The University's new financial system Princeton Prime will officially launch Tuesday, July 1. Princeton Prime will modernize and streamline the University's financial reporting and business processes, and upgrade the financial systems and tools University offices use.
"As the University's academic programs and operations expand and grow more complex, we require financial systems that conduct transactions more easily and efficiently, and that better facilitate stewardship and compliance," Vice President for Finance and Treasurer Carolyn Ainslie said.
Princeton Prime will include various enhancements, such as:
Improved financial reporting. The implementation of a new chart of accounts will make it easier for the University and individual offices to report accurately and manage financial activities.
Upgraded financial systems and tools. Departments will use the new Web-based resources for a variety of tasks, such as tracking expenses, processing payments, and purchasing services and goods from outside vendors.
Upgraded travel management. Concur is the new website for staff and faculty to book transportation and lodging for University-related travel and to track expenses for reimbursement. Staff will use Concur starting July 1, while faculty will be able to transition to Concur during the next academic year. Concur is also being used by students for travel registration for domestic and international trips.
Project Director Mark Dingfield said he expects the first year will be a learning and adjustment period for people using Princeton Prime.
"While some aspects of our new financial systems will be familiar, we appreciate faculty and staff members' patience and feedback as they work with Princeton Prime," said Dingfield, director of finance administration and transformation program in the Office of the Vice President for Finance and Treasurer.
As part of the rollout, the University has offered many online and in-person training sessions and will continue to hold trainings through the next academic year.
A Princeton Prime support center also will be available through the fall to answer questions by emailing firstname.lastname@example.org or calling 609-258-7100.
"This has really been a University-wide initiative based on input from offices across campus," Dingfield said. "We look forward to continuing to work together to advance our financial systems and operations in support of the University's mission."