Many companies at some point may need to establish a full-time human resources department. In addition to handling employee-related matters, the HR department helps determine policy and compliance. As a result, it is advantageous to ensure that the department has the best tools and software at its disposal. For many fields, it is also necessary to ensure that the company remains DOL and DCAA compliant
The Department of Labor has released compliance initiatives requiring that business’s utilize online resources when attending to employee issues. These resources can help answer questions on compensation, health, benefits, and safety. In addition, business’s must also be compliant with guidelines set by the Department of Commerce and Consumer Affairs to ensure that government funds are used appropriately.
DOL promotes compliance through programs and recommends a set of tools to help employers remain compliant. If you are doing business with the Department of Defense (DOD) or other federal agencies, you will need to be DCAA compliant. Various software packages can help you understand your business operations and gain insight on how to boost your revenues while ensuring that you run your company effectively. Below are some systems recommended by The Welder Helper to help your business remain compliant.
Government Cost Accounting System (GCAS)
This software tracks contract projects to help the business streamline costs. It is designed to help your business control operating costs while increasing labor efficiency and of course, support DCAA audits. It effectively monitors cash flow while managing the cost of individual projects, making it an ideal software package for small and midsize businesses. You can deploy it to manage payroll and project management while maintaining compliance, monitoring, and reporting.
eFAACT
Another solution that helps business’s remain DCAA compliant is eFAACT. It is simple but consistent software you can rely on to track time for employees and consultants. The software will allow you to get any details desired with just the click of a button. Data details can be accessed on a 24-month basis.
Such information can then be analyzed to give you deeper insight into your business process. The software offers real-time transaction notifications and will help you track new transactions. It also helps you monitor your finances and accounting practices to ensure you remain compliant.
Workplan
Workplan is a modern ERP package designed for government contracting businesses. It’s cloud-based platform is DCAA compliant and can generate government invoices. The software can also generate incurred costs, including submission schedules. It is suitable for both small and midsized government projects and businesses.
Workplan also features a full accounting suite that includes a general ledger, accounts payable, accounts receivable, and several more modules. It also has cost accounting capabilities, including cost pools, cost ledger, integrated web-based timesheets, and project reports.
Contract Edge
Contract Edge is a top-notch software platform that will give your business an advantage and provides an excellent modern financial solution. The software is cloud-based and receives a quarterly updates to enhance its functionality.
The product can also help you eliminate hardware costs and offers disaster recovery, backups, and a higher level of data protection than competitors. It is also mobile friendly (fully supports tablets and phones) and completely browser based. Your HR or accounting department can access it from any location, at any time.
Unanet
Another cloud-based ERP software for professional contracting service providers is Unanet. It simplifies DCAA compliance, and has automated reporting and integrated controls.
Unanet was purpose-built for government contractors, architecture, engineering, and construction firms and meets all security standards.
Software as a Tool
ERP and CRM software can provide valuable insights into your business operations. Companies will typically see efficiency increases and increased profits as well. Several advanced products also offer API interfaces for integration to your existing systems. Using financial software with an API for financial transactions can provide near realtime data as well as historical transaction details. This helps various departments stay on top of your business’s financial activities.
For smaller companies, software that can generate invoices using pre-made templates can be a better fit than a full-fledged accounting or ERP package. Many of these tools are free and allow you to create customized invoices that feature unique text, photos, your logo, and more. Something like Adobe’s free online invoice maker will allow you to create a customized invoice in several different formats. Effective invoicing helps you easily track your business’s cash flow and maintain records and audit trails for compliancy.
Final Thoughts
For any business that provides services to the local government or federal entities, remaining DCAA and DOL complaint is a necessity. Compliance not only helps your business deliver quality services but also operate at peek efficiency.
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