USAID contractors have a lot of responsibility outside of their primary mission of achieving the organization’s initiatives. They need to track their timesheets and expense reports transparently, in a way that shows how funding is being used.
They’re responsible for also obtaining new grants to fund their mission. That’s where reporting and analytics tools can come in as valuable tools.
How can expense report and timesheet analytics assist USAID contractors?
Here are several benefits of USAID contractor reporting and analytics.
Auditing & audit trails
Audit trails are entirely necessary to prove that your organization is fully compliant with all relevant regulations and rules, including DCAA regulations and FAR requirements. Audit trails can track any kind of user, whether they’re an employee, a manager, or an administrator.
Establish trust & Transparency
Using reporting can show where funding has gone and how it’s been effectively used, which can win you more grants or renewals.
Understanding risk level
With automated software, it’s possible to assign a red, orange, or green risk level to every expense report so that auditors and approvers know where to spend their time.
The system can automatically generate reports for missing timesheets or expense reports that don’t have receipts so that you can establish patterns and prevent future problems.
Related Article: Time & Expense Mobile Apps for USAID Contractors
Policy management & revision
Having an explicit expense report and timesheet policy is very important for establishing trust and transparency in your organization. You’re at a disadvantage, however, if you don’t know whether those rules and policies are being followed. Automated USAID contractor time and expense software can show you which policies are working and which ones might need revision.
For some people, numbers can be difficult to understand. However, if you can make those same numbers into a visual format using an eye-catching report or chart, that data can go farther.
Waste less time
Employee reporting can use 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:
- Use drag and drop features to create ad hoc reports;
- Get interactive reports with graphics and visuals;
- Drill down on the specific data needed about particular employees, policies, locations, or other details;
- Take advantage of canned reports to look at standard operations;
- Get updates in real time through notifications and automated emails;
- Manage many different kinds of reports.
As you can see, the benefits of moving to an automated USAID contractor expense report and timesheet software solution with analytics and reporting are many.
Learn more about DATABASICS Time + Expense for USAID Contractors™.
For more information on the DATABASICS Time & Expense solutions, contact us, or call (800) 599-0434.
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.
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