Transforming the UW’s Financial Systems
Following the successful modernization of the University of Washington’s HR, payroll, benefits and time tracking system, the next technology transformation is replacing the financial systems. The UW Finance Transformation Program (UWFT) will fundamentally change the systems, policies and processes and deliver a current, cloud-based system that will improve how the UW tracks, spends, collects, manages, and reports financial information.
The UW has long recognized that its 43-year-old COBOL based mainframe Financial Accounting System (FAS) is in need of replacement, and the associated business processes are in need of significant transformation. Since the development of these legacy systems, the UW’s annual revenue and complexity have grown tenfold, including a more diverse legal structure, higher percentage of the enterprise dedicated to research and the clinical enterprise, and the expansion from one to three campuses (UW Bothell and Tacoma).
This cloud-based system will enable the University to address the growing complexities of its operations by providing improved decision-support across the enterprise to better manage scarce resources, seize new opportunities, and adapt to changing revenue. In short, this new finance system will deliver:
Monthly financial statements
Consolidated accounts receivable
Inbound and outbound cash flow visibility
Forecasting/Projections to support short- and long-term planning