A quick approach to finances

Beginning in July 2003, USF will have more control over its money. A new accounting system called Fundamental Accounting Systems (FAST) will be available so USF management, researchers and staff have greater control with financial resources.

George Ellis, associate vice president for Information Technologies at USF, said the FAST Web site will have a comprehensive financial system that closely integrates with personnel payroll systems and gives greater control of finances in the research grants area.

Leading the FAST project is USF Executive Vice President Carl Carlucci, Business Administration Dean Robert Anderson and Interim Vice President of Research Bruce Lindsey. They are currently working on the system’s design so the system can be tested.

Once FAST is installed, it will replace a system that USF has used since 1984. Ellis said that the previous system wasn’t built with the university in mind because it was designed for the entire state.

“FAST is a more complex system that has the ability to be adapted to the needs of the university,” Ellis said.

The new software will also have improved availability of timely, accurate financial information, providing USF with better organization management. FAST will build an information technologies infrastructure, allowing USF to have a leverage system for current and future technologies such as e-commerce. And it will have heightened operating efficiency that will enable USF to have administrative cost savings, Ellis said.

Ellis added that it is beneficial for the university because it has more options.

“It allows for the better management of the university’s resources,” Ellis said. “We’ll know more accurately where we’re spending our money.”