Federal contractors are always on the lookout for a solution that will improve their opportunities to win government contracts and streamline their systems. They also need a solution that can accommodate there needs in tracking time and expense related to their subcontractors. The solution that answers both is automated timesheets and expense reports.
Government contractor time and expense can help you by maintaining compliance, decreasing errors, and reducing processing costs. Here are the government contractor time and expense features you need to accomplish this and more:
GOVERNMENT CONTRACTOR Time and Expense Features
In a perfect world, your federal contracting employees would always follow policy. For the federal contracting organization that wants to more efficiently manage leave, here are a few steps to save time enforcing policies:
Some organizations may have a team of people responsible for compliance. Most businesses can’t afford the resources to make this happen, which makes automated policy enforcement one way to save time and money. In particular, federal contractors need DCAA and DOL compliance, which your time & expense system should come with out of the box. Just input your company’s policies into the policy engine and it will automatically validate timesheets and expense reports against those policies. Then, the user will receive the “go-ahead” to submit their expense report or they will have the opportunity to make adjustments and submit again. This saves your managers the headache of denying expense reports that just aren’t up to standards or that need more information.
Integrations can be an essential way to streamline processes. After all, when your systems can communicate with one another, there’s no need to manually export data, manipulate it to meet the requirements of the second system, and then import that data. This saves time and money (and reduces errors due to mis-keying). Federal contractors should look for integrations with both Deltek and Unanet to optimize their systems.
Reporting & analytics.
Earning contracts from the government means submitting bids for those contracts. Those bids need to demonstrate that your organization manages its funding well and will do the best job on the task. Reporting and analytics can give you the statistics you need to give decision makers the confidence to choose you. This feature also goes far to provide a level of transparency into your operations that will show that you are trustworthy.
Related Article: Federal Contractor Time & Expense Software Benefits
time and expense for Subcontractors.
Many government contractors need to handle time and expense separately for their subcontractors. The goal is to get a 3rd-party solution, but that's just the beginning. It needs to integrate and communicate with your existing business systems so that you can see the full financial picture.
AN ALL-IN-ONE SYSTEM.
With time and expense combine with integrations, you get a powerful solution that brings together all your essential systems. The result is improved operational efficiency and a streamlined timesheet and expense reporting process that doesn’t involve chasing down employees for their submissions.
Automation of complex processes.
There are several processes that can bog down administrators for hours or days. A few of those are per diem management and project tracking, both of which can now be automated.
Automated per diem management, for example, can simplify the complex process of calculating first- or last-day travel, partial-day travel, and multi-city travel by doing those calculations for you based on automatically imported G.S.A. per diem rates.
Plus, the system can help you track projects more easily by allowing employees to allocate time or expenses to specific projects. This gives you actionable data for course corrections as you go through the project or for analysis at the end of the project.
Customer service may seem like an afterthought, but it becomes essential when you consider the downtime involved when a problem arises. Having 24/7 access to a team of professionals will get you, your employees, and your managers back to work with a real solution to your problem. Look for a provider who prioritizes customer service, which becomes apparent through recognition like awards and testimonials.
These essential government contractor time and expense solution features will assist your organization in wining more government contracts and increasing the likelihood that government sponsors will choose your organization.
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.