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Streamlined Banking

The primary objectives of the Streamlined Bank Account Management initiative are to 1) reduce the current number of bank accounts at the State of Georgia and 2) centralize the cash for investment by the Treasury.  This project seeks to not only reduce bank accounts but, move cash control from the agencies to a centralized entity by concentrating bank balances and eliminating redundant bank accounts.  The new streamlined banking solution has both tangible and intangible benefits to both the agencies and the state:

Benefits for the State:

• Reduce the number of bank accounts.
• Increase savings on bank fees.
• Maximize interest returned on invested balances.
• Increase data visibility for reporting.
• Reduce duplication of effort by recognizing revenue at the point of origination.
• Centralize responsibility for Bank Accounts with bank account manager(s).
• Increase visibility of cash.

Benefits for Individual Agencies:

• Limited responsibility for bank reconciliation process.
• Allows agencies to concentrate on primary business.
• Reduced duplication of effort by recognizing revenue at the point of origination.
• Audit accountability issues related to bank accounts will be handled by SAO and Treasury.