Federal Financial Management Support

The ability to see and analyze financial data at all levels within an organization is critical to effective budgeting, planning and execution of program dollars. Agencies need accurate, timely and reliable information in order to make important decisions about the direction of the organization and identify funding priorities. This is complicated by expanding reporting requirements, which include GTAS and initiatives such as Open Government.

Empirical understands the importance of these requirements and has developed proven methods for supporting compliance. Our professionals have extensive experience assisting agencies in the implementation of financial management strategies that deliver compliance, efficiency and accuracy. Our financial reporting and accounting solutions are designed to be adaptable, portable and scalable in order to provide the best solution and value to our clients. Our services include:

  • Financial Reporting and Accounting Support
  • Financial Analyses and Data Management
  • General Ledger Support

Financial Reporting and Accounting Support

Our Financial Reporting and Accounting Support solutions encompasses proven, adaptable, and scalable methods and processes that leverage industry best practices, a suite of automated tools and a team of professionals with extensive experience. Our support concept is designed to prepare financial reports that bring consistency across the agency, improve reliability and enhance data quality. Our objective is to prepare accurate and timely financial reports, correct errors and anomalies, resolve root-causes and develop and implement innovative solutions. Empirical assists federal agencies with:

  • Financial Statement Preparation and Footnotes Support
  • Audit readiness, Remediation and Audit Liaison Activities
  • Financial and Data Quality Analyses
  • Business Process Improvement and Internal Controls Activities
  • Accounting Activities
  • Policy and Procedures Development
  • Technical Accounting and Financial Management Advice
  • Bookkeeping Services
  • Business Management Consulting
  • General Ledger Support

Financial Analyses and Data Management

Data quality is critical to effective financial management. Federal managers require accurate and timely data in order to make informed decisions about the use of limited financial resources. Agencies face significant challenges with meeting current and anticipated reporting requirements. Improving data quality is necessary for making informed decisions. Empirical has proven flexible approaches that allow our experienced team of professionals to navigate through enormous amounts of financial activity to identify responsible transactions in order to provide agencies with remedies allowing them to meet their financial reporting objectives. Empirical helps with:

  • In-depth Account Analyses (e.g. Tie-Point analyses, Abnormal Balance Reviews, Budgetary to Proprietary account relationship and other anomalies)
  • Data Mining and Analysis
  • Business Process Improvement
  • Policy and Procedure Development
  • Financial Management System Analysis and Enhancement
  • Process Analysis and System Requirements Assessments
  • Technical Accounting and Financial Management System Advice

General Ledger Support

Efficient operations are a key component to timely delivery of financial information. Agencies require accurate preparation and posting of financial transactions with audit defensible supporting documentation. Empirical provides a team of professionals with extensive experience in preparing accurate financial transactions utilizing innovative automated solutions that reduce manual entry, validate data, and comply with GAAP and Treasury reporting requirements. Empirical supports federal agencies with:

  • Account Reconciliation
  • Accruals and Related look-backs
  • Adjusting Entries
  • Month and Year-End Closing
  • Financial System Maintenance
  • Policies and Procedure Development

Budget Formulation and Execution

Budget Formulation and Execution provides effective planning and management support to the federal government in order to meet agency objectives. This includes identifying and establishing resource requirements, in dollars and in human capital, which are used to establish baselines for key activities, and developing measures for monitoring performance. Empirical supports federal managers with establishing and monitoring spending plans against actuals in order to identify areas of risk, develop strategies for making course corrections and provide solutions to address new challenges. Empirical ’s team of professionals with extensive experience provides:

  • Budget Authority, Recession and Transfer Processing
  • Spending Plan Analysis and Reviews
  • Obligation Analysis
  • SF132 to SF133 Reconciliation and Validation
  • Policy and Procedure Development
  • Business Process Improvement
  • Compliance Analysis