When government contractors are searching for the right ERP Cloud solution for their business, it's important for them to also choose the right ERP partner. Here are the top three reasons why:
1 – Government Compliance Involves Unique Challenges - Government contractors must accurately price items or services and provide detailed cost information for each contract, project, and task (including allocating indirect costs). They must filter out unallowable expenses and submit Incurred Cost Submission (ICS) reports. They face stressful audits, must comply with the FAR and CAS regulations (thick books), and risk penalties. All in order to satisfy the Defense Contract Audit Agency (DCAA) or another entity. A solid government contract cost accounting software system is essential.
But equally essential, is the right ERP software partner who understands the FAR, CAS, and DCAA audit requirements and can configure and support a system for easier compliance. What good is a good system if you don’t have a competent partner?
2 – Systems for Government Contractors Are Not Created Equal – There are a few software solutions (both cloud-based and on premise) tailored to government contractors, but they often lack:
- Flexibility out of the box to handle ad hoc and configured reports (e.g. ICS), the ability to present financial statements the way they want them calculated, e.g. show YTD variance, and much more.
- Familiarity within the IT and DCAA community so trained consultants can be easily found and auditors recognize a proven system. Some of the new cloud solutions often lack this.
- An expert implementing partner with hundreds of Government Contractor and Project Accounting clients so the system is configured the way it's needed it for optimum peace of mind. And, who can help with DCAA audits when necessary, either pre-award or mid-stream.
- A partner willing to do a Prototype so that an organization can see the system meets their requirements before they actually buy it.
- Integration with Microsoft software a company already uses so there is integration with Office and seamless exporting to Excel, Word, and easy collaboration with SharePoint, etc.
3 – The Right Partner and System Combination Has Huge Advantages – Strategic value comes from having a partner with expertise in federal/state compliance, who implements and supports a powerful, flexible system, which in turn excels in handling compliance requirements and project accounting.
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