Source: https://tendernation.io/opportunities/01a13cc6-9e71-713e-a0e5-c08b662df719/itt-for-a-finance-system-for-the-royal-academy-of-music awarded GB restricted procedure Suitable for SMEs # ITT for a Finance System for the Royal Academy of Music [London Universities Purchasing Consortium](https://tendernation.io/buyers/london-universities-purchasing-consortium) Estimated value £152,000 to £423,000 Published 11 Aug 2023 Deadline Closed 6 Apr 2023 ## Who can bid - Buyer says suitable for SMEs The buyer ticked “suitable for SMEs” on the notice. Anyone can still bid. [More contracts for small businesses and VCSEs](https://tendernation.io/opportunities/for-small-businesses) ## About this tender 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. Read full description ## CPV classification Financial systems software package Source Contracts Finder (UK) [View official notice](https://www.contractsfinder.service.gov.uk/notice/b0f742f5-fa14-4a5f-b949-d06a6bf4c773) Never miss a tender like this again Get AI summaries, deadline alerts and a bid pipeline for tenders matched to your business. Free to start. 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