Project-focused businesses have complex and unique processes for project and financial accounting such as billing, revenue recognition, cost management, and compliance. With S2 Project Accounting for Sage 100 ERP, projects are at the core of the solution enabling you to automate and streamline these unique financial processes. Shorten billing cycles to get paid faster, obtain accurate, up-to-date information to enhance decision making so your company is more profitable.
NRT Business Solutions, Inc.designed the S2 Project Accounting™ module for Sage 100 ERP, specifically for the needs of project driven businesses and government contractors. Becoming a successful business takes vision, time, ambition, energy, and a clear understanding of your market niche. Selling to the government poses even more challenges, as government contractors must work within a different set of unique and specialized rules, regulations and standards.
For companies that work in the federal government market, you’re acutely aware that the government customer can ask to see numerous items in order to find out how money was spent on all elements that contribute to fulfilling a contract such as Timesheets, Overhead Analysis Report, Project Cost Report, Indirect Cost Analysis, and Indirect Pool Rate calculations. Throughout the various stages of the ongoing contracting lifecycle –starting from bidding through proposals, and to financing, training and expanding – having the right tools at the right times can make or break your hard-earned business. After all, a business that revolves around projects should use software that does so as well.
Compliance: An inadequate accounting system can be a detriment. Unable to segregate direct costs from indirect costs? Don’t have a system that excludes unallowable costs when billing the government? No timekeeping system for identifying labor hours? These are just some of the limitations that can affect your ability to compete for government business.
NRT Business Solutions, Inc.’s S2 Project Accounting™ & e-Timesheet™ modules will help you manage the accuracy of project cost data by reducing double entry, supporting business needs while putting man-hours where you need them most, significantly reducing set-up time for new projects and eliminating manual complexities in data-discrepancy handling. The module is 100% compliant with Standard Form 1408 and contains a GSA schedule and non-schedule Revenue Recognition, a feature that is unique in government project accounting systems.
The Federal Acquisition Regulations (FAR) were created to ensure that government contractors deliver on a timely basis and provide the best value in the product or service sold to the US government. As a contractor your company bears the regulatory burden of striking a balance between ‘meeting the minimum requirements’ and ‘fair and reasonable price.’ Under these rules, government contractors are required to disclose all aspects of their pricing methodology, as well as information considered proprietary and sensitive. Sage 100 along with S2 Incorporated’s Project Accounting™ module will help you do just that. Developed in compliance with FAR, costs are tracked by contract so that, in the event of an audit, you can quickly retrieve and accurately report procurement funds with ease.
Defense Contract Audit Agency (DCAA) is the agency that performs contract audits. The DCAA’s major points of focus are identifying and evaluating all activities that contribute to, or have an impact on, proposed or incurred costs of government contracts. In fact, a contractor’s financial capability to perform on a contract, the adequacy of the firm’s accounting system and the ability to comply with government regulations are assessed by DCAA. Government auditing can be overwhelming. From pre-award audits, post award audits, price proposal audits, incurred cost audits, contract closing audits, internal control audits, purchasing system reviews and EDP audits – it is wise to be prepared meet the rules and regulations. The life of your business depends on it.
From accumulating and reporting costs, as well as maintaining adequate transaction records, NRT Business Solutions, Inc.’s S2 Project Accounting™ and S2 e-Timesheet™ will assure your company’s compliance with FAR, DCAA & CAS audit guidance.