Why powerful online portals are tailor-made for the public sector

October 10, 2022

In an age of increased data and analytics, online account portals give public sector finance professionals the increased access and visibility to make decision-making easier.

The role of a public sector finance professional has evolved dramatically in recent years. With the advent of the cloud, laptops and remote access, physical spreadsheets and T-2 data hard lines now seem as “old school” as adding machines, typewriters and Palm Pilots. Access to financial information is now immediately accessible and mobile 24/7. 

In fact, there is now so much access to data that a new challenge has emerged: organizing and understanding all of that information, which can often be spread across a number of platforms and systems.

Centralized, single-platform online account portals – like U.S. Bank SinglePoint for treasury and cash management and U.S. Bank Pivot for global corporate trust and custody – can help administrators organize their accounts for easy access. They also increase the visibility to key data and analytics that allows for 24/7 decision-making.

Real-time access to assets, debt and reporting

Public entities face the complex challenge of balancing cash flow, holdings and payments of debt obligations. Rather than using one system for debt schedules and another for holdings information, a single portal gives administrators visibility across the entire portfolio.  

Available cash: 

Not all cash is operational, but access and visibility to the money that is not invested long-term is crucial when it’s time to make moves. A portal gives administrators the visibility and ability to invest available cash, send the funds elsewhere or do nothing. The increased visibility includes on-demand reports on holdings, transactions and intra-day activity and can be used to readily reconcile accounts. 

Debt schedules: 

Managing debt schedules can be complex and time-consuming, especially for entities with dozens of different bond issues that they may be paying debt service for on a given date. Tracking debt service schedules while monitoring cost of issuance moneys, disbursements from trust accounts and balance reserves becomes much easier with all the numbers available on one dashboard. Moreover, the same numbers can be used to budget for future debt service. 

Portfolio allocations: 

Increased visibility also improves the ability to monitor and manage portfolio allocations. Access to portfolio balances, pie charts, debt schedules and analytics allows administrators to quickly compare real-time balances with the financial advisor’s recommended allocations.    

That kind of access is a far cry from the days of calling a banker for the information or the still common scenario of running reports from one system for updated debt payment schedules and others for portfolio allocations. And the ability to run on-demand reports at any given time not only simplifies decision-making, but it also improves the ability to respond to questions from stakeholders and access data for audits.

Real-time visibility to treasury management

Likewise, the increased access and visibility of an online cash-management portal can take some of the stress out of treasury management for public sector finance professionals.

Cash position:

Real-time access to account balances creates true visibility to the flow of money into and out of accounts. With Accounts Payable and Accounts Receivable integrated, the portal becomes a hub to monitor exceptions and manage all account activity.

Account usage:

Historical reporting enables diagnostic and predictive analysis. Compare previous day and current day activity to reconcile differences, while analyzing multi-day reports to reveal trends. For example, the last 5-10 business days of data can help project forward to the next 5-10 business days.

Exception review:

Increased visibility allows for immediate action on exceptions and easy reconciliation. Customized dashboards can include data streams, like checks paid, ACH returns and notifications of change. It can also surface important transactions like wire transfers for review and approval.

Besides the increased visibility, account portals also provide the increased efficiency of mobile access, giving administrators data access whether they are at their desks, in the middle of a meeting or traveling on business.  

 

U.S. Bank offers tailored solutions for the public sector that let you stress less so you can serve more. Our knowledgeable team can provide guidance to help you navigate the payments landscape and expertise to help you achieve your long-term goals. For more information about our corporate and municipal services, contact us or visit our website.

Related content

Colleges respond to student needs by offering digital payments

Benefits of billing foreign customers in their own currency

Hospitals face cybersecurity risks in surprising new ways

Meeting healthcare strategy goals with electronic patient refunds

Demystifying ISO 20022

Managing cross-border payments in emerging markets

Creating the ideal patient journey

5 reasons to upgrade B2B payment acceptance methods

Take a fresh look: mass transit is going places

Making the cross-border payment decision: Wire or international ACH?

Drive digital transformation with payments innovation

How the next evolution of consumer bill pay makes it easier to do business

Standardizing healthcare payments

Integrated payments healthcare benefits

Consolidating payments for healthcare systems

Role of complementary new channels in your payments strategy

Navigate changing consumer behavior with service fees

Access, flexibility and simplicity: How governments can modernize payments to help their citizens

Modernizing fare payment without leaving any riders behind

Tap-to-pay: Modernizing fare payments pays off for transit agencies and riders

Webinar: Approaching international payment strategies in today’s unpredictable markets.

Escheatment resources: Reporting deadlines for all 50 states

Payment industry trends that are the future of POS

White Castle optimizes payment transactions

ABCs of APIs: Drive treasury efficiency with real-time connectivity

Managing the rising costs of payment acceptance with service fees

Three healthcare payment trends that will continue to matter in 2022

Want AP automation to pay both businesses and consumers?

Webinar: CSM corporation re-thinks AP

Increase working capital with Commercial Card Optimization

How to improve digital payments security for your health system

Banking connectivity: Helping businesses deliver the easier, faster, more secure customer experience of the future

Tech tools to keep your restaurant operations running smoothly

Crack the Swift code for sending international wires

3 benefits of integrated payments in healthcare

Top 3 ways digital payments can transform the patient experience

Automate accounts payable to optimize revenue and payments

Automate escheatment for accounts payable to save time and money

A simple guide to set up your online ordering restaurant

Cashless business pros and cons: Should you make the switch?

ePOS cash register training tips and tricks

Ways prepaid cards disburse government funds to the unbanked

3 reasons governments and educational institutions should implement service fees

Webinar: AP automation for commercial real estate

Understanding and preparing for the new payment experience

Addressing financial uncertainty in international business

Rent payments: What’s changing for commercial real estate

Safeguarding the payment experience through contactless

COVID-19 safety recommendations: Are you ready to reopen?

Higher education and the cashless society: Latest trends

5 winning strategies for managing liquidity in volatile times

3 ways to make practical use of real-time payments

The surprising truth about corporate cards

Instant Payments: Accelerating treasury disruption

The future of financial leadership: More strategy, fewer spreadsheets

How AI in treasury management is transforming finance

Can faster payments mean better payments?

4 benefits to paying foreign suppliers in their own currency

4 ways Request for Payments (RfP) changes consumer bill pay

Restaurant surveys show changing customer payment preferences

Unexpected cost savings may be hiding in your payment strategy

Transition to international ACH

Digital trends poised to reshape hotel payments

Enhancing the patient experience through people-centered payments

Optimizing treasury management

What corporate treasurers need to know about Virtual Account Management

Key considerations for online ordering systems

How Everyday Funding can improve cash flow

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.