State of Oklahoma Shared Financial Services

State of Oklahoma Shared Financial Services State of Oklahoma Shared Financial Services - Start

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Agency Business Services. A Division of OMES. Contents. Overview. Services. Client List. Benefits. Common Myths. Transition Process. Contact Information. 3/21/2013. 2. ABS. Overview. 3/21/2013. 3. ABS. ID: 667588 Download Presentation

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State of Oklahoma Shared Financial Services




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Presentations text content in State of Oklahoma Shared Financial Services

Slide1

State of OklahomaShared Financial Services

Agency Business Services

A Division of OMES

Slide2

Contents

OverviewServicesClient ListBenefitsCommon MythsTransition Process

Contact Information

3/21/2013

2

ABS

Slide3

Overview

3/21/2013

3

ABS

Efficiency

Service Level

Shared Services

Centralized Model

Copyright © 2011 Accenture

Distributed Model

Centralized:

Central Control

Focus on Efficiency

Cost Driven

Distributed:

Distributed Control

Focus on Responsiveness

Location Driven

Shared:

Shared Control

Balance of Responsiveness & Efficiency

Service Level Driven

What is Shared Services?

Slide4

ServicesABS’ primary focus is on performing the back end financial support functions

Shared financial service offerings:budget support procurement accounts payableaccounts receivablereconciliationsfinancial reporting

3/21/2013ABS

4

ABS

Client Agency

Client Agency

Client

Agency

Client Agency

Client Agency

AP

AR

Procurement

Budget Support

Reconciliations

Reporting

Slide5

Services

3/21/2013ABS

5

Budget Support Services

Prepare the Agency’s Budget Work Program with management support

Prepare and process any necessary revisions and transfer requests

Assist the Agency in the preparation of its Strategic Plan/Budget Request and entry.

Slide6

Services

3/21/2013ABS

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Procurement Services

Prepare documents for the purchase of products and services including, but not limited to, supplies, equipment, interagency agreements and contracts for rent, professional services and other services.

Prepare purchase orders, requisitions, change orders and sole source documents.

Coordinate with vendors to obtain necessary procurement forms and information.

Assist with the preparation of OMES e-pro documents for submission to OMES for technology procurement.

Coordinate with DCS on all purchasing issues concerning the Agency’s purchases.

Assist in the development of bids and proposals for submission to the DCS.

Advertise such bids and proposals of the Agency as required by law.

Purchase office supplies through the mandatory state use vendor.

Advise the Agency on development of procurement procedures and any revisions.

Advise the Agency of record keeping requirements and the filing of required documents in accordance with DCS’s standards.

Meet with the Agency on a regular basis and at the Agency’s request to discuss the status of any purchasing issues.

Slide7

Services3/21/2013

ABS7

Accounts Payable Services

Pay all claims against the Agency including travel claims and claims against grants and contracts

Ensure that the Agency has sufficient funds available from the appropriate accounts to pay claims.

Transfer funds between agency accounts as needed and permitted by law.

Process any refunds.

Meet with the Agency on a regular basis and upon request to discuss the status of revenues, expenditures, contracts and other related fiscal activity.

Provide the Agency with a monthly invoice.

Provide financial counseling and guidance if requested.

Allow the State Auditor’s office and the Department of Central Services access to all records and documents in the possession of ABS.

Slide8

Services3/21/2013

ABS8

Accounts Receivable Services

Load the

billing

information in PeopleSoft to generate invoices

Mail invoices by best routing as determined by ABS

Receive payment for invoices

Post payment to invoices

Paper checks will be deposited to clearing account, wire transfers will be posted directly to invoices

Print past

due

statements

Slide9

Services3/21/2013

ABS9

Financial Reporting & Reconciliation Services

Provide monthly financial reports within one week after monthly summary reports have been distributed by OMES.

Structure financial reports to meet the needs of the agency including summaries of revenues, expenditure summaries by fund and budget-to-actual reports.

Provide budget to actual reporting

Provide class fund cash balance reporting

Provide outstanding encumbrances reporting

Provide expenditure detail reporting

Provide summary of

receipts

and disbursement reporting

Provide additional custom reports upon request

Reconcile all Agency accounts and completion of OMES-11 form.

Provide clearing account reports.

Slide10

ABS Clients

3/21/2013

10

ABS

35 Total Clients and Counting…

Slide11

Benefits

Based on experiences with shared services models from around the world

3/21/2013

11ABS

Clear accountability (e.g. service level agreement)

Simplified monitoring (e.g. through enabling technology)

Increased control & visibility (e.g. standard processes)

Faster transaction response time (e.g. shorter cycle-times)

Responsiveness

Fewer errors (e.g. standard processes)

Benefits

Financial Benefits

Reduce Risk/Improve Compliance

Customer Benefits

Employee Benefits

Copyright © 2011 Accenture

Headcount related savings from economies of scale

Non-labor savings (e.g. office space / overhead)

New career options

More autonomy (e.g. less supervisors per employee)

High-performance culture (i.e. metrics driven)

Slide12

Common Myths

ABS will take control of your budget & $$$Truth: ABS is simply the back end transactional piece of your financial operation. No changes to the budget or how dollars are requested or allocated will be made unless requested by the client agency.

3/21/2013

12

ABS

Myth 1:

Slide13

Common Myths

ABS will increase my costsTruth: A shared financial service contract should enable agency management to realize cost reductionsABS will identify your flat monthly rate based on your financial transaction workload which is reviewed annually

This rate will most likely be less than the FTE cost of positions currently performing the same function. Additional overhead savings can be identified (e.g. work space, utilities, equipment, supplies).

Direct vs. indirect cost reductions (e.g. reduced processing times and increased productivity of staff)

3/21/2013

13

ABS

Myth 2:

Slide14

Transition Process

The size of the agency largely determines the complexity of the transition process.Smaller agencies may be as simple as executing the contract, signing security forms and holding a few transition meetings.Larger agencies will follow the transition process outlined below.

3/21/2013

14

ABS

Team Formation

Current State Analysis

Define Scope / Detail Plan

Implement

Standard Process

Metrics

Performance Reviews

Advisory

Customer Relationship

Inter Agency Agreement Execution

Slide15

Contact InformationChris Forster, Director of ABS

405-521-4619chris.forster@omes.ok.govLaura Swingle, Financial Manager405-521-4249

laura.swingle@omes.ok.gov

3/21/2013ABS

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