The Financial Management Framework (FMF) developed by Artique Consulting in partnership with Queensland Department of Agriculture and Fisheries (QDAF) is the first of its kind within the Queensland Government.
In alignment to the QDAF CFO’s vision to position the Finance and Asset Management (F&AM) function as a valued strategic business advisor, the FMF provides the foundation to effectively transform how current finance and asset management services are delivered, measured and reported.
The FMF provides a framework to:
• Align expenditure with Government priorities with a focus on delivering value for money within available resources;
• Ensure efficient use of funds that allows ongoing prioritisation of investments and provides a structured process for allocating and re-allocating funding as priorities change; and
• Improve service delivery performance – by identifying new cost effective alternatives to service delivery that are industry focussed, value driven and benefits orientated.
Unlike existing investment frameworks, the value of the FMF lies in its ability to breakdown traditional financial and asset management functions (e.g. financial accounting) into components to provide greater focus on strategy, budgeting, systems and controls, analysis, processing and reporting. This allows for closer scrutiny and identification of strengths and weaknesses across end to end processes to identify business improvement opportunities.
With the support of Artique Consulting, QDAF will adopt a portfolio approach to the continued implementation of the FMF during 2015, which consists of 14 strategic projects ranging from Transaction Services Reviews (Accounts Payable and Accounts Receivable), Capability Assessment, Transition to SAP ECC5/6, Strategic Funding Reviews to name a few.