Areas of Focus

LAST UPDATED: December 16, 2013

What You Should Know

Prime will focus initially on four core functional areas. Working teams for each area have been established to ensure we are reviewing all the processes impacted by the project.  Those areas of focus are:

Buying & Paying
Represents those business processes associated with procurement and payment of goods and services for the university.

Expected benefits include:

  • Providing one-place for requesting goods and services. Integrated and appropriate for each audience.
  • Single solution for managing supplier content (catalogs, etc), ordering, and electronic invoicing.
  • Electronic forms in PeopleSoft to accommodate ad hoc or complex payment requests.

General Ledger
Represents business processes associated with the support of general accounting and finances across Princeton.

Expected benefits include:

  • Providing a structure that captures and reports Princeton’s financial activity accurately.
  • Users will have real-time access to the spending authority for their areas of responsibility.
  • Increased visibility will facilitate decision making and reporting through inquiry capabilities, and show spending levels versus available funds.

Sponsored Research Accounting
Represents processes that support the area of sponsored research for the institution.

Expected benefits include:

  • Improved data quality and comprehensive access to award demographics and financials.
  • Transaction traceability between PeopleSoft modules, providing better capabilities for reporting and compliance.
  • Decreased cost transfers and overdrafts by using delivered system functionality such as the ability to specify billing limits, setup pre-award projects, custom budget categories and provide direct access to financial transactions.
  • Elimination of duplicate data entry by keeping information such as sponsors, sub-recipients, key award demographics and budget data in sync between COEUS and PeopleSoft.
  • Increased cash flow with the ability to bill sponsors in timely manner.

Budget
Represents the business processes that support the preparation and planning of the university’s budget across all funds.

Expected benefits include:

  • Improved comparability of actual activity to budgets and plans.
  • Creation of a central store of planning data to enable standardization, collaboration, and secured access of sensitive data necessary to properly budget and plan.
  • Automation of manual tasks to increase time spent on value-added analytical and reporting activities.
  • Greater control over and knowledge about University income and expenditure patterns, and improved ability to forecast future trends under differing input assumptions.

 

CONTACT US

finance@princeton.edu
Tel (609) 258-3080
Fax (609) 258-0442

Princeton University
Office of Finance & Treasury
701 Carnegie Center
Princeton, NJ 08540

Google Map
Princeton Shuttle

FINANCIAL SERVICE CENTER

7 New South
Tel (609) 258-3080
Fax (609) 258-5040
Open Monday through Friday,
8:45 am — 5:00 pm

SERVICES INCLUDE

Customer service, cashiering,
check pick-up, financial system access

FINANCE NEWSLETTER

The General Ledger is your link to updates on people, policies, and other information related to financial transactions at the University.

Download Current Issue
Download Past Issues
Subscribe

WE WANT YOUR FEEDBACK!

How can we better serve you? Submit comments, questions, and ideas to our customer service department.

finance@princeton.edu