The Defence Finance and Accounting Service (DFAS) is an agency of the United States Defence Department (DOD) that performs the duty of Finance management for defense activities. This department was established in 1991 and is under the control of the Secretary of Defense. This Department of Defence is responsible for the payments of Contractors, Vendors, Employees, and Service members. The headquarters of this department is located in Indianapolis, Indiana.
DFAS is the world’s largest fiancé and accounting operation that is spread on the global level and is a working capital fund agency. One of the most important duties of this department is handling military fiancé and pay. This department is responsible for all the financial distribution. The Department of Defence (DOD) is also responsible for preparing annual fiancé consolidation, Standardization, Statements, and Accounting requirements. This department provides all the payments to the Military, civilians, retirees, and also the main persons in this department like Contractors and vendors.
In 1990, departments of the military of the United States and many other major governmental agencies worked and implemented their own budgeting and financial management system. These things led to the development of a huge number of independent agencies about 878 which came under the federal government. Then Secretary of Defence, Dick Cheney established Defence Finance and Accounting Service DFAS department in 1991. Now this department consolidated more than 300 installation-level accounting and finance offices and also reduced its working space. In 2003, this Department of Defence was elected for the Office of Personnel Management and became the one of fourth governmental entities that perform payment services and its defense in whole United States.
Now we will talk about some objectives that were performed by the Defense Finance and Accounting Services (DFAS) which are given below:
DFAS provides all kinds of payments to the various departments like military and personnel civilization payments and many others. This department also takes an eye view on the major persons and reports about them to the Secretary. This department also pays to the Vendors and Contractors also to their foreign Partners.
Accounting services This Department of Defence fiancé and accounting service is responsible for all kinds of accounting services provided to anyone and also makes a record of this and then develops the report to the Department of Defence (DOD)
Financial management is one of the major duties that is performed by this department. In this, they provide all the reports of finance to the Secretary of Defence and also provide financial aid to the Department of Defence.