accounting services


 


  

  

  

  

accounting services

The Defense Finance and Accounting Service (DFAS), an agency of the United States Department of Defense, provides finance and accounting services for the military and other members of defense.

In FY 2004, DFAS:

Processed 104M pay transactions to 5. 9M military, civilians, retirees and annuitantsMade 6. 9M travel paymentsPaid 12. 6M commercial invoicesProcessed 127. We can recommend effective procedures that of top-level business services, including Accounting, Bookkeeping, Financial Advising, Operational. 3M general ledger postingsManaged military and health benefits funds ($234B)Made an average of $455B in disbursements to pay recipientsManaged $13. 5B in foreign military sales (reimbursed by foreign governments)Accounted for 282 active DoD appropriations

History

In 1991, Secretary of Defense Dick Cheney created the Defense Finance and Accounting Service to reduce the cost of Defense Department finance and accounting operations and to strengthen financial management through consolidation of finance and accounting activities across the department. Since its inception, DFAS has consolidated more than 300 installation-level finance and accounting offices into 26, and reduced the work force from about 27,000 to approximately 16,000 personnel.

DFAS is a working capital fund agency financed by reimbursement of operating costs from its governmental customers (mostly the military service departments) rather than through direct appropriations.

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