17, 2010

2. Agenda • Project Background • Projects At-A-Glance: RTF and M-Reports • RTF • Completed Enhancements • The RTF Toolkit • M-Reports • What’s Next • Consulting & Training • Q & A

3. Project Background Project Charge • The Real Time Financials team was charged by the Associate Vice Presidents for Finance, Research and MAIS (now “ITS”) with two primary goals: • Identify ways to better integrate the central accounting system with local supplemental systems in order to reduce redundant efforts • Make financial information more accessible to project directors

4. Project Background Ultimate Vision • Make meaningful, easily accessible, financial information available to Principal Investigators, Departmental Managers, Project Managers and Administrators • Real Time project balances • Annotations • Reconciliation flags • Provide an end-to-end reporting and reconciliation tool utilizing the central system • Reduce the need for costly and time consuming supplemental systems • Eliminate duplicate entry of data • Streamline the reconciliation process • Provide for an all funds solution

5. Projects At-A-Glance Real-Time Financials (RTF) Project Vision: Enhance the Enterprise System to provide richer, timelier data Data Warehouse Production ODS M-Reports Vision: Enable Guided Data Analysis using many data sources Future: Dept data

6. RTF Completed Enhancements Goal: Make meaningful financial data easily accessible to Principal Investigators, Departmental Managers, Project Managers and Administrators Completed Enhancements Impact to Units • Increased posting frequency of transactions to the General Ledger Richer and timelier data in the enterprise system • Estimates provided for salary, benefits, and financial aid Goal: Provide an end-to-end reconciliation tool utilizing the central system reduces the need to maintain data in supplemental systems • All-Funds Budget-to-Actual Variance Reporting • Online reconciliation of Statement of Activity • Units can record planned or potential financial encumbrances in the central system

7. RTF Toolkit • The RTF Toolkit illustrates the key system functionality units may use to establish an all funds budget-to-actuals (i.e., “end-to-end”) reporting and reconciliation process. • Reporting Budget Ledger (RBL) • Unit Defined Commitments (UDC) • eReconciliation (eRecon)

8. Reporting Budget Ledger • The Reporting Budget Ledger(RBL) is a process to enter non-sponsored budget data into M-Pathways. • Spreadsheet template and instructions are available on the RTF website: http://www.mais.umich.edu/fin/rtf.html • RBL data is available for reporting purposes in the U-M Data Warehouse and M-Pathways. • BusinessObjects UM-Maintained reports: • “CMB Reporting Bdgt Ledger NonSponsored Reconciler” – available by Fund, Department, Program or by Project/Grant • nVision “Income Statement Variance by Dept/Dept Group” (MGLN075D) Impact: Enables Budget-to-Actuals Variance reporting for all funds

9. Reporting Budget Ledger • Sample BusinessObjects Report RTF estimate & UDC* data *UDCs must be entered in M-Pathways to appear on these reports RBL report displayed by Account Group

10. Unit Defined Commitments • A Unit Defined Commitment (UDC) is a revenue or expense the central system does not know about (yet). • Examples: upcoming renovations, funds set aside for future hires, etc. • Departments can record UDCs directly into M-Pathways or upload using an Excel template. • Manage UDCs page allows users to quickly and easily update or release commitments from a single screen in M-Pathways. Impact: Enables units to have a better overall picture of their financial health all in one location

11. Unit Defined Commitments View all active UDCs for any chartfield combination • Manage UDC’s page Update UDC data directly on this page Or, link back to original UDC entry page

12. Unit Defined Commitments • UDC data is available in multiple environments for financial reporting: • M-Pathways • “Project/Grant Budget Status” report (PBSR) • nVision Income Statement reports (mgln075a and mgln075d) • BusinessObjects • “CMB Project Grant Budget Status with Estimates” • “CMB Reporting Bdgt Ledger NonSponsored Reconciler” – available by Fund, Department, Program or by Project/Grant • “CMB Summary of Projects by Project Director with Estimates” • M-Reports • “P/G Budget Status/Activity” • “Spon Parent Summary” • “Summary of Projects” • “Summary of Rev/Exp Activity”

