Capturing the federal government’s buying and selling transactions between agencies for audit and mission execution is similar to throwing the largest fishing net imaginable into the ocean. 

Today, the intragovernmental (IGT) net is filled with gaping holes and requires extensive manpower to manage the business. As a result, the financial trail is missing, audit findings are rampant, and the manpower that could be spent in more productive roles is wasted on reconciling buyer and seller records. In other words, a lot of ‘fish’ are getting away. 

The new mandated U.S. Treasury G-Invoicing solution delivers a platform for federal trading partners to standardize the way they buy and sell from each other. G-Invoicing is both a system and business process reengineering initiative. Although it’s not an accounting system, this platform was developed by the Treasury’s Bureau of the Fiscal Service to serve as an online portal for all federal entities to support the exchange of information as well as store General Terms and Conditions (GT&Cs).

Why should I use G-Invoicing?

Many times there are IGT issues that hinder federal agencies from accurately reporting data. These issues include but are not limited to:

· Missing evidential matter

· Inconsistent trading partner data

· Lack of common identifier to link buyers and sellers

· Policy and process gaps between financial management, acquisition, and logistics

· Timing inconsistencies between buyers and sellers

The Benefits of G-Invoicing

Not only is this system to be mandated by October 2022, but there are also many reasons why federal program agencies (FPA) should implement G-Invoicing to improve their financial management and balance the buyer and seller records.

The U.S. Treasury has requested agencies begin leveraging the business processes associated with G-Invoicing effective October 1st, 2022. The October 2022 mandate is aimed at IGT FY23 orders with a critical goal of capturing and improving data quality. Although agencies’ ability to align with this initial target date is heavily dependent on their ability to configure their financial systems, Thompson Gray can assist agencies in evaluating their gaps in business processes as well as recommend innovative approaches to swiftly improve IGT transaction processing by helping with: 

· Timely recording of accounting transactions

· Improvement of buying power

· Fewer trading partner disputes & unmatched transactions (UMTs)

· Auditability, compliance & evidential matter

· Reduce eliminations issues

Where to Begin? 

Thompson Gray’s employees are a dynamic group with industry-wide leadership experience. We can deliver an expedient and optimal strategy to implement G-Invoicing. In fact, our team currently supports the Assistant Secretary of the Army for Financial Management & Comptroller (ASAFM&C) Deputy Assistant Secretary of the Army (Financial Operations and Information) (DASA-FO) and the Director, Financial Information Management (FIM) with G-Invoicing implementation. Thompson Gray is committed to improving trading partner communications, developing governance structure recommendations, policy and process gap analysis, and linking audit findings to process remediation. We would love to work with your business! Let us know how we can assist your organization at info@thompsongrayinc.com.