Solutions : Financial Management

Microsoft Dynamics NAV (formerly known as Navision) for Government Contractors from PVBS tightly integrates the critical financial management components government contractors need to manage their business. The entire workflow that government contractor financial and accounting professionals require, such as general ledger, budgeting, reporting, and business analytics, in addition to project accounting, are operated from within the system. There are no third party add on components required. This means government contractors can effectively spot trends and gain insight into contract activities all from within one application. Professionals do not need to go back and forth between different applications in order to get their work done.

Real time reporting allows you to monitor contract funding status and comply with your limitation of funds and limitations of costs clauses. With built in business analytics, you will be notified immediately if these situations arise. With real time reporting you can make decisions related to potential cost overruns without having to wait weeks for reports. Plus, the solution’s flexibility allows you to create contract-specific invoices and reports to meet deliverable requirements of each agency or customer.

The financial information you need is easily accessible and presented to you so that your team can quickly act and make business adjustments as appropriate. Accounting and finance professionals prefer the system because it’s intuitive and built around the processes that they need to perform. Operations professionals love the system because it effectively integrates accounting, operations, contract management, project development, and sales. And executives choose the solution because it gives them a unique opportunity to view the status of the business after taking in many different considerations.

Built for Government Contractors

PVBS has directly applied the power of Dynamics NAV with an in-depth understanding of the needs of government contractors to offer a financial management system unparalleled in the industry. Government contractors need to ensure reliable and accurate billings to government customers. They need to track contract costs and funding, performance measurement, and provide timely reporting to the customer. They need a reliable financial management system that will help estimate future contract costs and indirect rates. The ability for the system to do so will demonstrate creditability of the company as a good business partner and enhance the ability to maintain profit. At the same time, the Dynamics NAV offering for government contractors from PVBS is designed to reduce the risk of DCAA audit issues and audit report findings.

The reporting is exceptionally strong which allows your people near the customer, your program and project managers, to act appropriately to put changes into action that will help you maximize your contract opportunities. Also, the solution’s business analytics help executives answer what-if questions they might have.

Integrate Financial Activities

Dynamics NAV offers you much more than just an accounting system. The powerful database driven capability (Microsoft SQL Server) helps you tie together all of your financial activities and manage them accordingly. It’s an enterprise solution that helps you understand what the figures represent, and it makes it easy for you to drill down into the activities from which the numbers originated. This capability allows you to succinctly see all the transactions that support that entry. This inherent part of Dynamics NAV is an important feature for government contractors as it empowers field managers to maximize contract opportunities. Having more insight into the critical financial data in your contracts allows you to discover trends you would not have been able to see.

Supplied with audit trails and extensive reporting functionality, the flexibility of Dynamics NAV allows you to tailor the forms per your needs to improve workflow. Input of redundant data is dramatically reduced. You can customize the design within minutes by changing the appearance of forms, adding additional fields and tables, and creating user-specific menus. Elements of the Dynamics NAV financial management capabilities include the following:

General Ledger
Accounts Payable
Accounts Receivable
Budgets
Fixed Assets
Consolidation
Intercompany Postings
Multicurrency

Automate Financial Processes

You can automate many of your financial practices and procedures according to your needs. You define the level of control that you want by setting up business rules. For example, you can specify payment terms and discounts for individual customers and vendors. Furthermore, you can handle the full range of legal requirements and management issues inherent in government contracting. You can operate and report to authorities in the currencies of your choice. Dynamics NAV is based on a fully integrated, relational, financial database. It allows you to enter and maintain your general ledger, inventory, sales and receivables, purchases and payables, resources, and project all in one place, one time, allowing you to have one software package instead of several. Benefits include:

Generate complete audit trails
Make reports using historical data
Show amounts in an alternative currency on financial reports such as annual reports, and income statements
Define an unlimited number of formats
Automate procedures to improve workflow

Budgeting

Within the system, budgeting and forecasting processes can also be completed and viewed at the department or corporate level. Since Dynamics NAV is a Microsoft technology, Excel based budgeting is completely and seamlessly integrated with the overall system, which is favored by finance professionals. Multiple departments can create their own budgets and have them roll up into one corporate consolidated budget. The ease of tying in your budgeting process provides another avenue for real time reporting.

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.