Given the proliferation of important transformational initiatives in the federal sector, as well as the continued challenges associated with uncertain budgetary resources, increasing workloads with less staff, and a rapidly changing operating environment, it is vital for agencies to employ savvy financial management approaches to ensure program performance is optimized and aligned with mission goals. Yet, many agencies continue to struggle with managing complex, large, and important programs.
Like the National Oceanic Atmospheric Administration (NOAA), Office of Response and Restoration (OR&R), most programs are managed by domain and technical experts, including scientists, analysts, and program management professionals. And, the Office of the Chief Financial Officer (OCFO) at each agency does not have the bandwidth or resources to support individual programs with specific and ongoing financial management, performance management, and accounting requirements.
Program offices need support from companies that have the right experience and knowledge to act as an extension between them and the OCFO to support critical financial management, accounting, budget execution, reporting, and analysis needs. Programs can perform better if they are supported by a contractor with the following expertise:
- Knowledge of Federal Acquisition Requirements (FAR), Generally Accepted Accounting Principles (GAAP), Federal Travel Regulations (FTR), and other Federal regulations
- Understanding of the data from financial systems to better organize based on program management objectives and needs, as well as track program performance
- Skills to consolidate and analyze program data for more effective budget execution and financial performance, as well as to identify and communicate program issues to the OCFO
- Implement analytics solutions to provide leadership with actionable intelligence to make informed decisions
- Ability to establish effective internal controls
- Establish realistic goals and metrics to measure success against goals throughout the program
Having the right financial management and accounting expertise to support mission-critical, IT, financial management, analytics, modernization, and other programs will help agencies ensure program funds are optimized and avoid wasting funds on material weaknesses, improper payments, and other issues that can occur when program financials are not managed properly.