What is FM QSMO?
FM QSMO stands for Financial Management Quality Service Management Office and it is an initiative by the US Treasury created to help modernize and improve existing financial systems that various agencies use. FM QSMO looks to help agencies meet their financial management goals by standardizing and streamlining what is common for agencies. In support of the initiative, the US Treasury partnered with the General Services Administration (GSA) to establish a new Special Item Number 518218FM and have provided information on how a vendors can apply to the new FM QSMO SIN
What are the Responsibilities of the FM QSMO?
FM QSMO helps agencies and commercial clients create solutions based on standards which will move agencies towards improved operations, updated systems, and more effective ways to use data. The Treasury.gov site lists the FM QSMO responsibilities:
- Offer and manage a marketplace of high-performing and cost-effective solutions to respond to agency needs;
- Partner with agencies to determine strategies and solutions that will help them reach agreed-upon government-wide goals;
- Guide and govern the long-term sustainability of core financial management services and solutions;
- Institute a customer and provider engagement and feedback model that allows for continuous improvement and performance management of solutions; and
- Work with customers and providers to adopt standards and comply with regulation and policy.
What is the FM Capability Framework or FMCF?
The FM QSMO created the FM Capability Framework (FMCF) to help evaluate and to ensure that marketplace solutions meet baseline needs.
On June 2022, The Bureau of the Fiscal Service and The FM QSMO published a guide to the FM QSMO Marketplace to explain how certain financial management standards and capabilities apply to solutions offered in the FM QSMO Marketplace.
FMCF Components Include:
- Core FS Pre-Built Business Reports
- Core FS Pre-Built Business Information Exchanges (BIEs)
- FM Technology Design and Operation Capabilities
- FM Solution/Service Evaluation Criteria
- FM Provider Service Measures
The FMCF components below link to proposals which are still under review. Updated versions will be published once they are approved and finalized.
- Federal Financial Management (FFM) Functions and Activities
- FFM Business Use Cases
- FFM Business Capabilities (FFMSRs)
- FFM Business Data Elements
FM QSMO is looking to serve various shareholders including agency and industry partners. When an agency uses FM QSMO, their processes are standardized and updated. They can also see a reduction of maintenance and operation costs. Customers are also more satisfied by the modernized processes. You can visit www.fiscal.treasury.gov/fmqsmo for additional information on FM QSMO and review the vendor training they have provided.
If you are looking to get a new GSA Schedule to include financial management services or have more questions about adding this new SIN to your contract, reach out to Coley GCS. Coley has over 20 years’ experience helping companies win and manage their GSA Schedule. We are available to take on the entire process for you so you can focus on growing your business. Contact us today at hello@coleygsa.com or 210-402-6766 to get started your road to accelerated and sustained success in the government market.
Consultant with Coley GCS, LLC, a Government Contracts Consulting, Coaching and Training company. John has more than five years’ experience and is an expert on GSA Schedule product and catalog management, data analysis, & process and system support.