Another successful transformation outcome! We are excited to share that in partnership with Treasury Bureau of Fiscal Service (BFS) Administrative Resource Center (ARC), OneStream Software, GID Solutions, and eMentum, Definitive Logic (DL) fielded a modernized system to automate the annual close and quarterly financial statement solution and onboarded over 40 customers of the ARC shared service.
DL first deployed OneStream XF for ARC in November 2019 to produce agency financial statements and to perform supporting reconciliations starting with a single pilot agency. Once successfully validated, ARC sought to expand the use of OneStream XF to the rest of its customer base, and also expand the capability to generate A-136 compliant financial statements and footnotes and support reconciliations.
By leveraging DL’s proven delivery model for Corporate Performance Management (CPM) platforms, we applied our streamlined, data-driven approach to craft a “Global Standard Model” (GSM) that could support the additional 40+ agencies within a single high-performance, application.
The use of the advanced OneStream XF platform has been a dramatic efficiency improvement from the legacy Excel-based process for each agency onboarded. In addition to the automation of these critical processes, each agency is now able to tap into advanced analytics made possible through the use of the unified CPM platform.
The GSM allows ARC’s shared service customers to leave their Excel files behind and utilize a cloud-based solution that allows them to accomplish an assortment of functions and provides a variety of benefits including:
- Ability to quickly ingest and crosswalk trial balance data from Treasury’s upstream accounting system data which is used to automate the reporting of financial statements and related footnotes, and conduct tie point analysis and account reconciliations.
- Increased compliance with OMB and Treasury financial reporting requirements and strengthened internal controls over financial reporting.
- Fully auditable system that provides the ability to track and report on all data changes including who made the change and when the change was made.
- Automate production of customer Agency Financial Report (AFR).
This effort will improve Treasury’s shared service offerings and empower their customers with market-leading innovation to address needs today and into the future.
The conclusion of this transformation brings the final count to a total of forty-two (42) customer agencies deployed to production in just twenty-four (24) months!