RFP QuestBeta
Awarded · ResultStage · contract

London Universities Purchasing Consortium

ITT for a Finance System for the Royal Academy of Music

Software & IT SystemsCPV 48442000 48812000
Value£237k
Awarded6 Apr 2023
Published11 Aug 2023
RegionUK-wide
Outcome — awarded

This is a contract result notice, not an open opportunity. Details from the official award data.

Contract value in context
£237ktotal contract value
median £91k
this tender£0£1.1m

This sits in the upper-middle of the Software & IT Systems band — a substantial contract for the sector. Based on 30,286 valued Software & IT Systems tenders in our corpus.

The brief

The Academy requires a finance system to manage which needs to meet a range of requirements to support the financial management and reporting needs of the Academy.

Some high level requirements for a finance system at Academy include: • Financial management: The system should provide tools for managing the Academy's financial resources, including budgeting, accounts payable and receivable, general ledger, and financial reporting. • Integration with other systems: The finance system should integrate with other systems used by the Academy, such as I-Trent payroll and HR system, and Quercus student record systems, to ensure data consistency and reduce data entry. • Grant and contract management: The system should provide tools for managing grants and contracts, including tracking expenses and revenue, invoicing, and compliance reporting. • Procurement management: The system should support procurement processes, including purchasing, vendor management, and contract management. • Asset management: The system should allow the Academy to track and manage its physical assets, including equipment, vehicles, and buildings. • Compliance: The system should support compliance with financial regulations and standards, such as GAAP (Generally Accepted Accounting Principles) and FASB (Financial Accounting Standards Board) guidelines. • Reporting and analysis: The system should provide reporting and analysis capabilities to support decision-making and strategic planning.

This includes dashboards, ad-hoc reporting, and data visualisation. • Security and access control: The system should provide robust security and access controls to protect financial data and ensure appropriate access to information by authorised personnel. • Scalability: The system should be scalable to accommodate the financial needs of a growing Academy, including expansion into new programs, research, and other initiatives The successful supplier is expected to be awarded a contract for 10 years.

Key requirements

What the supplier must deliver

01

The Academy requires a finance system

The Academy requires a finance system to manage which needs to meet a range of requirements to support the financial management and reporting needs of the Academy.

02

Financial management: The system should provide tools

Financial management: The system should provide tools for managing the Academy's financial resources, including budgeting, accounts payable and receivable, general ledger, and financial reporting.

03

Integration with other systems: The finance system

Integration with other systems: The finance system should integrate with other systems used by the Academy, such as I-Trent payroll and HR system, and Quercus student record systems, to ensure data consistency and reduce data entry.

04

Grant and contract management: The system should

Grant and contract management: The system should provide tools for managing grants and contracts, including tracking expenses and revenue, invoicing, and compliance reporting.

05

Procurement management: The system should support procurement

Procurement management: The system should support procurement processes, including purchasing, vendor management, and contract management.

Derived from the notice text — always confirm against the original documents.

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Source & provenance
OCID
e3b58ee6-1ed7-4e2f-912b-61d6eec5738b
Stage
contract · Contract
Source
Contracts Finder
Buyer ref
20230811103637-81165
View the original notice on Contracts Finder

Contains public sector information licensed under the Open Government Licence v3.0. Source data © Crown copyright.

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