Financial management Archives - Page 2 of 6 - Office of the Washington State Auditor

Results for: Financial management

Overtime is too costly to ignore. Use your data to monitor it.

June 2, 2022

Monitoring your overtime costs allows you to detect irregularities, such as a mistake or system glitch that might have resulted in overpayments. You can also see if the overtime that employees are working is significant and then assess whether it is sustainable. Before you start monitoring your overtime costs, you first need to establish expectations for a reasonable range of overtime activity. Then, compare your expectations to the actual data and follow up on any variances. In this article, SAO offers tips to help you monitor your overtime data.

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Is asset tracking a thorn in your side? SAO’s resources can help ease the pain

May 25, 2022

Local governments track many assets with multiple objectives in mind. Whether your objective is accurate and complete financial reporting or safeguarding public assets, tracking all of your government’s assets can quickly become a pain. SAO offers tools and resources to help you simplify asset tracking and comply with a variety of objectives and requirements.

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Close up coffee table full with papers invoices cheque bills, female hands holding receipt calculating company expenses.

Emerging issue: How to calculate lost revenue for use of federal coronavirus funds

September 1, 2021

The American Rescue Plan Act (ARPA) established the Coronavirus State and Local Fiscal Recovery Fund (CSLFRF) program, administered by the U.S. Treasury, Assistance Listing Number 21.027. One eligible use of these program funds allows governments to replace lost revenue in order to avoid cuts in their services.

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How FIT are you?

December 9, 2020

We know local governments face significant challenges this year. The Center for Government Innovation can help governments be well informed when making difficult financial decisions.

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Add a projection to your financial data using FIT’s new feature

October 22, 2020

A new reporting feature in the Financial Intelligence Tool makes it simple for a local government to project its data into the future.

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Options are available for moving to ‘no contact’ cash receipting

October 20, 2020

The interactions between customer and cashier have become complicated by the pandemic. How do you collect payments but keep everyone safe? If you are exploring your options, here are some resources that might help you.

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Reviewing bank passbook saving account balance and cash flow statement analysis for a return on investment, ROI, and business performance

Lessons learned: Schedule 06 and documenting bank reconciliations

September 29, 2020

We’re jumping into some lessons learned from the 2020 filing season regarding Schedule 06 – Summary of Bank Reconciliations. Even if you don’t file a Schedule 06, these tips are useful when preparing any bank reconciliation, or other schedules or reports. These were identified as the most common areas of emphasis when SAO staff helped clients in 2020.

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FIT’s indicators can strengthen any financial planning effort

September 17, 2020

The Financial Intelligence Tool’s (FIT) financial health indicators provide “retrospective” measures of financial health based on historic data. However, any government can use these measures to help plan for the future.

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FIT adds profiles to explore any of Washington’s 40-plus government types

September 10, 2020

Our Financial Intelligence Tool (FIT) has long offered a way for users to examine data on specific governments, government types, and specific revenue or expenditure streams. For the first time, FIT has a way to view all important information on a specific government type in one place, using new government-type profiles.

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User-focused updates come to FIT’s financial health indicators

August 20, 2020

Financial indicators have received a meaningful update in our Financial Intelligence Tool (FIT), making them even more useful by capitalizing on the power of FIT’s statewide collection of financial data.

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Results for: Financial management