If your federal contracting organization has a global presence, your time and expense needs will be different from another company that operates just in one country. What are the global features you should be looking for in a global government contractor time and expense solution?
GOVERNMENT CONTRACTOR Global Time and Expense Requirements
- Multiple Languages
This is a given considering that you’re operating in different countries, but it’s often the only one that companies are considering even through there are plenty of others.
- Multiple Currencies & Conversions
Different locations will require the usage of different currencies and those currencies are consistently changing in comparison to other currencies. You need a system that can handle these changes with automatic updates and conversions. A solution with the flexibility to translate currencies based on an average across a whole month or on a daily exchange rate gives you the power to control how you process payment.
- Alert Localization
Users need notifications and alerts tailored to their time zone. Users can become frustrated if they’re receiving app notifications at odd hours or in the middle of the night because the company is headquartered in another region. Users should be able to set their time zone and the system provides alerts based on their preferences.
- Tax Management
If you’re in multiple countries, you need a solution for managing different taxes like VAT, HST, GST, and FBT. An automated system can ensure compliance with local tax rules and it can assist with VAT recovery.
Related Article: Going Global Means You Need More Than Multilingualism
- Business Rules Compliance
Your time and expense solution needs to manage the business rules of several different branches, branches that might have locations across the world with different rules based on that specific location. The policy engine should be able to incorporate each location’s rules and match timesheet and expense report submissions against those policies for validation.
- Security & Privacy
Some countries, like those in Europe, have different data security requirements than other countries. The GDPR (General Data Protection Regulation), for example, has stringent requirements about how data is managed and by whom. Make sure to find a provider that is certified.
- Per diem Management
Per diems can be a source of frustration for upper management and administrators who are processing these daily payouts in several locations. Per diems can also vary based on the kind of trip, the length of the trip, and whether it’s a multi-city venture. An automated system can manage these complexities for you, freeing up your admins for higher value tasks.
Look for more than multilingualism in your global government contractor time and expense solution. 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.