The Annual Financial Reporting (AFR) Software Replacement project is an initiative to replace the legacy reporting tool in FAMIS with modern financial reporting software and processes used by members of the A&M System.
- Deliver AFR reports accurately and timely through modern financial software
- Provide the convenience of drill-down features on reports to show more detail
- Reduce the amount of time needed to review and complete each Member’s AFR Review
- Improve the process for generating cash flow statements by automating and standardizing
- Continue to provide members the ability to review AFR reports throughout the year
Our home-grown AFR system has served the A&M System for many years. The current reporting tool is a module on the mainframe that is time-consuming and cumbersome to maintain. Our desire is to move to a modern, user-friendly system.
Initially, this project was expected to be part of Phase III of the Financial Systems Modernization project. The change in the go-live schedule created an opportunity to execute this part of the project earlier. It also lowers the risk to the overall modernization project by not requiring extensive testing on the legacy module.
Challenges we are working to solve
The current system is known and stable. The primary challenges with the legacy module include:
- Dependence on legacy mainframe module for generation of AFR reports
- Current reporting structures often require IT’s assistance to change
- The many manual, time-consuming processes between the system members and System Office Budgets & Accounting (SOBA) to reconcile and consolidate reports