Organizations that work with the government have a lot of requirements to meet, so they need government contractor expense reporting tools that will help them meet those requirements. In your search for the right solution, you should be looking for specific features of the solution to help meet your needs. Here are some government contractor expense report tools that will help you stay compliant and help you win more government bids.
In a perfect world, your federal contracting employees and subcontractors would always follow policy. For the federal contracting organization that wants to more efficiently manage leave, here are a few tools to help you save time enforcing policies:
The G.S.A. (General Services Administration) has specific requirements about how travelers spend travel funds. An automated solution can bring in the latest G.S.A per diem rates based on location and set standard allowances for federal contractors traveling officially on behalf of the government. There are other factors to figure into these rates as well—such as first or last day of travel, partial travel dates, incidentals, and types of allowable reimbursement—and these can also be configured based on your organization’s requirements and the contract requirements.
Travelers need access to their data from anywhere at any time. This can be accomplished with mobile apps that provide the same functionality on the user’s mobile device as on the desktop version, empowering them to get their administrative work done on the go.
Managing receipts doesn’t have to be a hassle anymore when internal and external staff. They simply take a quick snapshot of their receipt and store it in the system until it’s needed. Then, the system can “read” the receipt and auto-fill the expense report with information like date, vendor name, and sales amount. This means part of the work is done for your travelers.
Related Article: 6 Ways Federal Contractors Increase DCAA ComplianceWhile the solution needs to be compliant with all DCAA, DOL, government, and contract regulations, it also needs to be compliant with your business rules from your company handbook. Just input your policies into the policy engine and let it automatically validate expense report submissions against those policies so that reports that do not meet requirements are automatically rejected and the employee or subcontractor has the opportunity to make corrections and re-submit.
Track how expenses are allocated based on the project type, giving you actionable data about each project, client, or contract. Then, you can make course corrections as you go or you can better understand your data in a way that gives you improved decision making about future or similar projects. Plus, automated project tracking enables you to bill more efficiently and with accuracy so that you can get paid faster.
An audit log can provide data about all updates or changes to the system or to a timesheet. If an employee, administrator, or high level manager edits a time card, that data is captured. You get an uneditable record of all adjustments to all timesheets.
These essential federal contractor expense report tools will help your organization win more government contracts and boost the confidence of government sponsors in your work. Plus, you can save precious resources and time so that you get back to work on your current contracts.
Learn more about DATABASICS for Federal Contractors™.
For more information on DATABASICS Expense, contact us or call (800) 599-0434.
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet & Leave Management Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, non-profits/NGOs, technology, federal contractors, and other sectors.
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