Financial Management Reforms
The Department of Defense is continuing to vigorously transform its financial
management operations, processes and systems. Once fully transformed, the
Department's financial management process will rely on a smaller number of modernized
finance and accounting systems, adhere to new government-wide accounting
requirements promulgated in recent years, and reap the benefits of substantial
compatibility among its financial and nonfinancial systems. As a result, more accurate
and timely financial services will be provided at a lower cost.
The Department's pivotal agent for accomplishing these reforms is the Defense Finance
and Accounting Service (DFAS). The DFAS has made remarkable progress since its
formation in 1991. As the largest finance and accounting firm in the world, the DFAS
now processes a monthly average of nearly 10 million payments to DoD personnel;
1.2 million commercial invoices; 450,000 travel vouchers/settlements; 500,000 savings
bond issuances; and 122,000 transportation bills of lading, with monthly disbursements
averaging $24 billion.
The Financial Management Improvement Plan is the Department's blueprint for financial
management reform. The goals of the Plan are to implement more effective systems,
reengineer DoD business practices, and improve the financial management framework..
To direct your search to the latest in Financial Management Reforms, click below.
Summary of Financial Management Reforms
Annual Report to the President and the Congress, as of January 1999
DoD Biennial Financial Management Improvement Plan
Dod Financial Management Improvement Plan - September 1999
Defense Finance & Accounting Service (DFAS)
DoD Travel Reengineering
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