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FIT
Financial Innovation & Transformation

Accomplishments

Since 2010, the Office of Financial Innovation and Transformation (FIT) has found several ways to meet our goals to innovate, transform, and optimize financial management.

Many agencies now use these four FIT initiatives:

  • Centralized Receivable Service (CRS)
  • Intra-governmental Transactions (IGT)
  • Electronic Invoicing (E-Invoicing)
  • Shared Services

Centralized Receivables Service (CRS)

Collaborating closely with Fiscal Service's Debt Management Services (DMS), we developed a centralized service to make dealing with accounts receivable easier for agencies. Using an experienced private sector provider, DMS collects the money owed to agencies and gets that money to them.

See more about our CRS initiative

Intra-governmental Transactions (IGT)

Improving accountability for funds transferred between federal agencies is an important initiative. We worked with federal agencies to develop standards and processes for accounting for these intra-governmental transactions.

See more about our IGT initiative

Electronic Invoicing (E-Invoicing)

Federal agencies must now invoice electronically.

The Office of Management and Budget (OMB) directed agencies to move to electronic invoicing by the end of FY 18. (OMB Memorandum M-15-19, "Improving Government Efficiency and Saving Taxpayer Dollars Through Electronic Invoicing.")

We help agencies comply by working with federal shared service providers (FSSPs) that offer e-invoicing services.

Electronic invoicing makes it easier for vendors to do business with the government. Electronic invoicing also supports Executive Order 13576 to cut waste by making the government more efficient and transparent.

See more about our E-Invoicing initiative

Shared Services

The Office of Management and Budget (OMB) directed agencies to use federal shared service providers (FSSPs) and to consolidate financial management systems. At that time, OMB directed FIT to work with federal financial managers to design and carry out improvements to shared services. (OMB Memorandum M-13-08, "Improving Financial Systems through Shared Services.")

See more on our Shared Services initiative

Last modified 07/20/20