The Challenge

Among the responsibilities of the Wisconsin Office of the State Treasurer is the administration of the flow of state funds. The Treasury uses a single working account into which state revenues are deposited and from which disbursements are made. Deputy State Treasurer Nick Voegeli found that the account reconciliation process relied too heavily on a single state employee, the agency’s cash management supervisor, who performed monthly reconciliation exclusively.

The Strategy

“We needed someone to come in and look at our reconciliation process, to document the cash management function of our office and recommend improvements so that our senior accountant could perform the reconciliation work in the absence of the cash management supervisor,” said Voegeli.

The Results

Wipfli charted and documented the flow of funds through the state bank accounts for the State Treasurer, creating process maps and written procedures that will be used to train new staff. Eventually, the Treasurer’s account reconciliation responsibilities will be transferred to the office’s senior accountant in order to improve internal controls. Voegeli takes comfort from the reduced level of risk his department now enjoys as a result of Wipfli’s process improvement services.