Treasury: Saving Taxpayer $$ is Job of New $17M Office

U.S. TreasuryAt first, it sounds like a typical bureaucratic solution: How do you cut financial management in government and save tax dollars? 
You create a $17 million new entity to streamline invoicing and other practices.
But the plan outlined today by the U.S. Treasury and OMB (Office of Management and Budget) claims it can save substantially more taxpayer dollars than the cost of creating the Office of Financial Innovation and Transformation (FIT), which will be housed within Treasury.
OMB and Treasury will partner to help to reduce costs and improve “quality in financial management across government.”
The FIT office will play a key role “to stem the costs of financial operations – which when fully deployed, will yield hundreds of millions in reduced financial system and operational costs annually,” said a Treasury/OMB statement.
For example, federal agencies estimate spending $750 million in processing paper invoices for payments.  A “modest 20 percent reduction through automation” is possible, which would come to a savings of $150 million.
“The Treasury Department’s new office will play a critical role by initiating common, simpler, and lower-cost solutions for basic financial management activities, such as accounts payable and reporting,” Danny Werfel, OMB Controller.

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