As the State of Alabama Finance team, we are assigned to provide a recommendation for consolidating transactions from different charts of accounts across the state. We are excited to have completed the analyze phase of our project a few weeks ago, with the delivery of a detailed GAP Analysis to our client. The GAP Analysis we developed benchmarked best practices of three different states that recently underwent a change in their financial consolidation process. We compared these three states and researched what solutions were put in place to achieve several best practices. We analyzed these three states to present to our client different solutions to consider in their own consolidation process.
Our team has also been conducting interviews with state agency members to gain a better understanding of how they record transactions in their charts of accounts. So far we have interviewed Alabama Beverage Control (ABC), Department of Human Resources (DHR), and Department of Education. We hope that by learning how agencies independently handle their financial processes, we can better find a solution to the statewide consolidation process.
In this final phase of our project we are working to deliver objectives for consolidated accounting and a suggested direction for a future solution. Although this is requiring a lot of hard work from our team during the last stretch of the semester, we still manage to incorporate fun breaks into our work sessions. We make it a point to eat dinner as a team a few times each week and celebrate team members’ birthdays. We are excited to continue working on our project and plan on delivering a recommendation for our state in a couple of weeks!