Incurred Cost Submission
Incurred cost submissions to the Defense Contract Audit Agency (DCAA) are required for all contracts where the Federal Acquisition Regulation (FAR) clause 52.216-7 is imposed.
This process can take up a considerable amount of time and effort for your company or accountant to prepare. WrkPlan’s optional Incurred Cost module produces those schedules in minutes.
WrkPlan uses existing data from your system to create reports in a DCAA – recognized format for each of the required sixteen schedules; so no additional information or data is needed.
The Incurred Cost Module Prepares 16 of the DCAA-Required Schedules.
The output of Schedules A through O is consistent from form to form, since it is automatically generated from the same data set. This helps ensure that your submission will be deemed adequate for the DCAA’s initial review and ultimately be accepted once DCAA conducts an audit.
Purchasing and Inventory
WrkPlan Purchasing and Inventory module efficiently manages the procurement and charging of direct materials for a project, processing and recording of inventory items, and indirect purchases such as office supplies. These activities are supported by a web portal that allows requests to be submitted and approved from almost any location.
The optional Purchasing and Inventory module includes the following key functions:
Purchase requisitions are approved by the immediate supervisor in the same manner as timesheets.
This means that neither the requestor nor approver needs to be present in the office to submit and approve a requisition, fast-tracking the acquisition timeline.
Request for Quotes (RFQs)
Multiple vendor RFQs can quickly be created in WrkPlan.
- The Purchasing Operator who receives the electronic requisition can generate one or more vendor RFQs for each requested item.
- The RFQ page allows the purchasing operator to send e- mail RFQs to select vendors.
- Vendor responses may then be stored directly within WrkPlan to demonstrate due diligence for future audits.
Purchase Order Generation
Purchase Orders may be generated and emailed directly from within the system, so the entire process from requisition to purchase order submission can be done in minutes.
In all cases, manual actions are minimized or eliminated, and all participants are automatically notified when their action is required.
The software tracks all inventory items, quantities and costs in real time.
- Upon entry, any new item designated as an Inventory Item will be tracked by WrkPlan.
- The software tracks all inventory items, quantities and costs in real time, using First In, First Out (FIFO), Last In, First Out (LIFO) or average cost.
- Multiple logical or physical warehouse locations may be specified.
- Users can set minimum quantity on hand quantities to trigger timely reorders and can designate standard reorder quantities to take advantage of quantity pricing.
Earned Value Management
WrkPlan’s EVMS module drastically reduces the time necessary to calculate EVM statistics manually or by using spreadsheets and ensures that outputs use data directly from the accounting system. The software calculates all standard EVM parameters including:
- Budgeted Cost for Work Performed (BCWP)
- Actual Cost of Work Performed (ACWP)
- Percent Spent (%S)
- Cost Variance (CV)
- Cost Performance Index (CPI)
- Schedule Variance (SV)
- Schedule Performance Index (SPI)
- Estimate at Completion (EAC)
- Estimate to Complete (ETC)