Despite improved U.S. economic conditions, state and local agencies are continuing to grapple with uncertainty. Want proof? Consider the impact the lasting effect high debt burdens and pension shortfalls are having during the budgeting process. And if that’s not enough, fluctuations in tax policies aren’t helping either, as the resulting impact to income receipts make cash flow planning murky at best.
The war for talent is also a challenge for state and local agencies, as qualified personnel resources are difficult to find. And at a time when audit oversight and operational regulations are adding additional scrutiny to the budget formulation process – top talent is also difficult to retain.
Taken together, it should come as no surprise that finance leaders within the Administration, Budget and Comptroller offices often struggle to focus on improving decision support and driving process improvements. Why’s that? Because they (finance leaders) are often left spending time manually collecting data and reconciling reports from fragmented spreadsheets and legacy tools just to get their day-to-day jobs done. Consider the sheer time and effort required to complete each step of the budgeting process, which are noted below:
Technology as a Change Agent
More than ever, government agencies are turning to purpose-built software (with an increasing preference for cloud or SaaS models) to automate various aspects of the budgeting process such as personnel, grants, and capital expenditures planning. Designed to automate multiple processes, corporate performance management (CPM) applications move finance transformation forward by adding agility to the budgeting process and streamlining the financial close and reporting processes.
State and Local Agencies Turn to OneStream
Leading Government agencies and organizations are turning to OneStream’s modern, unified platform to help address many of the challenges they face. OneStream (see Figure 1) helps state and local finance teams replace spreadsheets and fragmented legacy CPM products with a unified solution that can be deployed on-premise or in the cloud.
OneStream’s XF MarketPlace solutions allow organizations to extend their investment with more than 50 add-on solutions – such as Predictive Analytics – that can be quickly downloaded, configured, and deployed to address additional process requirements.
Figure 1 – OneStream’s SmartCPM™ platform
Here are some of the key capabilities of the OneStream XF platform for state and local agencies:
For finance teams, reducing reliance on spreadsheets and legacy software for budgeting and the financial close processes has material benefits. By automating and streamlining key processes, budget officers and accounting teams can begin to shift their time from task-oriented work like moving and reconciling data to higher value work – which increases organizational value and job satisfaction in parallel. Here are just a few other ways OneStream is helping state and local governments modernize their budgeting and financial close processes:
Bringing It All Together
No matter how big or small, modernizing corporate performance management processes like budgeting and the financial close are critical to moving finance transformation forward. For Finance leaders at state and local agencies, there’s now a clear alternative to using spreadsheets and legacy software for organizational finance processes. And unlike cloud-based point solutions, OneStream offers a full range of solutions across the Administration, Budget and Comptroller offices – providing finance teams with a foundation to meet the needs of today and grow to serve the needs of tomorrow.
To learn more about how OneStream is helping modernize the budgeting process for state and local agencies, download our solution brief here.