Presented by EY

Federal agencies are undergoing a fundamental shift in how they approach financial management. What was once viewed primarily as a back-office function is now emerging as a strategic driver of mission success, operational efficiency, and accountability. In a conversation with Francis Rose, Sherlonda Goode-Jones, Government and Public Sector Growth and Solutions Leader at EY, outlined how consolidation, shared services, and modern technology are reshaping the role of the Chief Financial Officer across government.

A key driver of this transformation is the growing urgency to address fragmentation across financial systems. Many agencies have historically operated with disparate platforms and processes, which has slowed mission delivery, increased operational risk, and driven up costs. According to Sherlonda Goode-Jones, agencies are now recognizing that consolidation is not just a technology upgrade—it is a strategic imperative.

“Fragmentation is really slowing mission delivery,” she explained, noting that it also introduces challenges in areas like audit readiness and fraud prevention. In response, agencies are moving toward shared services models that centralize financial management functions. These include shared platforms for accounting, payments, grant management, and financial reporting, often supported by a smaller group of federal shared service providers.

This shift enables agencies to reduce duplication, improve efficiency, and accelerate the speed at which financial data can be accessed and acted upon. Just as importantly, it allows CFOs to deliver real-time insights to leadership, helping agencies make better-informed decisions across the enterprise.

At the center of this transformation is data. Consolidation efforts are driving the need for clean, interoperable data that can be used to generate meaningful insights. As Sherlonda Goode-Jones emphasized, data is becoming a strategic asset for federal agencies, enabling coordination, transparency, and more effective mission execution.

In parallel, agencies are moving away from custom-built financial systems toward cloud-based enterprise resource planning (ERP) platforms. These modern platforms allow organizations to standardize processes, adopt best practices, and gain enterprise-wide visibility into financial operations. The result is a more agile and responsive financial management environment that supports both operational performance and long-term strategic goals.

However, technology alone is not enough. One of the most important themes highlighted in the discussion is the concept of human-centered transformation. While consolidation and modernization initiatives often focus on systems and data, their success ultimately depends on people.

Agencies are increasingly investing in change management and workforce development to ensure successful adoption of new tools and processes. This includes upskilling employees, redefining roles within the CFO function, and fostering a culture that embraces innovation. As Sherlonda Goode-Jones noted, consolidation is “just as much about the people as the technology.”

Preparing for a transition to shared services requires a holistic approach. Rather than starting with technology, agencies are focusing first on process harmonization—mapping, simplifying, and standardizing workflows to align with mission needs. This step is critical to eliminating legacy workarounds and ensuring that new systems can deliver their full value.

In addition, agencies are leveraging modern platforms to integrate enterprise-wide data, providing stakeholders with real-time visibility into financial performance. This level of transparency supports better decision-making and strengthens the CFO’s role as a strategic partner within the organization.

Emerging technologies are also playing a significant role in enabling this transformation. Automation, artificial intelligence, and low-code/no-code tools are helping agencies reduce manual tasks, eliminate duplication, and improve productivity. These technologies allow financial professionals to shift their focus from transactional work to higher-value activities, such as analysis, planning, and mission support.

Modern platforms are also designed with user experience in mind, offering intuitive interfaces and self-service capabilities that make it easier for employees to adopt new tools. This ease of use not only accelerates implementation but also enhances employee engagement and satisfaction.

Looking ahead, the evolution of the CFO function will continue to be driven by the intersection of technology, data, and people. Organizations like EY are supporting agencies through this transition by providing integrated solutions that bridge legacy environments with modern platforms. These efforts include advanced data analytics tools, blockchain-based solutions for tracking funds, and advisory services that guide agencies through complex transformation initiatives.

Ultimately, the goal is to create a financial management ecosystem that is not only efficient and cost-effective but also aligned with the broader mission of the agency. By embracing consolidation, leveraging shared services, and prioritizing human-centered transformation, federal agencies are positioning their CFO functions as critical enablers of mission success.

As Sherlonda Goode-Jones made clear, the future of federal financial management is not about maintaining the status quo—it is about reimagining the role of finance as a driver of speed, accountability, and impact across government.

Key Takeaways

• The CFO function in federal agencies is evolving from a back-office role to a strategic mission enabler, driven by consolidation and data insights.
• Shared services and cloud ERP platforms are helping agencies reduce costs, standardize processes, and improve decision-making through real-time data.
• Successful transformation depends on a human-centered approach, with investments in change management, workforce development, and user-friendly technologies.