Finance Services brings together all the processing functions of financial transactions including accounts payable, purchasing, and revenue management.
The Accounts Receivable function, which is part of Revenue Management, uses smart forms to collate the information that’s located in departments so that invoices can be sent to their clients. They also manage the debt collection process.
Revenue Management has a team of 10 staff, and also oversee all the Student Fees and Cashier functions for the University. In terms of revenue management they look at ways to reduce the amount of cash used for student fees payments, or options such as using phone applications to transfer money electronically and extending the use of credit cards as a payment option.
There are eight staff in Accounts Payable who process all invoices, student and staff reimbursements as well as processing purchase card statements.
Supply Chain is a new concept at the University but once completed it will bring together all purchasing and stores activities into hubs located across the campus. Significant gains in efficiency and economies of scale will result from this change in approach. There will still be a close relationship with departments to ensure that specialised knowledge is maintained.
Apart from staff embedded in departments or hubs, most of the Finance Services team are based in the St David II building.
For purchasing/supply chain Finance Services are introducing smart forms as an interim move towards establishing a University-wide purchasing system. The conduit is the close relationship between Client Services, which ensures that all information comes from departments in a timely and accurate way.