Why is NYFMS undertaking implementation of a single statewide financial system?
The New York Financial Management System (NYFMS) project was created to design and implement a single statewide financial management system to improve the State’s business processes, allow for the exchange of financial information in near real-time, and permit agencies to shift their efforts from processing and reconciliation to analysis. Currently, agencies operate multiple, independent financial management systems which: • are becoming more expensive to operate and maintain • in some cases, cannot offer the functionality agencies desire • cannot provide accurate, standardized statewide financial information for analysis • require duplicative entries • require reconciliation to other systems • do not operate in near real-time • are not gaining from the efficiency and effectiveness of adopting an enterprise financial management system built on “best practices” and standardized procedures. Most importantly, current agency systems will require modification to interface with the Comptroll
