As announced in a previous article, the finance team partnered with business and finance staff from 11 areas across Purdue (seven from West Lafayette, two from Fort Wayne and two from Northwest) in a pilot program to test their strategy. Setting the stage for enhanced reporting capabilities, the results of the pilot program continue to receive positive feedback and show simplification as they are shared across the university.

Andrew Bean, business process analyst, business process reengineering, and Tammy Emilson, director of financial affairs, college of science and pharmacy, presented the pilot program results at the recent Advisory Committee meeting and the Treasurer’s Forum. ;The West Lafayette directors of financial affairs (DFAs) will be presenting pilot program results at their cluster meetings over the next month as well.

The results demonstrate the simplification of the new redefined account structure and provide a look into transparent financial reporting. Today’s complicated account structure is prone to errors, is inconsistently used across the units, has incomplete account categorization and leads to limited standard reports. Answering simple questions such as, “What faculty or units own these accounts?” “What are the types of accounts?” “What are the revenues, expenses or balances by faculty/unit?” can take several days to pull together and is often immediately obsolete. The pilot reporting prototype demonstrated to the Treasurer’s forum and advisory committee that both transparency and ease of financial reporting is attainable.

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GL Slide 3

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Over the course of the pilot, the departments simplified their financial management by consolidating or eliminating nearly half of their existing accounts. They then mapped the remaining accounts into the new structure. Once mapped, the project team was able to produce in minutes multiple reports that analyzed the activity of the 11 departments with a level of insight and transparency not possible today. 

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