Finance and Accounting Service to reduce the cost of Defense Department finance and accounting operations and to strengthen financial management through consolidation of finance and accounting activities across the department. Since its inception, Finance and Accounting Service has consolidated more than 300 installation-level finance and accounting offices into 26, and reduced the work force from about 27,000 to approximately 16,000 personnel.

Finance and Accounting Service is a working capital fund agency financed by reimbursement of operating costs from its governmental customers rather than through direct appropriations. This service-provider relationship with its customers has resulted in a continuous innovation and improvement in the quality of services Finance and Accounting Service provides. Finance and Accounting Service has steadily reduced its operating costs and has returned these savings to customers in the form of decreased costs.

Finance and Accounting Service was selected by the Office of Personnel Management to be one of four governmental entities to provide payroll services for the U.S. government.

The current round of Base Realignment and Closure cuts has Finance and Accounting Service being completely restructured. Many sites will be integrated into major centers. The organization will continue to shift its focus to be a joint service provider, to smoothly meet the needs of all the armed services. These changes will allow the entity to do more with less and continue its exceptional performance. This transformation will ensure Finance and Accounting Service a long and valued life in the years to come.

One of the most visible responsibilities of Finance and Accounting Service is handling military pay, much of which is accounted for via the Leave and Earnings Statement.