When Sarcos Robotics, a leader in industrial robotic systems that augment human performance, went public, the small company started growing quickly. The leadership team soon realized that their manual accounting processes were becoming tedious.
Although Sarcos had always complied with government standards, it had done so in a manual fashion, explained Andy Dieker, Sarcos Vice President of Finance. Everything from applications to direct rates were done manually, and most months, it would take half a day up to a full day to complete these tasks.
“For example, if we made a revision to our financial statements, reposting of costs into different pools, in the past we would have to manually recalculate rates, and then reapply them into the P&L,” Dieker said.
Sarcos sought an ERP that could automate the company’s systems, increase efficiency, and ensure government compliance for the defense segment of its business. After evaluating several companies, Sarcos ultimately chose Daston’s DCAA-on-Demand SuiteApp for NetSuite.
“What swung us toward Daston was the automated application of indirect rates to the end cost objects,” Dieker said. “Similar competing solutions didn’t have as good of an application to accomplish that task.”
Since Sarcos implemented Daston’s DCAA-on-Demand module, it has cut processing time from a full day down to 30-60 minutes, Dieker noted.
“Daston’s DCAA-on-Demand has enabled us to comply with federal regulations and increase the speed of our financial closing,” he said. “The Cost Allocation module is simply a game changer to efficiently calculate rates, whereas previously we were manually calculating these rates, which was both time-consuming and inexact.”
Dieker pointed out that Daston’s time-keeping features have enabled Sarcos to automate much of the DCAA compliance work and labor tracking while consolidating these figures into its standard financial reporting systems.
“The DCAA-on-Demand contract tool impressively manages our diverse contract details and accurately produces invoices for our government and commercial customers,” he said.
Daston’s system provides an audit history and traceability on all transactions, he added. Its DCAA-on-Demand system is very flexible, and it can do almost anything to meet current compliance standards and the nuances in contracts, which makes Daston an invaluable partner for Sarcos.
“But what really makes it work are the people within Daston and their ability to get back to you, answer questions in a timely manner, and guide you to the right solution,” he said. “The Daston service team is professional, knowledgeable, and extremely responsive and continues to be a key business partner in helping us implement and coordinate the DCAA module within our NetSuite ERP system.”
Dieker added that Daston’s implementation and service teams provide a tremendous value in the marketplace that other companies don’t offer.
“Go with the company that will not let you fail,” Dieker said.