Managing and maintaining your contracts is a critical function that is performed by all Government Contractors. Whether you are managing prime contracts and IDIQs that you have been awarded or formal subcontract agreements that you have with business partners, having a system to collect and maintain critical contract data is key to compliance and good business practices. In Microsoft Dynamics NAV, the solution supports the creation, workflow for approval, document management and maintenance of these contracts.
For your prime contracts, the solution provides the ability to track your industrial funding fee (IFF), track your approved T&M rates, period of performance and identify the FAR and CAS clauses that are applicable to that agreement. These contract elements can be flowed down to the projects or task orders where the work is being performed. With the ability to easily move between these related data elements the solution provides quick answer to both business and compliance questions. The ability to add additional user defined fields helps companies to maintain all critical contract data in one fully integrated business solution.
Reporting on your contracts performance can include everything from tracking total contract and funded value or visualizing total revenue on that contract by customer, sector or job. The workflow engine inside of Microsoft Dynamics can help contracts to be notified when a contract is up for renewal or if you have hit 75% or 85% of funding used to date on a task. The notifications and workflows are user defined and can be distributed inside of your organization or to individuals outside of your operating company.
The growth and success of your government contract business is often predicated on good partnerships. Large and small government contractors perform against contracts as either a subcontractor or a prime contractor to the Federal Government. Having the tools to manage your subcontractors can help set your business apart from the competition. The Microsoft Dynamics solution for Government Contractors allows you to setup these Subcontract agreements, leverage workflow to get the agreement approved before execution as well as store all needed information about your subcontractors. This information and documents can include any small business disadvantaged status as well as any vendor certifications or representations that you are required to track.
The execution of the subcontract agreements includes identifying what type of agreement you have with that vendor, any caps for billing including dollar or hour caps. You can assign specific resources from the subcontractor to charge time, identify their period of performance for charging and allow them to enter time directly into the Dynamics T&E solution. This time is available for real time reporting and can flow directly from T&E into your purchasing process while automatically relieving the commitment against the Subcontract agreement.
These type of improvements in subcontract management will drive down back office costs through automation, improve cash flow by decreasing your time to invoice customers and improve profitability by providing more accurate and real time information to your project managers. By leveraging the power of Microsoft Dynamics, your contracts, operations and finance team will all be working off the same data with improved collaboration, reduced manual tasks and a consistent workflow to drive
Vendor, subcontractor and supplier – each plays a critical role in the successful execution of your government contractors. Do you have the controls and tracking in place to make sure that you are not putting a contract or your company at risk? With Microsoft Dynamics, you have the ability to keep track of your approved vendor list, their socioeconomic status and their past performance with on time or on budget delivery. By having a strong and consistent vetting process and tracking vendor performance you can ensure that only the best vendors, suppliers and subcontractors are hired.
The workflow in Microsoft Dynamics is the starting point for identifying and approving vendors that are eligible to work with your business. With document and e-mail attachment, you can link required documents and correspondence with your vendors to ensure that all required information is in a centralized and secure location. Real-time tracking of Vendor Statistics allows your procurement team to quickly identify purchase receipts that are past due or planned for delivery within a defined period.
Financial and compliance aspects of your vendor relationship are all easily managed inside of Microsoft Dynamics, including the ability to produce year end 1099s, process electronic payments or vendor prepayments. There is also the ability for automation of processing of vendor invoicing through the OCR (optical character recognition) features or integration with your vendor through other forms electronic data interchange.