Finance & Business Services Finance Forum 20 th March 2014 20 March 2014

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<ul><li><p>Finance &amp; Business ServicesFinance Forum 20th March 201420 March 2014</p><p>Finance &amp; Business Services</p></li><li><p>AGENDAIntroduction (David Sturgiss, CFO)Service Improvement Group Overview (Karen Hill, Director)Projects Overview of Current Projects (Trevor Langtry, A/g Assoc.Director, Fin.Ops. &amp; Systems)Research Accounting Presentation of SPF FRM (Victoria Allen, Finance Manager Science)</p><p>Finance &amp; Business Services*20 March 2014</p><p>Finance &amp; Business Services</p></li><li><p>AGENDA Investments - Foreign Currency Transactions (Michael Peel, Treasury Manager) Tax Unit Tax Update (Jenny Park, Tax Accountant) Corporate Finance Personal Property Securities (Michael Lorenzato, Corporate Accountant) General Question Time</p><p>Finance &amp; Business Services*20 March 2014</p><p>Finance &amp; Business Services</p></li><li><p>F&amp;BS Organisational StructureFinance &amp; Business Services*20 March 2014</p><p>Finance &amp; Business Services</p></li><li><p>Service Improvement at ANUKaren Hill - Director, Service Improvement Group20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>BackgroundUniversities are facing a number of challenges including financial constraints, increasing regulatory demands and increased competition.</p><p>A range of activities have been undertaken to assess efficiency and effectiveness of administrative services:</p><p>Staff Survey (2011)Administration reviews (2012 2013)UniForum Benchmarking (2011 -2013)ANU Forms Audit (2013)Budget Solutions Process (2013)Administrative Services Survey (2013)Harnessing Service Capacity study (2013)*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Some quick statsOnly 43% of staff perceived the ANU processes favourably (Staff Survey 2011)</p><p>82% of 139 administrative activities had a high importance / low satisfaction rating (Administrative Services Survey 2013)</p><p>An average across the range of activity categories (correcting, checking, looking waiting, duplicating, unnecessary work) showed staff members spend approximately 16% of a 35 hour week on unproductive activity approximate annual salary value of $25.5 million</p><p>Staff felt integration of IT systems would make administrative processes and activities more efficient and save an average of 6.6 hours (18.9%) in a 35 hour working week (Harnessing Service Capacity Study 2013)</p><p>80% of forms identified in the audit were manual and paper based (Forms Audit 2013)</p><p>*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>*The Service Improvement GroupThe Service Improvement Group partners with areas of the University to:</p><p>Identify seek and support initiatives that deliver efficiencies</p><p>Connect bring together areas to reduce duplication and leverage resources</p><p>Challenge provide independent challenge to projects to achieve best results</p><p>Simplify overcome barriers by simplifying complex problems</p><p>Measure provide frameworks to monitor, measure and report on benefits</p><p>Share communicate knowledge of successes and key learning's to continuously improve</p><p>Compare understand our own service performance and learn from other universities.</p><p>20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>The Service Improvement GroupCentrally governed and coordinated approach that focuses on promoting and driving change through core strategic projects aimed at:</p><p>Access customers can access services at the right time, right place, in a manner that suits them</p><p>Effectiveness effective service delivery outcomes for ANU</p><p>Efficiency streamlining and simplifying processes and structures</p><p>Clarity clear lines of responsibility and ownership less duplication</p><p>Integration enterprise wide processes, systems and services that align and integrate</p><p>Capability empowering continuous improvement in service delivery and support</p><p>Innovation recognising, advocating, sharing and fostering innovation.</p><p>*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Our Expertise/SkillsProgram ManagementProject ManagementBusiness AnalysisInformation Analysis Business Process MappingBusiness Process Improvement Service Redesign Change Management Communication Organisational Design Stakeholder engagement Benefits mapping</p><p>*</p><p>The team brings a wealth of experience in sectors including: Higher Education, Immigration, Transport, Finance, Telecommunications, IT, Health, Defence, Manufacturing &amp; Energy</p><p>Postgraduate qualifications also include Business, Management and Communications.