# ITT for a Finance System for the Royal Academy of Music

> A sourced UK public sector contract award published by London Universities Purchasing Consortium.

## Key facts

- Buyer: [London Universities Purchasing Consortium](/buyers/london-universities-purchasing-consortium/contract-awards)
- Supplier: [Embridge Consulting \(UK\) Ltd](/suppliers/embridge-consulting-uk/public-sector-contract-awards)
- Award value: £236,508
- Tender value: £423,000
- Award date: 11 August 2023
- Published: 11 August 2023
- Contract start: 1 September 2023
- Contract end: 1 August 2028
- Stage: awarded
- Procurement category: goods
- Notice ID: e3b58ee6-1ed7-4e2f-912b-61d6eec5738b-671223
- OCID: ocds-b5fd17-b0f742f5-fa14-4a5f-b949-d06a6bf4c773

## Description

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\.

## Related contract awards

- [Supply and Installation of Glazed Panels](/contracts/ocds-b5fd17-7d7ec4d7-35aa-459e-b549-0234b397c888) — London Universities Purchasing Consortium
- [BMS \(Building Management System\) Phase 1](/contracts/ocds-b5fd17-10c9914f-f45c-4df2-89e0-a440714888bd) — London Universities Purchasing Consortium
- [RCoA NCAPC revised](/contracts/ocds-b5fd17-9175eccd-190a-497b-bd97-bcd01fd0fda2) — London Universities Purchasing Consortium
- [RCoA NCAPC](/contracts/ocds-b5fd17-b1a8f82d-49cb-4d66-afd8-91918bc2eed5) — London Universities Purchasing Consortium
- [Finance System Implementation Partner](/contracts/ocds-b5fd17-181f60af-ef90-41ad-94ac-0a9720f98bb3) — East Riding of Yorkshire Council
- [U4BW Managed Service Provision](/contracts/ocds-b5fd17-ef8bb397-d194-4d32-a0b5-903cf42e1800) — Dounreay- A division of Magnox Limited
- [Interim support services for Finance digital systems \(CSIS\)](/contracts/ocds-b5fd17-e897857a-4cf7-4af4-90b7-3b150152aa77) — Foreign Commonwealth and Development Office
- [U4BW Managed Service](/contracts/ocds-b5fd17-5e058165-c43e-4bd7-9cc9-41354f084609) — CTM Portal for the NDA Shared Services Alliance
- [IT Peripherals Managed Catalogue](/contracts/ocds-b5fd17-0eeefe15-219c-4603-a242-5736bcf168b6) — University Hospitals of Leicester NHS Trust
- [SITS Student Record System Support and Maintenance](/contracts/ocds-b5fd17-1962b15c-d4bd-45c9-b90b-77b28a8c86bb) — BATH SPA UNIVERSITY
- [SITS Student Record System Support and Maintenance](/contracts/ocds-b5fd17-fd8421a9-8399-40e1-b78b-6557830c1363) — BATH SPA UNIVERSITY
- [Large Broadcast Video Camera Order](/contracts/ocds-b5fd17-9843a0a5-d5c3-45fb-98cb-12ed331aab5a) — BATH SPA UNIVERSITY

## Source

[View the original notice on Contracts Finder](https://www.contractsfinder.service.gov.uk/Notice/e3b58ee6-1ed7-4e2f-912b-61d6eec5738b-671223)