The budget platform enables the development and comparison of multiple, complex budget scenarios. It includes more sophisticated financial forecasting, expense allocation capabilities, robust analytics, and dashboards. Budget managers can access, understand, and customize budget information more easily.
The new finance module enables far more efficient business operations, and provides improved analytics and reporting capabilities. New tools such as automated workflow reduces approval bottlenecks and paper whenever possible. The BearTrax implementation has led to a thorough review of how we use other applications (P-Card, Bear e-Buy) as well.
Human Resources Module
The human capital management (HCM) module includes a self-service application where managers and employees can access information and manage transactions in an easy-to-use paperless environment. Employees have the ability to view and update their personal information, submit benefit elections, and add or update dependent and beneficiary information. Managers have a complete view of their team’s employment information with the ability to run reports and initiate employee status changes electronically.
The payroll platform supports the much-awaited implementation of electronic timekeeping. Users are able to schedule leave and record time in one place, with manager approvals and payroll processing occurring completely within the system. This paperless process provides both employees and managers with direct access to timecards, leave balances, and other information. In addition, an improved Statement of Earnings is available to all employees.
The BearTrax procurement module completely replace Bear e-Buy for all purchase requests. The system provides University departments with an enhanced self-service e-procurement system, including the ability to pay non-PO invoices (Request for Payments, Check Requests, etc.) using automated approval workflow. It also enables new payment options, including ACH direct deposit for vendor payments and electronic travel expense reimbursement. New catalog punch-outs, such as Amazon, allows users to find the best value within the application, while Procurement Services gain the necessary tools to analyze purchasing activity and report to outside agencies.