13. eReconciliation • eReconciliation (eRecon) provides anonline method for reconciling the Statement of Activity. • Add annotations to revenue and/or expenses that are already in the system • Flag financial transactions as reconciled • Flexibility in selecting transactions to annotate and/or reconcile within a specified journal date range • Option to reconcile at the summary level (SOA Detail) or at a detailed level (Voucher Detail, AR/Billing, Payroll, or SFN) • Last update date and User ID is recorded Impact: Provides richer transaction reference and reconciliation information in M-Pathways

14. eReconciliation • eReconciliation data is also available for reporting purposes through: • M-Pathways Statement of Activity reports • BusinessObjects Reports • “CMB eReconciliation” – available by Fund, Department, Program or by Project/Grant • “FN01 RevExp Statement of Activity” – available by Fund, Department, Program or by Project/Grant

15. DemoeReconciliationJulie Fabros

16. Application Specific Reporting (e.g. PeopleSoft) M-Reports Business Objects Reporting What is M-Reports • M-Reports provides an accessible and easy to use reporting method that University executive officers, deans, directors, chairs, faculty, managers, and administrators can use to view and analyze management data. Leadership, Faculty & Managers (~10,000 Users) Operational (~5,000 Users) Power Reporting (~3,000 Users)

17. M-Reports Vision • M-Reports enhances a unit’s business intelligence by delivering management reports in a user-friendly online reporting environment. This system provides: • Guided analysis on specific reporting topics with links that drill-down to associated detail. • Alerts, metrics, and personalized reports based on individual user ‘s profile, preferences, and role-based security. • Report data sourced from the appropriate database (e.g., M-Pathways Production and ODS, UM Data Warehouse, unit systems). • Content developed and published by ITS CPUs and University units. • An intuitive interface that requires no training.

18. DemoM-ReportsBrian Wlosinski

19. What’s Next • RTF Enhancements • Estimate data • One additional year of data along with benefits for parking to be added • Benefit updates for employees who are exempt from FICA per IRS regulations, and new hires which now require one year waiting period for 10% University Contribution • eReconciliation reports • New Payroll and Student Financial detail reports • Reformatting eRecon report package • M-Reports – new content & enhancements • Summary of Revenue/Expense drills and trends • eReconciliation data (i.e., reconciliation flag, notes) • Continuous improvements based on user feedback

20. Consulting and Training • Services Offered • RTF and reporting demos • Consulting to assist with reconciliation and reporting needs • Business process evaluation and best practice suggestions (based on what we’ve seen while working across campus) • Consulting partnership with Financial Operations to improve financial structure and financial reporting • Customized BusinessObjects reports • BusinessObjects training labs

21. Consulting and Training • User feedback • “The eReconciliation process will provide a tremendous boost to our productivity.  (Our staff) will be able to eliminate duplicate data entry and spend time on  more value-added activities.  We will also be able to use the MAIS centralized reporting environment and eliminate our shadow financial system.” School of Information • “We were extremely pleased with the service MAIS provided us.  Our business analyst…met with us regularly, accommodated our schedules and turned around our requests in a timely manner.” School of Information • “I was surprised that the system had more information than even our shadow system could get… The time invested in learning the system and reevaluating our business processes was definitely worth it. We’re more accurate and our faculty are happy. I’d certainly recommend the process to other units on campus.” School of Dentistry

22. Consulting and Training • Email mais.fin.contact@umich.edu to arrange a free, individualized meeting for your unit. • Check out the RTF website for information on the RTF Toolkit, Consulting & Training Resources, and more: www.mais.umich.edu/fin/rtf.html • See the Business Intelligence web page for more information on M-Reports:www.bi.umich.edu/products/web_reporting.html

23. Questions & Answers Thom Madden thommad@umich.edu Brian Wlosinski briwlo@umich.edu Julie Fabros jfabros@umich.edu Thank You!