Requirement

Government contracts, particularly those beyond Firm-Fixed-Price (FFP) agreements, are often funded incrementally, with specific allocations for Tasks and/or Contract Line Item Numbers (CLINs). These contracts come with stringent requirements for notifying contracting officers as expenditures approach predetermined thresholds. Accurate tracking and management of these financial flows are critical for compliance and effective contract administration.

Problem

While many accounting systems offer budget versus actual expenditure tracking, they fall short in differentiating between budget allocations and actual funding – a crucial distinction in government contracting.

Moreover, tracking contract funding, including incremental funding, from-by-to adjustments, option years, and contract modifications, demands more than generic financial tools can provide. . Reliance on spreadsheets for this nuanced tracking not only increases the labor involved but significantly raises the risk of errors, potentially leading to compliance issues and financial mismanagement.

Solution – WrkPlan

WrkPlan addresses these challenges head-on with its dedicated solution for managing government contract funding and modifications. By providing for tracking of contract funding at the Task and CLIN level, WrkPlan ensures that contractors can see the percentage of funding expended and the amount of funding remaining for all contracts and tasks as of any time.

With WrkPlan, government contractors can achieve a higher level of precision in financial management, bolster compliance, and enhance overall contract performance.
Discover how WrkPlan can transform your approach to managing government contract funding and modifications.

Visit WrkPlan.com today or call us at 856-266-2846 to discuss your specific needs.