Leveraging EPM Platforms to Integrate, Optimize, and Streamline the Federal Financial Reporting Process
Federal CFO’s and their organizations are the focal point of financial and performance management challenges requiring speed, flexibility, and enterprise-wide data. Federal Agencies and Departments rely on complex manual processes, multiple systems (enterprise and legacy), and sources of data to support their annual close and financial reporting functions. Many departments and agencies rely on multiple data sources and systems making data integration, validation, and reconciliation complicated, costly and time consuming. The result is a highly complex process that negatively impacts the auditability and usefulness of financial information.
DL drives financial management modernization delivering measurable returns on investment to agencies, reducing the time and human capital required to execute close and reporting activities. Pioneering Agencies realize material performance improvements during and after implementation to include:
- Reductions of 30% percent or more in level of effort in overall process.
- Elimination of risk in legacy systems and offline processes.
- Accelerates ability to adapt to changes in guidance.
Modernization not only provides cost benefits but improves data quality, streamlines financial operations, and increases transparency. Instead of building custom systems to support agency requirements, we bring expertise in configuring the best-in-breed commercial financial reporting technology and enabling enterprise integration at the data level. Our solution is Treasury Financial Manual (TFM) and Office of Management and Budget (OMB) A-136 compliant and provides a baseline for rapid agency adoption that already scales across 20+ federal agencies today. Our key attributes across the entire lifecycle of the process include key areas as outlined:
- Automated data integration, validation, and analysis consolidating data from multiple systems into a single enterprise view.
- Integrated tie-point analyses and reconciliations capability.
- Comparative reporting aligning with applicable form and content and applicable accounting requirements.
- Integrated intra-entity eliminations.
- End-to-end workflow management and control.
- Automatic consolidations within and between reporting entities.
- Robust capability supports shared service delivery models.
- Inherent intra-entity elimination functionality.
- Fund level reconciliations including sub-allotments across organizations.
- Auditable and documented journal voucher and adjustment capability.
- Generation of TFM and A136 compliant financial statements, footnotes, and required supplemental information.
- A single managed version of the AFR, related financial statements, and footnotes supported by integrated workflows eliminates version control issues and supports direct publication of final AFR in industry-standard formats (e.g., MS Word and/or PDF).
- Drill down capability from financial statement line-items to source data supporting auditability and traceability.
- Built-in Task Management capability supports end-to-end visibility over the status of tasks and milestones and integrates all supporting tasks, participants, and stakeholders onto a single platform.
If you are interested in transforming your financial management enterprise, enhancing internal controls, and improving the auditability and accuracy of financial information reach out to a DL expert today to learn more.
Financial Management Practice Director
Mr. Cody joined Definitive Logic Corporation in 2014 to lead DL’s Financial Management Practice, which currently has 70 employees supporting customers across DoD, Federal Civilian, Homeland Security, and commercial sectors. He has spent his whole career in planning/budgeting, data warehouse, and business intelligence, with specific expertise in implementing commercial software solutions in support of Planning, Programming, Budgeting, and Execution (PPBE) business processes and for defense industry corporations.