FINANCIAL SYSTEM MODERNIZATION PLANNING

Capabilities

Federal managers depend on financial management systems to provide the information needed to make good management decisions. Systems come in two varieties: the one in place, and the one that's really needed. Government financial management systems started as simple accounting systems for tracking appropriation limits and maintaining cash balance records for government treasuries. Today, they can provide real-time tracking of program and project funding while complying with government accounting, auditing, and financial report regulations. LMI's modernization planning includes the following:

• Developing road maps that prioritize improvements to eliminate or reduce the highest risk gaps
• Developing and assessing financial management technology and e-business strategic plans
• Identifying and analyzing financial system requirements
• Developing and documenting the financial management enterprise architecture
• Conducting gap analyses between current environments and requirements
• Assessing alternatives, including commercial off-the-shelf (COTS) systems and outsourcing or cross-servicing.

CLIENTS and SOLUTIONS

Core Financial System Requirements Update

LMI has helped improve government-wide financial management performance since 1998 through our support of the Federal Systems Integration Office (FSIO). LMI developed the 2006 update to the core financial system requirements through coordination with federal agencies and commercial software providers. The quality of this work demonstrates our ability to accurately interpret and apply complex federal financial management policy guidance promulgated by the Office of Management and Budget, Department of the Treasury, and Government Accountability Office. As a result, agencies now have a better definition of system requirements in a broad array of financial management functional areas.

OPM Replaces Legacy Financial Management System

LMI studied financial management modernization for the Office of Personnel Management (OPM), providing the basis for a decision to acquire a new system. We detailed financial management system requirements to help OPM choose the best-fit COTS solution, which was implemented in 13 months.