Finance

An integrated system offers convenience and reliability. Having information in one system makes it possible to access the status of a document at any point in time.

• Invoices are processed and managed in a single system
• A paperless system includes the ability to directly:
  • Import emailed invoices into the system
  • Approve invoices electronically
  • Provide a reliable method to track payment status
  • Avoid physically moving paper, which creates a risk of paper being misdirected, incurring payment delays

In addition to electronic transactions being eco-friendly, it eliminates the significant cost of both paper and the storage of paper.

There will be greater flexibility for clients. Although paper will still be a primary method of distributing invoices, there will now be an electronic option.

• Clients will be able to choose to:
  • Receive invoices, statements and notifications by email
  • Select from additional options for making payments

Going to MyConnection and completing an online expense claim form will allow you to not only submit expense claims, but also monitor payment progress online. There is an easy step-by-step process to enter expense details, with boxes to select expense type, location and a field for the amount. The system will indicate if a receipt is required.

The more convenient expense claim process allows employees to:

• Submit expense reports online
• See when a report is approved
• Provide additional information if required
• Track payment progress with real-time information providing an up-to-date status on the claim
• Receive payment electronically

Enterprise Performance Management (EPM) monitors the business and financial performance of an organization in four categories including Financial, Workforce, Capital and Projects. The functionality includes tools to better understand and enhance business and financial performance across the health system.

EPM Planning and Budget Benefits

• Consolidated financial data is available in a single solution
• Improved analytics will allow for benchmarking and comparison with other health organizations to understand overall performance
• Project risk and investment calculations will contribute to sound financial decision-making

EPM Planning and Budget Features

Leaders will have access to quality data in order to make sound financial decisions, including features such as:

• Customized, integrated dashboards to manage operational budgets and understand variances
• The ability to view all portfolios at once or drill down into a particular department or expense without having to run separate reports
• Comprehensive summaries of key financial information, which will include:
  • Expense details (invoices)
  • Annual budget and budget remaining
  • Paid hour details by pay type
  • Unit Full-Time Equivalent (FTE) overtime and leave cost comparisons
  • Enterprise-wide compensation costs and FTE information by location, department and job
  • Detail on positions within unit (turnover, multiple assignments, retirement eligibility, staff mix)
  • Compensation budget by pay type