Precisely on running finances and resources while working in the High-
Intensity Drug Trafficking Areas (HIDTA) program, it is vital. The system called
the Financial Management System or FMS of the National HIDTA Assistance
Center or NHAC centers on the sound financial responsibility and compliance
with programmed standards of the law enforcement agencies. However,
getting to learn how this system is going to work can be quite daunting,
especially for initial starters.
Here in the agency blog, we will demystify the FMS system to assist our clients
in grasping the system to make their agency run like a well-oiled machine.
The Complexity of the FMS System
FMS system is an efficient tool for the management of HIDTA funds; however,
most of the users will testify that this system can be complex.
Lack of Clarity: Prospective or inexperienced users will find the user interface
and how to input or even handle the submission of financial documents challenging.
Errors in Reporting: Typical data-entry mistakes, including the wrong project codes or failed verification of some expenses, can cause delays in reimbursements.
Compliance Challenges: There are tight fiscal policies which if not well understood by agencies, they may find themselves on the wrong side of the law during an audit.
Limited Training: Some of the team members do not know how to use the FMS system to the optimum and this has led to mistakes being made sometimes.
How to Navigate the FMS System Effectively
The good news is, however, if applied properly the FMS system is a blessing in disguise which allows the tracking, managing, and reporting of the agency’s financials. Shown below are the overviews, steps and tips that can assist you in mastering it.
Step 1: and learn what the System is all about
However, in order to better understand the essence of this article, it could be useful to overview the main tasks of the FMS system. Here are the main components:
Financial Reporting: Enables agencies to report on expenses and file expenditures documenting the use of the HIDTA funds.
Reimbursement Requests: Employed in the transmission of expenses that are eligible for reimbursement under the HIDTA program.
Audit Compliance: Used to store all documentation regarding financial audits in order to verify that the agency follows the requirements of the program.
It takes time to read through the training documents available or watch a brief presentation on FMS. There should also be either webinars offered by NHAC or other support materials that would explain it to you step by step.
Step 2: Establish Social Processes Inside the Company
To facilitate appropriate integration of FMS, agencies should have measures of providing financial reports. This includes:
Assigning Responsibilities: Ensure the proper people are coded to enter all financial data, submit all reports and most importantly, check that all entered data is correct.
Maintaining Records: Always retain an electronic and paper record of any transaction receipt, bills, invoices, and payrolls. These records should correspond with the FMS submissions that you make.
Periodic Reviews: This helps you as sometimes you find that the figures that appeared on FMS budget submission do not tally with those on your organization’s internal accounts.