The film, which will serve as Longoria's feature film directorial debut, will follow a group of female accountants who team up against a group of men in order to solve a fraud case that will save their jobs.
Filmmaker Paul Feig (A Simple Favor) is producing the project alongside Longoria, Washington, Jessie Henderson and Ben Spector.
Sarah Rothschild penned the script.
Longoria will next be seen in Paramount's Dora the Explorer live-action film. The actress has previously directed multiple episodes of television for programs such as Black-ish, Jane the Virgin, The Mick, LA to Vegas and Telenovela.