Background
In a dynamic environment characterized by increased reporting requirements, the Treasury remains dedicated to increasing the capabilities of GTAS. Many enhancements were incorporated since GTAS was introduced, and as its functionality expands, more improvements are anticipated.
Following GTAS implementation, agencies asked about the reasons behind Fiscal Service’s requirement for 11 monthly GTAS filings annually. The information below gives a concise overview of the benefits that monthly GTAS reporting offers to both external agencies and internal Fiscal Service stakeholders.
Benefits
Monthly GTAS reporting is essential for Treasury to fulfill Office of Management and Budget (OMB) mandates and to efficiently compile the Financial Report of the United States Government. This recurring process is instrumental in ensuring that data provided to external stakeholders, including OMB and Congress, is accurate and timely.
Some key advantages of monthly GTAS reporting include:
• Enabling Treasury to conduct month-to-month analysis of agency data, which helps Fiscal Service in addressing open audit findings associated with compiling the Financial Report of the United States Government.
• Helping with early identification of issues in the fiscal year, allowing Treasury to resolve them before year-end and thereby cutting the burden of year-end reporting.
• Supporting OMB budget submission requirements and meeting related congressional deadlines.
• Enhancing agencies’ accuracy and efficiency in data submissions, as frequent reporting offers opportunities for continuous learning and improvement based on previous reporting cycles.