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March Madness
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March is here and if March Madness in your office refers to grant administration deadlines and not cheering for a basketball team, IT Works is here to help!
We understand that projecting future expenses is critical for effective project management. This month's training article focuses on a recently added feature that allows you to project future expenses based on historical data. Additionally, we highlight Effort Administrator, our time and effort certification system. This month we also officially introduce the IT Works community to Nancy Wylie, our new Chief Operating Officer.
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Using Projected Expenses in Accounting Reports
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A major challenge for research administrators is helping control grant spending so that investigators don't run out of money before budget periods expire. This can be especially difficult when an institution's financial system does not help adequately manage encumbrances or future spending. Historically, IT Works has led the way in helping researchers track known non-personnel (OTPS) encumbrances and project and encumber the personnel costs of their research teams. Recently, a new feature was added to our accounting module that uses historical OTPS expenditure data to project future spending. The result is an easy way to determine if current spending patterns will result in overspending.
To project non-personnel expenditures, the accounting module reporting system calculates a daily average expense cost from historical transactions and then multiplies it by the number of days remaining in the reporting period. The projected expenses are then placed in encumbrance column on reports. So, the balance for non-personnel object lines is computed from the budget, actual expenses, and projected expenses. Non-personnel encumbrances are not used.
To Learn More, Click Here
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Time & Effort Reporting
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IT Works' web-based Effort Administrator (EA) product for effort reporting and certification was built in response to the constant inquiries and requests from our clients and research administrators to find a cost effective solution to meet their ever changing needs. We launched EA in 2009 and our clients love the:
- Browser based access via a sleek user interface
- Cost effective price designed for small to midsize research institutions
- Tailoring of the application to the business effort certification policies
- Built-in alerts and warnings when people are out of compliance
- Comparisons to committed time
- Results in percentages of time
- Integration of cost sharing
Our philosophy has always been that the cost of your software shouldn't constrain the budget that it manages, so we designed EA with you in mind recognizing a lower price point is necessary for many of our clients.
Effort Administrator™ is an internet-based time and effort certification and reporting solution for administrators and research faculty designed to work with your existing pre-award, accounting, and payroll systems to create a powerful, easy-to-use effort certification and reporting tool.
Effort Administrator™ employs drill down technology to retrieve and update information. Faculty and research staff can then review and certify their own effort as well as the effort of their research team. Institution administrators can oversee the certification process sections such as college, department, division, or program.
A stand alone system, Effort Administrator™ does not require any additional software to work with your ERP solutions, but is designed to integrate seamlessly with the entire suite of IT Works software products.
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Face with a Name: Nancy Wylie
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Nancy joined IT Works in July of 2010 after working as a Program and Project Manager on complex custom business applications for Intelligence and Government clients in Washington DC. In fact a grant and payment administration system that replaced old legacy systems at the Department of Education is still operational today.
Nancy is the new Chief Operating Officer at IT Works who is focused on improving the software implementation and customer service processes to better meet the needs of our clients. She is also involved in HR, marketing, and daily operations to support our expanding business.
Nancy has three children--two teens and a tween, and a lively beagle who keep her busy during non-IT Works hours.
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Warmest Regards,
IT Works Implementation Support Team
919-232-5332 Ext.223
www.itworks-inc.com
318 W. Millbrook Road
Suite 205
Raleigh, NC 27609
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