The Graduate School of Business Strategic Consulting Institute (SCI) collaborated with the Office of Finance for Mercy College to simplify and streamline aspects of employee travel and expense reporting.
The SCI engages students throughout the school year as consultants to work on varying projects for Industrial Organizations, Non Profits and Governmental Agencies. This particular project has been notable on two accounts: first, it was an engagement to enhance an internal College process, and second, this project was primarily led by accounting students. The consulting team, led by Matt Carle, consisted of Stanley Sunny, Allison Barnes and Katiana Golino, with Gary Bernstein as the Faculty advisor. The primary contacts for the College were Mercy College CFO Don Aungst and Controller Narda Romero.
Highlights of the project included recommendations to implement clip levels on expenses below certain amounts that would not require receipts, clarification on required documentation for internal college events, future work efforts to consider greater process automation and potential to streamline and provide greater standardization for making travel reservations.
The project of working alongside the Finance office included a controls review, external benchmarking at other Colleges, evaluation of IRS requirements, revising expense reimbursement forms and other potential areas for future evaluation.
Aungst stated, “SCI’s comprehensive approach and thoughtful recommendations were greatly appreciated by our department and we believe many of these changes will help streamline our reporting process.”
When the work was reviewed by President Tim Hall he commented, “The thoroughness of the students’ work and their presentation was very impressive and we look forward to seeing the SCI recommendations implemented.”
Dr. Ray Manganelli — SCI executive dean — commented that the final student presentation to President Hall was truly exceptional, and joins the extraordinary portfolio of some 30 SCI projects that MBA students have performed for Mercy College, corporations and Westchester-area city governments and agencies.
Through the hard work of the SCI team, it’s anticipated that the Office of Finance will implement many of the recommendations and the College community will be informed as the changes take place.
To learn more about the Graduate School of Business, click here: https://www.mercy.edu/degrees-programs/mba-business-administration.