slide1 l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Financial Management Line Of Business PowerPoint Presentation
Download Presentation
Financial Management Line Of Business

Loading in 2 Seconds...

play fullscreen
1 / 14

Financial Management Line Of Business - PowerPoint PPT Presentation


  • 146 Views
  • Uploaded on

Financial Management Line Of Business. Mary J. Mitchell, GSA Kim Farington, OMB AGA Northern Virginia Chapter December 5, 2007. The Framework. Objective and Approach. Strategic Objective

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Financial Management Line Of Business' - chynna


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide1

Financial Management

Line Of Business

Mary J. Mitchell, GSA

Kim Farington, OMB

AGA Northern Virginia Chapter

December 5, 2007

objective and approach
Objective and Approach
  • Strategic Objective
    • Implement Government-Wide solutions that yield lower cost and risk results in financial management activities
  • Approach
    • Standardize financial business processes
    • Create government-wide accounting code
    • Emphasize use of Shared Service Providers
    • Establish common performance measures to drive behavior
    • Strive for Transparency and Uniformity to enable better communication and shift emphasis from reporting to analysis
why is fmlob different
Why is FMLoB Different?
  • Consensus exists among agencies for developing Common accounting standards and data
    • Variation drives unnecessary customization
    • Using lessons from DoD’s SFIS project
  • Standard business processes reach agreement on process flows, business rules and data attributes
  • OMB Policy on Migration
    • May 22, 2006, Competition Framework memo
    • Agencies must either migrate to a Federal or Commercial SSP or be designated as a Federal SSP
  • Agencies want ways to reduce the costs and risks of buying and implementing financial systems
the future state
The Future State
  • Agencies use common accounting standards and business processes
  • Agencies able to report compliance with FFMIA
  • Extensive use of Shared Service Providers
  • Core and feeder systems are integrated
  • Accurate financial information for decision-making
standardization cgac and core business processes
Standardization – CGAC and Core Business Processes
  • Common Government-wide Accounting Classification (CGAC) Structure
    • Final structure issued
  • Business Processes (BP)
    • Funds Control – Finalization
    • Payables Management – Finalization
    • Receivables Management – Draft
    • Financial Reporting – Next
    • Reimbursable - Planning
  • Next Steps:
    • Refine concept of operations (big picture)
    • Agreement on standards sequence and implementation timeline
collaboration with industry
Collaboration with Industry
  • Subject matter experts are participating on business process standards Working Groups from Certified software vendors and RFI respondents
  • Exposure drafts distributed to various industry groups for comment
cgac structure goals
CGAC Structure - Goals
  • Short term outcomes:
    • Promote a universal understanding of data elements
    • Help agencies standardize accounting codes internally
  • Longer range outcomes:
    • Help standardize financial management Government-wide
    • Ease an agency’s transition to a new system or an SSP
    • Aid in the aggregation and comparison of data across the government
    • Facilitate data exchange among an agency’s financial systems
sequencing plan and implementation strategy
Sequencing Plan and Implementation Strategy

Interim Activities:While efforts are under way to incorporate the FMLoB standards into certified FSIO software, agencies can:

  • Gain an understanding of the standards, begin to adopt standard terminology and definitions, and consider improving system-independent processes to adopt best practices.
  • Begin analyzing the gap between existing data and the standard data.
  • Share the standards with any of the agency’s other system modernization efforts.

Assumptions:

  • Implementation will occur when agencies modernize their systems
  • Long term effort
fmlob performance measures
FMLOB Performance Measures
  • Objective: Enable agencies to assess their relative level of performance and provide ways to increase performance.
  • Background
    • To compare performance across the Federal government, normalize the measures (e.g. consistent method of collection)
    • Phase I Service Assessment Guide (SAG) released on March 30, 2007
    • CFO Act agencies report on performance measures on core financial system since April 2007
    • Focus of Phase I service measures:
      • IT Hosting and Administration
      • Application Management.
  • Next Steps:
    • Work with agencies to assess 6-months’ performance data from Agencies and SSPs
    • Refine to enhance value over collection burden
financial shared service providers
Financial Shared Service Providers
  • Goal
    • Limited Number of high performing Shared Service Providers (SSP)
  • Agencies should focus is on mission areas – not back-office functions
    • Gain economies of scale and skill from use of SSPs
    • Four Federal SSPs are used by almost 80 small to micro-agencies and a number of CFO Act agencies and bureaus use them
    • Some agencies have outsourced operations to commercial firms
    • FMLoB tools to help streamline and reduce risk of migration to SSPs
  • Services Provided by SSPs
    • Technology Hosting and Administration
    • Application Management Services or Software Management
    • System Implementation Services
    • Business Process Services (not mandatory for commercial providers)
references point of contact
References/Point of Contact
  • FMLOB documents are available at FSIO.gov
  • Published and Exposure Drafts
  • Performance Measures Service Assessment Guide
  • Common Government-wide Accounting Classification Structure
  • Funds Control Business Process
  • Payments Business Process
  • Questions: fsio@gsa.gov
  • Mary Mitchell
  • FSIO Executive and FMLOB Program Manager
  • Office of Technology Strategy General Services AdministrationOffice: 202-501-0202    Fax: 202 219-1533
  • E-Mail: mary.mitchell@gsa.gov