Financial Management Software

A Minnesota agency is seeking proposals from qualified vendors to provide a cloud-based financial management software solution. The purpose of this project is to implement an integrated enterprise platform to support a range of financial and business processes, including finance operations, accounts receivable and payable, fixed asset tracking, grant administration, contract management, and other related functions. The selected solution should either replace or seamlessly integrate with the agency's existing systems to ensure compliance with operational, federal, and state reporting requirements.

Key objectives of this project are to automate and streamline business processes across departments, reduce reliance on spreadsheets for tasks such as capital project tracking and budget reporting, and deliver accurate, timely financial reports at both agency-wide and departmental levels. The system must support integration with existing payroll, timekeeping, fare collection, point of sale, procurement, and fleet maintenance systems. Essential system requirements include a cloud-based SaaS architecture, full module integration with single data entry, simultaneous multi-user access, a dedicated test environment, robust security features such as multi-factor authentication and audit logs, PCI compliance, backup, and data retention capabilities.

The platform should offer easy data import/export compatible with Microsoft Excel, flexible API support for third-party systems, role-based user security, and customizable fields that can be searched and modified as needed. Furthermore, the solution must align with the agency's Uniform System of Accounts (USOA) and support the MnDOT Blackcoat fiscal reporting standards to ensure streamlined federal and state grant and financial reporting.