Objectives and Benefits

SFS Objectives

• Streamline government operations, increase efficiency
• Give managers and end users easy access to timely, accurate information
• Facilitate better financial analysis and decision-making
• Coordinate agency efforts across the state
• Standardize and modernize New York state technology
• Reduce the variety of computers, programming languages, database packages, etc. used in the state
• Improve on current paper-based business processes
• Eliminate duplicate activities and redundant legacy systems
• Replace 30+ year old Central Accounting System (CAS)
• Avoid multiple system changes and upgrades

SFS Benefits

Overall

• Single Statewide Financial System = One Source of Financial Truth
• Standardization and end-to-end business process improvements
• Integrated statewide system with transactions occurring in real time
• Reduced data entry, resulting in fewer reconciliations and fewer errors
• Automated workflow and transaction tracking

Electronic approvals replace paper; view into real-time approval status

• Query screens to see near-real-time data on demand, with ability to customize
• Expanded reporting tools: electronic statewide reports and queries replace current large paper reports
• Travel processing is electronic, paperless; self-service; automatic account codes
• Single, centralized statewide vendor file
• Ability to track statewide expenditures on a programmatic basis
• Continuous improvement in centralized system functionality

Accounting and Procurement

• Accurate, real-time payment processing through integration across system modules
• Real-time budget checking
• Automatic interfaces and easier reconciliation with banks and credit cards
• Timely and accurate vendor payments
• Efficient voucher creation tools
• Vendor self-service transaction inquiry
• Automated close-out of purchase orders
• Procurement card transaction processing
• Integrated system with robust search capability