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The Future of Federal Financial Management

How We'll Get There

Treasury plans to maximize the efficiency of the common processes of disbursing, collections, reporting and administrative operations through standardization, consolidation, and automation. The technological advances that are transforming the banking industry hold great promise for government. As a provider of central services, Treasury plans to take full advantage of new technology by applying it to high-volume financial operations.

OPTIMIZE DISBURSING

  • Advance all-electronic invoicing
  • Increase electronic payments
  • Eliminate non-Treasury disbursing

These three initiatives lead toward a fully electronic federal payment process. To achieve this, all federal civilian agencies will rely on a single electronic invoicing service.

Today, a paper check is over ten times as expensive as an electronic payment, yet millions of citizens and businesses still receive federal payments as paper checks. In the future, all federal payments will be delivered by faster, more secure, electronic methods originating from Treasury's disbursing centers.

TRANSFORM COLLECTIONS

  • Reduce revenue collection lockboxes and increase digitization
  • Pursue additional accounts receivable

These two initiatives streamline the government collection process by squeezing out inefficient paper-handling steps. Today, the federal government still relies on dozens of expensive lockboxes to collect check-based payments from taxpayers. The current lockbox network receives over 85 million paper transactions annually. The first initiative will replace these with an Internet-based solution that is fast, safe, and secure for taxpayers.

STRENGTHEN REPORTING

  • Automate inter-agency buy-sell transactions
  • Implement single government financial statement with risk-based audits
  • Make federal financial data more accessible

As a result of these three initiatives, the citizen will be able to learn more about the government's finances through user-friendly sites such as USASpending.gov . Data quality related to intragovernmental transactions, a major source of today’s audit failing, will be greatly improved. Citizens will be able to see their government's finances in a single understandable financial statement with a clean audit opinion. Today, individual agencies spend millions in preparing financial statements that are seldom read.

EXPAND SERVICES

  • Expand the role of ARC in delivering shared financial management solutions
  • Reduce improper payments government-wide

With these two initiatives, Treasury will offer financial transaction processing as a shared service performed at optimal efficiency. Through economies of scale, standardization, and state-of-the-art automation, Treasury's Administrative Resource Center will set the benchmark as the government's most efficient financial processing operation. For those agencies wishing to relieve themselves of financial transaction processing and the maintenance of expensive information technology systems, Treasury will be a viable option for even the largest federal departments. In addition, Treasury will offer a "best practices" model for the use of DoNotPay resources, external data sources, and data analytics to minimize improper payments and fraud.

Download the Vision
DOWNLOAD THE GOALS

Contact Us

FMVision@fiscal.treasury.gov

Last modified 07/31/18