</p><p>Prince2 and MSP Certified </p><p>20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Trends in Industry/Sector*</p><p>Manual and paper basedDuplicationInconsistent customer experienceHigh touch pointsFragmented processesResource intensiveDisparate and out of date systemsMultiple sources of information/dataInaccessible</p><p>CURRENT STATE (ANU)Automated and paperlessMinimal touch pointsSelf ServiceCustomer drivenStreamlined end to end processesCost effectiveIntegrated systemsSupported by business intelligenceSingle online portal for servicesINDUSTRY/SECTOR TRENDS20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business ServicesKaren Hill - Summary of experience and expertise and skills they bring to the University. Important for the areas to note that its just not all about project management.</p></li><li><p>Approach*Supporting excellence in education and research through seamless professional servicesProgram managementProject managementContinuous improvement20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Program managementOversee the Service Improvement Program containing 50+ projects and Program Blue Print for current and future state</p><p>Implement a Program Management Framework (Managing Successful Programs) = interested in the benefits</p><p>Monitor Tier 1 Projects </p><p>Business process for the identification, prioritisation, selection and authorisation of service improvement projects</p><p>Monitor, track and report on progress / completion of projects within the program*</p><p>Support visibility, transparency and accountability for service improvement projects through a program management approach</p><p>20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Project managementLead service transformation projects in partnership with the business owners (more later)</p><p>Provide project assistance and support to Tier 1 Projects</p><p>Business cases for agreed strategic projects in partnership with business owners</p><p>Project management capability within the University</p><p>Lessons Learnt, Post implementation reviews (PIR) and benefits tests (BT) for key projects*</p><p>Deliver service transformation projects on time, within budget and to the quality expectations of the customer and end user</p><p>20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Continuous improvementEstablish a continuous improvement framework and policy feedback systems</p><p>Accessible methods to capture service improvement ideas</p><p>Lead the UniForum Benchmarking Exercise</p><p>Lead the Harnessing Service Capacity study (Unproductive Activity)</p><p>Establish opportunities for staff to become involved in the service improvement agenda</p><p>*</p><p>Provide a framework, information and data to support a continuous improvement culture at the University</p><p>20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Priority projects (Tier 1)*20 March 2014Finance &amp; Business Services</p><p>Project Managed by the SIGOther T1 ProjectsANU Gateway and Staff Intranet (MO)Strategic Procurement (Fleet and Travel) (FIN)CI Financial Reporting (FIN/RCH)Management Reporting (PPM)On Line Recruitment (HR)Workspaces (ITS)ERMS (SIG)Energy and Water (F&amp;S)Budget Infrastructure (FIN)On Line Timesheets (HR)Maximo Upgrade (F&amp;S)Multi User List (F&amp;S)Parking (F&amp;S)Archibus Space Mgt System (F&amp;S)</p><p>Finance &amp; Business ServicesKaren Hill - Insert the top 10 projects in the University and include those that are delivered by the SIG versus those delivered by business units</p></li><li><p>New Policy: Project ManagementProject Management Policy, Procedure, Sizing Guidelines and Templates</p><p>https://policies.anu.edu.au/ppl/index.htm </p><p>http://sig.anu.edu.au/tools-and-templates*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>More information</p><p>Visit: sig.anu.edu.au</p><p>Contact:Karen Hill, DirectorDirector.sig@anu.edu.au</p><p>*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Questions*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Projects UpdateTrevor Langtry A/g Associate Director Financial Operations &amp; Systems20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Proposed New ProjectsProcurement to Pay:Requisitioning a simplified requisitioning with approval workflowSpecifications completed and costed by ITSPending Scheduling for developmentIntegration between Chemical Inventory System and P/Soft Financials Replacement of CIS with P/Soft Functionality ???? </p><p>*Finance &amp; Business Services20 March 2014</p><p>Finance &amp; Business Services</p></li><li><p>Projects Update Cont.Accounts Payable Workflow RolloutAt the tail end approx 85% going through workflowPost Implementation IssuesOneStop Receipting (2014)CommencedThree Phases*Finance &amp; Business Services20 March 2014</p><p>Finance &amp; Business Services</p></li><li><p>Projects Update Cont.Travel SystemHave experienced some delays Pilot with CAP in 2 to 3 months 20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Research Accounting SPF FMRVictoria Allen, Finance Manager SciencesFinance &amp; Business Services*20 March 2014</p><p>Finance &amp; Business Services</p></li><li><p>SPF Financial Management Report20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Statement Tab20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Journals Tab transaction