Why use a Unified Financial Management System?
Consolidated financial reporting will become much less complex as a result of UFMS. Instead of collecting data from five core systems, the Office of the Secretary (OS) will interact with one. Data will be combined through a centralized, HHS-wide consolidated financial reporting capability. This capability will provide integrated financial management information for HHS-level financial management statements, reports and queries, as well as consolidated financial statements. Data uploads and “data calls” currently required for consolidated core financial management information will be improved and streamlined. UFMS will take full advantage of modern accounting system features. Specific advantages include the following: • Enhanced internal controls • Data standardization across the enterprise • Improved user security • Robust and flexible query and reporting capability In summary, UFMS will significantly reduce the logistical complexity of coordinating and consolidating financial informat
