A New Approach to Financial Managem

Financial Management Quality Service Management Office (FM QSMO)September 2019
2

The CFO of the Future

CFO Survey: Current Responsibilities Moving Forward

TO DO: Financial Reporting 87% Accounting 82% Financial Systems 75% Budget Formulation 75% Budget Execution 74%

More CFO Time Spent O• Thought leadership• Data analytics• Performance monitoring 

and management

Less CFO Time On:• Financial transactions• Financial systems/IT• Compliance• Low-value reporting

Refocus from Transaction Procand Performance
3

Today’s CFO Pain Points 

• Maintaining Secure Systems• Upgrading Software and Technology• Managing Non-standard Data• Implementing New Reporting Requirements

30 in pof Lsup

77

nee
4

Guiding Principles and Shared Goals for th

Shared Goals

• Standardize processes and data• Reduce operation and maintenance costs• Modernize and automate processes• Improve customer satisfaction

President’s 

Ag

Guiding Principles

• Focus on customer experience• Maximize the strategic value of data• Deliver progress using agile processes
5

A New Approach to Financial Manage

In the Future State, the FM QSMO acts as the broker between agencies and comm

federal solutions. Solutions are centrally administered, standards are embedded in s

there is a unified effort to achieve goals.
6

Tomorrow’s Benefits to CFOs

• Cost reductions in the longer term, due to:

– Fewer agency-specific solutions– Maximizing the government’s buying power

• Financial and Personnel resources freed up for other purpose

– New reporting requirements built-in to solutions– Providers maintain modern and secure systems– Simplified procurement processes to leverage solutions

• Ability to spend more time on analysis, due to:

– Better access to standardized data– Better integration of core FM and mixed systems

As a result, CFOs are able to provide better service to their c
7

Standards Enable Sharing

Reach agreement on an initial baseline configuration using efinancial management standards

Pre-configured, modern and secure solutions ready for agency adoption

Ben• Ea• Lo• Sta• Up

QSMOs

FSSPs

Industry

FM QSMO

OMB

Agencies

Treasury Services

Work with agencies and existing bodies to define initial baseline requirements and testing methodologies

Core 

FMS

GSA
8

Solutions Offer Choice

Bene• Eas

pre-

• Qui

to in

• Em

stan

• Low

Core Financial Management Systems (FMS)

Professional Services

Financial Management Solutions

Treasury Centralized Services Treasury Centralized Services

Marketplace with “Best in Class” services available to all agencies

Offer a comprehensive suite of services available from Treasvendors and other providers to fulfill an agency’s financial ma
9

Solutions in Marketplace

Core Financial Management Systems (FMS)

Professional Services

Financial Management Solutions

Treasury Centralized Services Treasury Centralized 

Services

Financial management software suites thaFMS in a FedRAMP environment.• Example: Software-as-a-Service, Clou

Applications, modules, and services that aCore FMS services.• Example: Other Software Modules, Tr

Services to assist agencies adopt FM QSMinclude Integration, engineering, architectuand strategic consulting services.• Example: Core FMS Integration Suppo

Solutions offered by the Fiscal Service to mmanagement needs. • Example: Payment Services, Receivabl
10

Adoption through Collaboration

Benef• Redu

imple

• Build

learnimple

• Leve

prove

• Advice and Consulting• FSSPs Joint Business 

Cases

• Agency Financial 

Management Plans

• Providers as partners 

in supporting adoption

Specific solutions that meet agency FM needs

Provide technical guidance and expertise on financial managstandards, compliance, and acquisition and implementation s
11

Performance for Results

Benefit• Adaptiv

Market

• Respon

Framework for of custaccountability to ensure providers meet customer needs

Establish performance measures and feedback mechanismresulting data for changes and improvements.

Measure customer Satisfaction with the Marketplace and performance

Feedback
12

Standards: Key Activities & Deliverables

Baseline Configuration 

Requirements

Leverage Standards 

to Develop 

Requirements

Investment in

Baseline Configura

Build Federal 

Configuration

An agreed upon baseline configuration that is defined in FY20, built, tested and validaFY21, and ready for production use in FY22. 

Test Federal 

Configuration
13

Support FSSP Joint 

Business Cases

Solutions: Key Activities & Deliverables

Delivery of a robust government-wide Marketplace, with multiple offerings, in FY21 for leveraging.

Marketplace 

Research

Conduct Industry 

Market Research

Assess

Agency Needs

Marketplace

Planning

Develop

Acquisition Plan

Create Service 

Catalog &

Roadmap
14

Adoption: Key Activities & Deliverables

Planning

Develop

Agency 

FM Plans

A prioritized pipeline of agencies ready to pilot and use shared solutions available in th

beginning in FY21.

Analysis

Evaluate 

Agency 

FM Plans

Create

Government-wide 

Adoption

Roadmap
15

Performance: Key Activities & Delivera

Establish & Refine

Monitor 

Performance

Define Strategic & 

Operational 

Performance 

Measures 

Monitor

A performance management framework is established in FY20, refined in FY21, and rbeginning in FY22 to assess FM QSMO and provider performance, customer satisfacmeeting shared goals.
16

Keys to Sustained Success

• Clear authority

– To engage with agencies and industry on financial management initiatives– To establish a government-wide contract vehicle

• Willing partners and providers

– To reach agreement with agencies on requirements for a baseline configur– To identify early adopter agencies of Marketplace solutions– To engage industry and federal providers in developing and promoting Ma

• Funding and resources

– To build the baseline configuration, establish the Marketplace, and make s

to incent adoption

• Integration with other QSMO Marketplaces 

– To provide a seamless suite of solutions to the CFO customer, interfaces w

need to be understood

– To ensure needed data standards across lines of business