WAO Improves Cash Flow to Meet 10 Day Payment Target by Using COA Solutions

The Wales Audit Office (WAO), which is responsible for auditing the public services in Wales, is implementing a financial management system (FMS) with integrated cash flow forecasting, budgeting, planning and electronic procurement functionality from COA Solutions. This integrated system, which will also comprise electronic document imaging and data capture software (using Version One’s technology), will enable the WAO to closely monitor cash flow and more easily comply with the government’s 10 day supplier payment target. It will also eliminate any risk of unauthorised spending and improve financial reporting. The planned go-live is April 2010.

The WAO’s existing cash flow forecasting and budgeting processes are very manually intensive and involve the time-consuming production and consolidation of spreadsheets. Using the FMS’ integrated cash flow forecasting, the WAO will be instantly alerted to potential cash excesses or shortfalls so that remedial action can be taken. In addition, the WAO will be able to create and update budgets and forecasts and report on these in real-time using the integrated budgeting and forecasting functionality, Collaborative Planning.

John Baker, head of finance at WAO, said: “Our current system is cumbersome and very restrictive, particularly when we need to interrogate financial information in greater detail for reporting purposes. Following the recommendations of an independent consultant and a robust competitive tender process, we selected COA Solutions’ finance system due to its advanced reporting capabilities, superior cash flow functionality and ability to integrate into our existing project management system.”


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