As comptrollers navigate the complexities of managing SmartPay program risks, adopting innovative solutions is crucial. In this post, we outline three top recommendations to help you leverage GSA and Treasury Department‘s FedRAMP® authorized GPC Cloud services for enhanced control and compliance. These strategies will enable you to automate processes, ensure real-time visibility, and maintain strict adherence to financial regulations, ultimately transforming your card program management.
1. Leverage FedRAMP Authorized GPC Cloud Services for Enhanced Compliance and Control
Utilize one of the only GSA and Treasury Department’s secure FedRAMP authorized GPC Cloud services recently approved for Government-wide Compliance with OMB A-123 Internal Risk Management Controls.
Gain real-time visibility into the status of funds through Shared Services automating nightly charge reconciliation, “to the penny” funds management and closeout of line-item charges against purchase orders. Trust but verify compliance through automated audit findings with prescriptive alerts to address potential errors and omissions in advance of daily Bank payments. Prevent unauthorized commitments and end of year funds from being swept through automated journal adjustments based on fulfillments matched to electronic invoices. Ensure against split orders and compliance with separation of duties requirements throughout the request to audit process.
2. Transition to Hosted Cloud Services for Seamless and Secure Purchase Management
Look for hosted cloud services to ensure all purchases including problematic P-card activity undergo automated workflows, funding approvals, and supporting document creation prior to release.
Eliminate home-grown systems and enjoy the savings and peace of mind knowing that thousands of cardholders are using secure and compliant cloud-based process intelligence constantly upgraded in keeping with ever-changing agency policies and government regulations.
3. Achieve Full Compliance and Financial Risk Management with SmartPay Refund Allocations
Bring your card program into 100% Compliance and Financial Risk Management without budget worries by allocating existing SmartPay refunds to cloud program automations.
Eliminate rogue actions, compliance errors and omissions, and reputational risks associated with “pay and chase” bank payments and the “clean up” of financials during every year-end. Start digital, and stay digital, while eliminating spreadsheets, emails and Sharepoint document scanning. Obligations and purchase approvals should be automated prior to order placement and every bill automatically paid daily, but only after thorough reconciliation and audit. Stop the insanity of restricting card usage beginning in August out of fear, uncertainty and doubt surrounding funds under card management!
Recent studies reveal the total cost of each Purchase Card transaction (from requisition through audit) has reached an astonishing $22 dollars each. Your cardholders, Administrative Officers, Funding Officials and Program oversight and Audit staff are suffering from the burdens, duties and responsibilities that largely remain as manual operations.
Modern, secure, hosted shared services are so inexpensive that refunds earned through your current SmartPay contract can provide for the entire annual service. Your 30-year frustrations with Government Purchase Card Programs are over! Ask to connect with our happy customers and get a personalized demonstration of the future of procurement and financial management, available today without competition through GSA Advantage and your colleagues at the Fiscal Service.