Federal contracting organizations are busy working toward solving problems for the government, which makes timesheets and expense reports less of a priority despite the fact that they are a necessity. However, some organizations might be wasting precious resources managing these processes, which is why they need a better solution to track their time and expense.
Time and expense is one area that automated process can help in streamlining processes and reducing the time and effort expended on ensuring that there’s no fraud being committed, resources are properly used, and all contract/government rules/regulations are being followed. Not having a proper federal contractor time & expense system in place could be extremely detrimental to any government contracting organization.
Here are some of the concerns that might be preventing federal contractors from implementing federal contractor time and expense software:
What might be holding back federal contractors from implementing federal contractor time and expense software?
Problem #1: Employees and subcontractors will require training on any new system, necessitating extra time and resources.Training a wide range of internal and external staff on a new system can be daunting, so this is a consideration when making any decisions about new software. However, a solution built to be user friendly that comes with 24/7 support can be the answer to this concern. Look for an automated time and expense solution that's made to be customer friendly with intuitive software and a complete mobile application that matches the functionality of the desktop version, allowing staff to get their work done no matter where they are.
Problem #2: The system needs to be able to track contracts and projects, so a timesheet and expense solution needs to meet this requirement.Federal contractors need to track their projects and contracts, whether those are small or large-scale endeavors. A software solution should come with easy cost allocation and budgeting to give you real-time visibility. Project tracking within a time and expense solution also gives you the benefit of an all-in-one system for managing contracts and operations, which streamlines your processes. Look for a solution that provides project tracking as a feature.
Related Article: 6 Ways Federal Contractors Increase DCAA Compliance
Problem #3: Managing compliance is a major priority.
Ensuring that expense reports and timesheets meet compliance regulations—whether those are DCAA/FAR regulations, rules stipulated by a contract, or requirements from a local government—can take a whole team. However, many federal contracting organizations don't have the time or resources to commit a whole team to just that job. That's where automated software comes in to do the heavy lifting of automatically rejecting or pushing along submissions from employees and subcontractors so that managers and approvers are freed up to manage higher value tasks.
Concern #4: The organization already has software so adding another kind of software will only complicate matters.Federal contractors often spend a great deal of time on choosing just the right software solution, so they need a time and expense solution that will integrate with their already-existing systems. Whether it's HR, payroll, travel booking, billing, accounting, or compliance, the time and expense solution needs to communicate with all systems directly so that someone isn't manually manipulating data (and possibly creating errors). Your time and expense solution can become the bridge between your other systems, creating an all-in-one platform for all your essential business processes.
Beyond supporting the core requirements of federal contractor organizations, DATABASICS provides the right solution for your timesheet, expense reporting, and leave management needs. With a platform built for government contractors, this cloud-based software can streamline processes and cut costs. Learn more about what DATABASICS for Government Contractors™ can do for you.
For more information on the DATABASICS Time & Expense solutions, contact us, or call (800) 599-0434.
DATABASICS provides cloud-based, next generation Expense Reporting, Timesheet Management, and Invoice Processing automation to customers in all industries in more than 140 countries. 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, nonprofits/NGOs, technology, federal contractors, and other sectors.
DATABASICS is headquartered in Reston, VA.