Financial Management

We first shared this advice in our Best practices for fueling government-owned vehicles resource. For more tips on how to improve your fueling system controls, check it out! 

If you manage a billing and collection system, then you have an important report to consider – the accounts receivable (A/R) aging report. As auditors, we regularly ask about your review of certain reports and when it comes to accounts receivable, we find a lot of value in this one. In this blog post, we’d like to explain why an A/R aging report is so important and why you should review it.  

We receive straightforward commonsense advice all the time. Keep your eye on the ball – if you play baseball. Cut once, measure twice – when cutting wood or fabric. And there’s the classic “stop, drop and roll” if you ever find yourself on fire. Simple, straightforward advice helps us focus on the most important thing we should do, despite many possibilities. 

To receive payments electronically, most organizations need to share their bank account information with those who owe them money. Banking information includes the bank routing number, which identifies the bank that holds your account, and your account number. However, you don’t have to share your account number when you have a universal payment identification code (UPIC).  

We urge our local government clients to keep in close communication with our Office to achieve cost-effective and timely audits, which is critical to help governments maintain their bond rating.  
 
Rating agencies such as Fitch, Standard & Poor’s (S&P) and Moody’s rely on financial audits as a window into a local government’s financial health, and they require governments to provide a recent audit as part of their process.   
 

We invite you to check out our recently updated procurement resource, the Office of the Washington State Auditor’s Buying and Bidding Guide. From learning the applicable laws and bid thresholds to getting helpful tips, this newly refreshed resource will help you navigate your next procurement process with confidence. To view the guide, click here.  

As the days shorten, the Office of the Washington State Auditor’s Financial Intelligence Tool (FIT) expands, offering users a refreshed set of financial data, new ways to explore statewide revenue and expenditure trends, and a helpful financial health indicator reference guide. Read on to discover these exciting new and upcoming updates. 

It’s fairly common for local governments to use a collection agency in some capacity, such as to collect outstanding fees or fines that the government was unable to collect on its own. But how do you know if your collection agency is doing a good job? A collection agency acts on your behalf, collecting delinquent debts and remitting money back to you so you can use it in your operation.  

In this article, we will discuss tips on how to monitor your collection agency to evaluate its performance. 

It is important to think about all that comes with managing a new federal program for your government, ideally before you apply for it – and especially before you accept it. New federal awards are like getting a new puppy; they come with ramifications, implications and potential future costs for your government. If you think those things through, and understand what you are taking on, then you will be in a better position to manage the new award. 

Preparing your government's payroll takes a lot of time and expertise. From collecting employee information, tracking leave, processing timesheets, and calculating pay to processing garnishments, delivering pay checks, submitting tax forms, and preparing year-end reporting, there's a lot to do. That's why some governments use a third party to do all or part of their payroll. But how do you determine if outsourcing payroll is right for your government?