The Financial Transformation (FIN) is an initiative to update Georgia Tech's current financial system with state-of-the-art technology to provide our users a unified system of record which delivers real-time, integrated data across the Institute. This includes the migration to a cloud-based solution and a redesign of the Chart of Accounts in collaboration with the University System of Georgia (USG).
The Georgia Institute of Technology (GT) in partnership with the University System of Georgia (USG) is preparing for the implementation of its next-generation financial service delivery platform. This initiative goes beyond the traditional approach to also include redesigning its Chart of Accounts in direct alignment with the USG. It has taken a much more forward-thinking approach to COA design that accomplishes all the objectives of a “traditional” COA redesign while also addressing important strategic considerations.
The COA redesign seeks to unify data sources and provide more direct correlation of financial data and how it is defined, collected, and leveraged in reporting while providing a more direct alignment to the financial requirements of the USG.
The chart of accounts redesign is one of the most strategically important steps of the Financial System Transformation. The COA design is software agnostic, and will occur in advance of integrating the new financial system software to ensure it serves the Institute’s strategic purpose.
- Promote System Transformation Vision by using the redesigned COA to help redefine the manner in which financial transactions are managed and services are delivered
- Support Success of New Financial System by developing a forward-looking design that emphasizes simplicity, expandability and flexibility for the life of the system
- Improve System-wide Reporting by meeting the needs of both the Institute’s and USG data needs