Homewood Finance Director Makes Recommendations to Safeguard Assets
During the finance committee, January 6, 2025, Director of Finance Lester Smith provided recommendations to improve fiscal security that includes updating the city’s accounting software, Encode. This upgrade was scheduled before his arrival. As the city moves forward, the focus is on safeguarding assets, reducing costs, and mitigating risks.
In addition to the software update, current priorities include addressing major financial risks by implementing controls to prevent, detect, or correct actions that could threaten the city’s finances. A key change includes switching to Synovus Bank. This transition will create a new workflow to prevent and detect risks in real time, reducing fraud and improving financial management. Synovus offers specialized services for government agencies, including fraud prevention, payment management, and enhanced workflows.
These services will integrate with the city's accounting system, scheduled for an upgrade on May 1, 2025. Features include approval flows for online transfers and credit card payments, secure cash handling for city hall deposits, and detailed tracking of who manages funds. These improvements aim to strengthen financial oversight and control.
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