New eSMART invoicing module to support financial best practices

Accounts receivable management (invoicing) and collection practices are not standardized and weekly charge reconciliations are not consistently being performed in accordance with policy.

To improve this, eSMART has been enhanced with a new eSMART invoicing module which will be released by Oct. 31. This new module is intended to support department compliance with clinical trial financial management and compliance beginning with creation of a sponsor invoice.  Users are urged to use this opportunity to update processes to incorporate the new eSMART invoicing module (designed to assist with the attached best practice guide, also accessible on the VUMC Financial Training website) which:

• Provides a uniform (reusable) invoice template that requires specific VUMC information and supports text entry of funding source required information
• Allows reuse of study/funding source info and sequentially numbers invoices using required format
• Supports tracking invoiced and automated milestone payments as they become eligible for payment and documenting receipt of payment
  • Provides reports on days past due, amounts past due and study balances to support prompt collections
  • Provides submitted invoices and anticipated automated payments to VUMC Finance, eliminating the need to separately copy them
  • Supports study-related document uploads readily assessable by Departments and VUMC Finance
  • Promotes uniform processes and software use across departments, helping to ready VUMC for the implementation of a clinical trial management system

Questions?

Regarding VUMC Finance Reminders attached, email staci.turner@vumc.org.

Regarding the new eSMART invoicing module, email CRFSS@VUMC.org.
Regarding training for the new eSMART invoicing module, email vumcfinancialtraining@vumc.org.