Finance transformation in the Federal Government

Finance transformation in the Federal Government

Increasing the value of finance

Increasing the value of finance

Government Challenge

Expectations for federal financial managers to provide quality information has dramatically changed in today’s digitally connected world. Enactment of the Data Accountability and Transparency Act (DATA Act) of 2014 ushered in a new era of governmental accountability and transparency by requiring enhanced spending reporting, much like the Chief Financial Officers (CFO) Act transformed financial management starting in 1990. The end game of the CFO Act is the systematic measurement of reporting; development of cost information; and integration of program, budget, and accounting systems to provide information for day-to-day decision-making and program oversight. Through the DATA and CFO acts, we are witnessing the evolution of the federal CFO to a completely new level.

CFOs are moving from a traditional role of routine finance operations to one of business advisor to programs and senior agency leadership. CFOs are making the journey from the “back room” of debits and credits and financial controls to the “board room” of decision support through high-quality analytic information and in doing so, gaining a seat at the table for major spending and investment decisions.

Subjects such as data and analytics; transparency; accountability; enterprise risk management; shared services; outsourcing; the DATA Act; reducing fraud, waste and abuse and improper payments; and talent management are some of many issues on the minds federal CFOs. Individually, these issues can be problematic, but together and within a highly complex environment and times of greater financial constraint, they present leading-class challenges.

How we can help

Government Integrated Finance Transformation (GIFT) is the ongoing process of improving the delivery of finance services to help drive cost competiveness and increase value to the business. KPMG has extensive experience supporting organizations with finance transformation. KPMG’s approach is value driven and holistic in nature and recognizes all aspects of the target operations model including service delivery model, people, process, technology data/reporting, and governance. Our approach is business led and accelerated by robust tools. GIFT helps CFOs identify and prioritize required change efforts and supports CFOs in defining the optimal operating model that can best support the business, and manage key finance activities more efficiently.

Our Value Delivery Framework (VDF) approach is a thorough framework that bridges transformational strategies through execution, while fully integrating business benefits and value realization throughout the transformation journey. The approach is modular and flexible for tailoring to specific organizational needs.  

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KPMG's new digital platform

KPMG's new digital platform

Insights from the Defense Business Board

Retired partner, Bill Phillips, discusses business transformation at the DoD.

 
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Weaving financial management into programs

Using transformation change management to integrate FM into program and operations.

 
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Are you prepared for the DATA Act?

Bringing open government reporting to the next level to increase public trust.

 
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Answering "yes" to DoD audit readiness

Critical questions for general property, plant, and equipment.

 
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Prioritizing human capital management

Perspectives on managing human capital in a changing financial management world.

 
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Answering the "call to duty"

Paving the way for the next generation of Federal financial managers.

 
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