The Defense Finance
and Accounting Service is an American government agency having their headquarters in Indianapolis, Indiana, United States. The agency is popular with the name of DFAS and works under the administration of United States Department of Defense. The slogan of the company is “Your Financial Partner Work”. This agency was started in 1991 with a motive to minimize the financial management costs for the Under Defense Department (DOD). Over the years, their duties have changed and increased.
Every year, this agency processes more than 122 million pay transactions and maintain over 151 million General Ledger accounts. Along with their headquarters, they operate many major & minor sites all over the country.
Some of the agency’s major duties involve handling the military pay operations. All the military & civilian personnel, retirees and contracts of the DOD are paid by the agency.
In addition to that, they are also involved in some work outside the DOD that includes Department of Health & Human Services, Broadcasting Board of Governors, Department of Energy, and Executive Office of the President. There are more than 12,000 people employed by the agency divided into various departments. One amazing thing about DFAS is that they are the biggest finance and accounting operation in the world.
Along with their basic duties, the agency also makes annual financial statements and customize the accounting requirements system for their parent agency.