Every year, State and Local Government agencies are required by statute to publish a Comprehensive Annual Financial Report. This uniquely Public Sector requirement is typically accomplished through a complex collection of manual data collection and report writing tasks that are error prone and poorly documented. It’s enough to make Government CFOs tear their hair out and start thinking about early retirement.
That is, until now.
Combining our deep expertise in Public Sector financial systems with our technology expertise in Business Intelligence and Data Warehousing, Mo’mix created an end-to-end solution for CAFR creation.
The first step is to collect the right data. Drawing on Performance Center’s built-in capacity to pull data directly from your own financial and accounting systems, we extract everything needed and load it into our secure, cloud hosted data warehouse system. This process is simple if you already have Perfomance Center’s Financial Reporting module or we can implement CAFR Manager as a standalone system in a short time. And because perhaps better than anyone, we truly understand just how those source systems work, you can be certain that you’re getting the right data from the right source.
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Next, we capture the fund, cost center and account mappings, allowing you to define exactly which balances belong in which columns and rows on the CAFR statements and schedules. In most cases, we can do this directly in your source financial systems, the most secure place to capture and maintain this key date – in your own system of record. If your systems don’t support that, we can capture the mapping in our own secure data warehouse system, along with everything else required to complete your CAFR process.
Entering adjusting entries needs to be simple and easy to audit. We capture them directly in our Data Warehouse and automatically generate audit reports so staff can review for correctness and completeness.
Finally, all the financial statements, schedules, tables, and graphs can be generated and exported in whatever format you need for a print ready document.
And the best thing is, every step of the process is stored in our online, secure, cloud based Performance Center system, so you know just where to find it waiting for you when next year’s CAFR time rolls around.
Now doesn’t that help you breathe a bit easier?
To learn more about how Performance Center can help make your organization more transparent and efficient, contact Mo'mix Solutions or call Janice D'Aloia at 360-834-6780.