FaaS is changing the game for state and local governments

Finance operations in state and local governments are feeling the squeeze—with little relief in sight. In today’s demanding environment where a scarcity of government-focused talent and ever-tightening budgets square off against the increase in the number and complexity of federal, state, and local financial reporting requirements, chief financial officers (CFOs) and controllers in government finance operations are hard pressed to keep up. It’s time for a new approach.

Finance-as-a-Service (FaaS) can provide not only an immediate reprieve, but also lasting benefit. In the FaaS  model, you get access to experienced finance professionals with functional government and accounting experience—the talent you need to comply with your monthly, quarterly, and annual financial close and reporting requirements—while at the same time helping to minimize the “cost of ownership” to get there. You define the scope of the engagement, provide the data, and specify the timing and nature of the desired outputs, and managed services will do the rest for an easily predictable monthly flat fee.

In this article, we explore how adopting a FaaS model can provide a practical and affordable solution to government finance professionals. It covers how to:

• Find a broad range of finance professionals with government and accounting expertise
• Reduce workforce cost
• Access leading-edge technologies with no long-term capital commitments
• Protect grant funding
• Enhance the value of finance to the organization.