iFAMS Modernizes VA’s Financial Systems

In alignment with VA’s overall modernization strategy, the Department has transitioned in 2018 its Integrated Financial and Acquisition Management System (iFAMS) to the VA Enterprise Cloud (VAEC). The move is projected to result in a cost avoidance of $300K for fiscal year 2019. Overseen by the Financial Management Business Transformation Special Program Office, iFAMS will modernize VA’s financial and acquisition management by:

• Automating and optimizing internal processes
• Improving the Department’s stewardship of taxpayer dollars
• Reducing audit issues
• Transferring administrative burden from employees to systems

iFAMS represents new VA capabilities and the first of many milestones that will allow the Department to more promptly and accurately pay Veterans, vendors, stakeholders, and others. This cloud-based, unmodified, commercial off-the-shelf software solution modernizes an outdated system, strengthens VA’s data integrity and financial practices, and increases transparency and alignment with the federal budget cycle.