Army drafts Accenture for financial-management system overhaul
- By Dawn S. Onley
- Jun 28, 2005
The Army has awarded a $537 million contract to Accenture to develop a consolidated financial-management system for active, Reserve and National Guard units.
The Army's Program Executive Office for Enterprise Information Systems awarded the 10-year, General Fund Enterprise Business System contract to the Reston, Va.-based company yesterday.
'We are very pleased and excited to finally have a contract in place and an integration partner to help the Army modernize its financial management information systems in support of Army transformation objectives,' said Cherie Smith, project officer for GFEBS, in a release.
The concept of GFEBS, a joint, financial-management program established in October 2003, is to consolidate the functions of the legacy Standard Financial System, the Standard Operations and Maintenance Research and Development System, and the Defense Joint Accounting System.
The consolidation would give Army and Defense Department officials a better idea of how money is disbursed through the general and working capital funds.
DOD has never complied with the 1990 Chief Financial Officers Act, which ordered federal agencies to centralize their finance systems to better account for their spending. GFEBS would link to DOD's business enterprise architecture and have these capabilities:
- General ledger, payments and receivables management
- Funds management
- Cost management and
- Financial reporting.