Federal contractors need a solution for understanding their data. Data is power when it comes to earning new government sponsorships and building a reputation that will earn new contracts. What federal contractor organizations might not know, however, is that there are tools for helping you gather and understand your data. That’s where reporting and analytics tools can come in as valuable tools.
How can expense report and timeKEEPING analytics assist Government contractors?
Here are several benefits of government contractor reporting & analytics.
Auditing & audit trails
Audit trails are entirely necessary to prove that your organization is fully compliant with all necessary regulations, including FAR requirements and DCAA compliance. Audit trails can track any kind of user, whether that user is an employee, a manager, or an administrator. With receipts, transactions, and status in the same screen, it's easy to understand your data.
building trust & reputation
Using reporting can show where contract monies have gone in the past and how it’s been effectively used can win you more contracts or even help you gain project renewals.
computing risk level
A red, orange, or green risk level can be assigned to every expense report so that auditors and approvers know where to most efficiently spend their time.
Home screen Notifications
With automated reports of missing timesheets or expense reports that don’t have receipts, you can establish patterns and prevent future problems. Plus, all updates go to the user's home screen as their submissions move through the workflow process.
Related Article: Why Government Contractors Need Mobile Time & Expense
Policy management & revision
Having an explicit expense report and timesheet policy is a requirement for gaining your employees' trust and building your reputation as a federal contractor. A built-in policy engine can give you data on your policies about what's working and what might need revision. Performed annually, organizations will see a great benefit in revising their policies so that they are up to date.
For some people, numbers don't do the job of explaining what that data really means. Putting those same numbers into a visual format using an eye-catching report or chart makes that data go farther.
Waste less time
Timekeeping and expense reports waste a lot of time and resources if you’re not using automated software. This is especially true if you’re still using spreadsheets, which can be difficult to get actionable data from.
Reporting tools & Benefits
Having access to data means having more control and more power over your organization. There are too many individual benefits to name when it comes to using automated reporting tools, but here are a few features that you should be looking for in a solution:
- Drag and drop features to create ad hoc reports
- Interactive reports with graphics and visuals
- Drill down ability for specific data needed about particular employees, policies, locations, or other details
- Canned reports to look at standard operations
- Updates in real time through notifications and automated emails
- Management of many different kinds of reports
As you can see, the benefits of moving to an automated federal contractor expense report and timekeeping software solution with analytics and reporting are many.
Learn more about DATABASICS for Federal Contractors™.
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet & Leave 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.
DATABASICS is headquartered in Reston, VA.