Cornwall College is radically overhauling its finance system in a move to save time and reduce an over reliance on paper.
The new financial management system will enable the electronic circulation of 100, 000 documents, and integrate budget and cash flow forecasting.
Cornwall College’s finance systems manager, Christine Gosling, explained: “Our current finance system cannot provide us with the sophisticated level of support we require.
“We need a finance system that is intuitive and flexible with advanced functionality so that we can streamline the flow of information, improve budgeting and forecasting and reduce our reliance on paper.”
The new finance system, from Advanced Business Solutions, will provide Cornwall College with real-time budgetary information so that it can keep abreast of actual and expected financial expenditure. Currently, budgeting and forecasting is manually intensive and the data is soon out-of-date.
“We will reduce the time taken to compile and update budgets,” added Gosling. “Instead of budget holders spending 30 minutes revising their budgets, by using the ABS system they will only need to spend five minutes, significantly cutting budgeting time.”