An accounting system, specifically one made for and by government contractors should exist to remove the burden associated with reporting, transparency of data, and audit compliance. Many solutions in the current industry hit one or two of the necessary features but require integrations or third-party inclusions to create the complete system necessary to remain effective.
What does a Fully Robust System include?
When it comes to government contractor accounting systems, there are a few features that should be included to mitigate the time spent fulfilling your contract-specific obligations. A fully robust system will remove the need for multiple systems, integrations, and third-party inclusions drastically cutting down on the time it takes to get things done. A robust system will also include several management pieces to better mitigate compliance and increase transparency into your data.
Some of the features we suggest a fully robust system should have are included below.
Business Insights – to provide management with a full picture to make the best decisions with minimal time and full understanding.
Project-Based Accounting – contract focused projects to organize expenses and take the guesswork out of cost accounting.
Contract Management – contracts at your fingertips and the ability to adequately gauge the numbers including various forms of Cost Plus (CPFF), Time & Material (T&M), and Fixed Price (FP) contracts.
Employee HR and Payroll Interface– Increase organizational efficiency and support regulatory compliance through
Time and Expense – Expense reports, timesheets, approvals and more. Ensures DCAA compliance within your system by including everything in one place.
Automated Incurred Cost Submission Saves weeks of spreadsheets and frustration.
Purchasing and Inventory – efficiently manage the procurement and charging of direct materials for a project, processing and recording of inventory items, and indirect purchases such as office supplies.
Earned Value Management – reduce the time necessary to calculate EVM statistics manually or by using spreadsheets. Outputs use data directly from the accounting system.
Project Management – Budgeting, forecasting, project income statements and more. Manage everything from one place.
The speed of growth can be increased with systems that meet your needs now as well as your needs as you grow. Start with a solution that can grow and change along with the needs of your business. When searching for a new system to replace your current model keep the above-mentioned features in mind. The more capabilities you find in a system the longer you will be able to keep and utilize that system as your business evolves and you win more government work. Stay on top of operations and contract performance and make sure things are running smoothly with full access to your data in real-time.
At WrkPlan we provide modern, cloud-based ERP system solutions that give you everything you need to efficiently run and grow your government contracting business. From just winning your first contract to large-scale enterprises, WrkPlan supports businesses of all sizes. Pay only for what you need now, and simply add users or functionality as you grow for seamless scalability. Request more information here.