Treasury Invites Agency CFOs to Enact Proposed Financial Mgmt Initiatives

The Treasury Department’s Bureau of the Fiscal Service has invited chief financial officers at federal agencies to translate into action any of the 10 initiatives outlined in a publication describing the Bureau’s vision for financial management.

BFS Commissioner Kim McCoy wrote in her 2018 fiscal service letter to CFOs that she was sharing the publication “to promote teamwork and more clearly communicate Fiscal Service’s future direction for central financial services.”

The initiatives encompass four overarching objectives, namely: optimizing disbursements, improving collections, enhancing reporting and expanding administrative services.

Examples of these initiatives include promoting the use of G-Invoicing to automate inter-agency transactions, as well as the Invoice Processing Platform to allow vendors to submit electronic invoices using a single system — efforts that would allow CFOs to “have more time to focus on performance management and achieve that overall vision that the American citizen has in how they should receive services,” McCoy told Federal News Radio in an interview published Thursday.

In the fiscal service letter, McCoy went on to say that her office will contact CFOs and their staff in the upcoming year “to discuss how we can work together to achieve these goals” and “shape the future of federal financial management.”