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Finance
  1. Finance Department
  2. FCIP

Financial controls and improvement plan

Overall project aim

Good practice, high quality and consistent financial reporting of monthly financial results.

Key project focus

The key project focus is improving the accuracy and completeness of the monthly management accounts and the priority areas are:

  • Completeness of income
  • Clear distinctions between capital and revenue
  • Costs recognised at the time of commitment and not at time payment e.g. purchase orders raised and goods receipted (information to accrue expenditure)

Project workstreams

The project has 7 workstreams:

  • Consistent monthly recognition of income
  • Accurate capital expenditure
  • Improve the procure to pay process
  • Consistent and meaningful budget reporting
  • Regular monthly financial control disciplines
  • Develop clear accountabilities for budget reviews and accounting controls
  • Refine our financial systems and processes

Benefits of improvements

  • Accuracy of accounts – accurately monitor forecast
    • Income recorded correctly / consistently
    • Improved visibility of capital and revenue expenditure
    • Ability to include accruals
    • No surprises at year end
  • More streamlined, reduced admin related to:
    • Capital process
    • Procure to pay process
  • Foundations to improve management reporting
  • Move towards enabling an economic, effective and efficient service delivery

Presentations, Briefings, Newsletters

You can keep in touch about the project in a number of different ways – see below for further details.

Finance

Professional Services

Faculties

Scheme of Delegation of Financial Authority Review – 2013/2014

Based on updated Scheme of Delegation of Financial Authority (found on the Policy Zone here - http://www.arcs.qmul.ac.uk/policy/index.html

Pilot phase:

Implementation across the College:

Purchase to Pay Communication & Training

  • Agresso Requisitioners and Approvers
    • Notification of changes related to the purchase to pay process & preparation required  – April 2013

             ?Note to Agresso users advance notification Apr 13 (pdf) [PDF 34KB]

 QMUL Suppliers

  • Notification of changes related to the purchase to pay process & preparation required – April 2013

http://qm-web.finance.qmul.ac.uk/purchasing/news/items/95372.html

  • Purchase to Pay process - changes from 1 June 2013

       Please use the link to access the following:

  • Summary of key changes from 1 June 2013
  • Briefing/refresher training slides
  • Guidance for requisitioners
  • Guidance for approvers
  • P2P Goods receipting – Tips no. 1

Finance have been running Purchase to Pay refresher training sessions for Faculties and Professional Services during May 2013, and will continue to run sessions during June. If your team hasn’t had a chance to attend a training session yet, please contact Joanna Puczkowski (j.puczkowski@qmul.ac.uk)/ Tel. 020 7882 7687) for further details and to request a session. You can also view a copy of the Purchase to Pay training slides here

Policy and guidance

As well as communicating via email and briefings, we will include updates about new policies and guidance issued here.

Further information and key contacts

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