listing20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Viewing all period transactions20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Sorting by budget class20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Project Tab20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Payroll Costing Tab20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>SPF Financial Management Report20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>SPF Financial Management Report20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Most commonly asked question What is the balance on my account?20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Income20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Income details20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Expenditure20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Income vs expenditure20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Income vs expenditure20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Income vs expenditure20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Budget vs Actuals20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Budget vs Actuals20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Budget vs Actuals20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>TEA BREAK20 March 2014Finance &amp; Business Services*</p><p>Finance &amp; Business Services</p></li><li><p>Investment Office Foreign Currency TransactionsMichael Peel, Treasury Manager Finance &amp; Business Services*20 March 2014</p><p>Finance &amp; Business Services</p></li><li><p>OverviewTransactions can be made atSpot (today)A future date (forward) </p><p>*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Larger Foreign Currency TransactionsFor transactions greater than $100,000 the Investment Office can assistFor spot (today) transactions, the Investment Office has access to wholesale market ratesFor future transactions, the Investment Office is able to remove foreign currency uncertainty by:1.By transacting at spot (at wholesale rates) and then placing the foreign currency in either a foreign currency term deposit or a foreign currency account (USD only) (Funds must be already available)2. Entering into a Forward to lock in a rate today ( Funds must be available for settlement at an agreed future date) </p><p>*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Removing foreign currency uncertaintyWhy do we do this? To protect the AUD position</p><p>When do we do this? When there is a firm commitment or purchase order and funding is approved*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Option 1: Buy at Spot (Funds available now) Summary Steps Involved:Delegate Approves the transactionInvestment Office contact NAB FX Desk and buy Foreign CurrencyInvestment Accounting team arrange settlement Funds are placed in Term Deposit or a Foreign Currency AccountInterest received is slightly higher in a Term Deposit accountTypically a Term Deposit is entered into when payment dates are known</p><p>*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Option 2: Enter into a Forward Contract (Funds available at future settlement date)Summary Steps Involved:Finance Manager liaises with Investment Office who obtain forward quotesDelegate Approves the transactionInvestment Office contact NAB and ANZ FX Desks to obtain final quotes and execute deal based on best rateInvestment Accounting Team arrange settlement at forward dates*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Case Study: 30 May 2013 Spot AUDUSD rate was 0.9669ANU wanted to sell AUD 10.0m forward and buy the equivalent USD forward, with settlement on 25 June 2014.Although we had committed to send AUD $10.0m, the more USD we sent the betterThe Investment Office obtained pricing from NAB and ANZ, and then entered into a forward to buy USD forward at a rate of 0.9423 (USD 9,423,000). 19 March 2014 Spot AUDUSD was 0.9130Current forward rate for settlement on 25 June 2014 was 0.9070ResultAs of yesterday, ANU was ahead by $389k. Of course, the AUD could have strengthened over this time and we would have been behind. The purpose of this hedge was to remove FXuncertainly i.e. we locked in purchasing USD 9.4m.*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Reason for Difference: US and AUS Interest Rates*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>AUDUSD*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>AUDEUR*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Going ForwardFinance and Business Services are currently developing a Foreign Currency Transactions PolicyThis is expected to be operational by June 2014 *20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Contact InformationMichael PeelMichael.peel@anu.edu.au</p><p>02 6125 8755</p><p>*20 March 2014Finance &amp; Business Services</p><p>Finance &amp; Business Services</p></li><li><p>Finance and Business ServicesTax UpdateJenny Park Tax AccountantFinance &amp; Business Services*20 March 2014</p><p>Finance...</p></li></ul>