Solutions : Web Time and Expense
The ability for your employees to easily enter their time and expenses over the Internet has fast become a major requirement for government contractors managing multiple contracts in multiple locations. The PVBS solution is based on the typical workflow your employees experience when working on your contracts, plus is flexible enough to consider any variables that may occur, so that time can be reported at the task level or however appropriate. It also includes management tools to ensure that employees enter what they are required to do and can be managed appropriately. The system flows effectively to allow you to properly and quickly invoice your Government client. Plus, with the proper business process you can achieve real time reporting on a daily basis.
The web time and expense entry solution was built to consider all applicable DCAA requirements for automated timekeeping systems. It provides for the accurate and current recording of labor hours by authorized employees, and has appropriate controls to ensure corrections to labor charges are accurate and authorized. The system includes a verifiable audit trail process that collects all initial entries and subsequent changes.
The web-based Time and Expense feature ensures that proper and reliable direct or indirect labor costs are billed to the customer via a system of accurate, timely, and complete postings. Timekeeping is critical for government contractors for the following reasons:
- Most service contracts are labor intensive, with the majority of contract costs comprised of labor charges
- Labor charging systems are often the easiest to manipulate by the fewest number of people
- Government auditors need to ensure that the entries are true and correct
- Timekeeping fraud will lead to criminal investigations
- DCAA records significant timekeeping deficiencies during an audit and any indications of discrepancies will result in expanded audits.
- Government contract managers need to ensure that contractors are properly charging and billing labor costs
The PVBS Project Accounting solution integrates job costing and timekeeping systems exceptionally well. It identifies labor charges by direct or indirect cost objective. Billed costs are taken from or reconcilable to accounting system records and subsidiary ledgers. Direct costs are identified and traceable by cost element. The system is completely integrated with the project accounting features such as invoicing, billing, and reporting, which provides everything a government contractor needs to exceptionally report and do business with the government. Differences between billed costs and costs supported by accounting records/job cost ledgers should readily reconcile.
Click here for more information on our exceptional reporting capabilities.
Click here for your copy of the PVBS White Paper, Challenges Facing Fast-Growing Government Contractors
