Presentations text content in State of Oklahoma Shared Financial Services
Slide1
State of OklahomaShared Financial Services
Agency Business Services
A Division of OMES
Slide2Contents
OverviewServicesClient ListBenefitsCommon MythsTransition Process
Contact Information
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ABS
Slide3Overview
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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?
Slide4ServicesABS’ primary focus is on performing the back end financial support functions
Shared financial service offerings:budget support procurement accounts payableaccounts receivablereconciliationsfinancial reporting
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ABS
Client Agency
Client Agency
Client
Agency
Client Agency
Client Agency
AP
AR
Procurement
Budget Support
Reconciliations
Reporting
Slide5Services
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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.
Slide6Services
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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.
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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.
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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
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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.
Slide10ABS Clients
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ABS
35 Total Clients and Counting…
Slide11Benefits
Based on experiences with shared services models from around the world
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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)
Slide12Common 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.
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ABS
Myth 1:
Slide13Common 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)
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ABS
Myth 2:
Slide14Transition 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.
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ABS
Team Formation
Current State Analysis
Define Scope / Detail Plan
Implement
Standard Process
Metrics
Performance Reviews
Advisory
Customer Relationship
Inter Agency Agreement Execution
Slide15Contact InformationChris Forster, Director of ABS
405-521-4619chris.forster@omes.ok.govLaura Swingle, Financial Manager405-521-4249
laura.swingle@omes.ok.gov
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State of Oklahoma Shared Financial Services
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