What can government contractor accounting software do for you?
Accounting software designed for your government contracting business can help you account for costs, revenues, and profits, while providing the ability to view the information on a per project basis. With the right accounting tools you can establish easily auditable financial records. While writing custom software is always an option, it can be expensive and difficult to maintain a custom program. With the huge variety of options already on the market, there is likely a solution that will meet the needs of the way you do business without the hassle and expense of customization.
A wide variety of accounting applications and features
The scope of the different applications and modules available to government contractors is as varied as the types of businesses that perform government contract work.
Accounting software packages designed for government contractor companies offer a full range of financial management tools. Accounting features include the ability to print checks, pay bills, track expenses, manage payroll, create orders and invoices, manage receivables, establish budgets, perform bank reconciliations, and create top level financial reports.
Additionally, there is a huge variety of applications available to meet your specific operational needs. For example, manufacturers will find MRP, inventory control, and bill of materials modules, while food services firms can benefit from point-of-sale solutions. Other typical applications can include time and billing, job costing, CRM, e-Commerce, and work order management to name just a few.
One common need for government contractors is functionality to assist with bid and proposal processes. Applications are readily available that will help manage a portfolio of projects, while assisting in developing bids and managing on-going work for specific projects.
Government contractor accounting regulations compliance
Government contractor organizations are among the most frequently audited businesses. Compliance with assorted regulations is part of doing business as a government contractor. Especially for smaller government contractors, there may be little expertise in dealing with audit agencies and the wide variety of different regulations. Software specifically designed to promote regulatory compliance can be of enormous assistance in helping your organization meet DCAA, DCMA, IG, and GAO standards.
Maximizing productivity and lowering costs with the right software
The right accounting software should do more though than simply ensure regulations compliance. It should provide you with the tools you need to boost your the profitability of your business and lower your operational cost. By more effectively monitoring profitability you can better identify which projects are most financial beneficial to your business and gain insights into the departments, processes, and projects that you need to improve. Additionally, automating your processes can not only save you time, but help you avoid costly errors that arise frequently when data is not integrated or needs to be manually re-entered in multiple systems.