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People > LINKS Finance Management Module
Finance Management is a key area within SP,
ensuring that the funds received from the ODPM and
other funding bodies are effectively managed and
paid to the providers. The LINKS Finance
Management module is a solution that readily
integrates with existing systems such as Contract
Management, Budget Management, the General Ledger
and other accounting packages. It is a tool that
helps deliver a greater level of accountability
and effectively processes and routes various money
inputs and payments that are to be made in
relation.
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Features and Functionality:
- Multiple funding streams -
Receipt of funds from the ODPM, etc and payment to the
providers is carefully managed, ensuring that the right
amount is paid at the right time in relation to the
contracts.
- Maintenance of payment
schedules - The user will be able to set up, maintain,
activate and update the payment schedules. The
contracts due for payment can be flagged accordingly.
Maintenance of data such as payment calculation and
payee account details is enabled.
- Trigger Payment -
Payment details of all activated schedules are sent to
the finance department ready for the payment to be
made.
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- Reconcile payments - Data is
imported from the finance department with regards to the
payments made and records of dates, receipts, and actual payment
amounts, etc. are updated within the system.
- Integration - The system is
easily integrated to existing solutions within the
organisation (finance and accounts), giving the ability to
readily import/export data or reports from and to other
operational areas.
- Tracking - Gives the ability
to track the payments of funds to the provider, makes the
history of any related payments available and records any
amendments made (date, recipient, reasons etc).
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Benefits
As a result of
this new system greater level of efficiencies are
delivered through:
Automated
work processes - keeping human intervention to a
minimum therefore countering any inconsistency.
Greater
accountability - delivered as the funds to the
provider and services they are being used for can be
tracked.
Timely and
accurate payments - made to the providers
through effective management of funds.
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Hierarchical
configuration - effective organisation of costs across
each level of a CB's finance structure allows for effective
management and budgeting of funds.
Planning and
extensive forecasting - management of existing and
historic finance information on the contract payments and the
funding requirements help plan the requirements for future
funding and services.
Readily integrated
- with existing solutions in the organisation, removing
the need to replace entire new systems.
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