STAR Financial Management reduces costs by automating, centralizing, and standardizing transactional processes. The STAR Financial Management System is comprised of several applications and features that work together to deliver comprehensive business solutions:
Asset Management becomes the core for all assets and related activities. It provides complete visibility to monitor and optimally maintain assets during their useful life. With a flexible system that extends beyond the traditional tasks of adding, transferring, depreciating, and retiring—every task is streamlined and automated minimizing the cost of tracking physical assets.
Billing processes billing information to create invoices. The Billing application standardizes, automates, and optimizes billing activities so that all invoices receive proper review, validation, and accounting treatment.
Cash Management provides real-time visibility into agencies' cash position to accurately forecast cash requirements, ensure liquidity, and optimize the use of cash by investing it appropriately.
Commitment Control allows for active control of expenditures against predefined, authorized budgets.
Expenses is used for travel expense reports and other employee reimbursements.
General Ledger serves as the core of the STAR Financial Management System. It provides strong controls to meet financial reporting regulations with flexibility to accommodate different reporting and business requirements. Finance applications, such as Payables and Receivables, automatically create accounting entries. The entries can then be selected for processing and posting to the appropriate ledgers. From this posted data, numerous financial reports can be produced for both detail and summary accounting information.
Grants help manage the full life cycle of grant activities. Grants is fully integrated with Contracts, Project Costing, General Ledger, and Billing. This means that the functionality and information that is contained within those areas is leveraged to provide a comprehensive grant management solution.
Maintenance Management serves a key role in the Plan-to-Retire business process by enabling agencies to plan, construct, maintain, and replace assets in accordance with strategic goals.
Payables provide the integration and flexibility needed to optimize the accounts payable process, leading to efficient and effective cash management.
Project Costing has financial control features that provide improved budgeting capabilities and greater oversight into project transactions. Project Costing allows state agencies to use consistent project planning techniques, which place structure around the project planning process, ensuring that defined methodologies are followed and business strategies are supported.
Real Estate Management is a fully integrated solution for the management of properties. It integrates with STAR Financial and Procurement solutions to offer a comprehensive solution for reducing costs and minimizing contractual and financial risk. Assets are items that are reportable and trackable.
Receivables assist in the effective management of the State's receivables asset, improving the overall financial well-being of the State of Wisconsin.