Project to Cash
Project Management for Government ContractorsWhat is Project to Cash?
NetSuite projects are designed to help businesses simplify and standardize operations, making project tracking and reporting easy. Daston’s DCAA-on-Demand extends and enhances NetSuite projects to enable full Government Contracting (GovCon) Job Costing. This includes project accounting, budget comparisons, GovCon billing (FFP, CPFF, T&M, and all other GovCon formats), and invoicing that meet unique FAR and DCAA compliance requirements, making projects (contracts) easier to manage. Daston’s DCAA-on-Demand SuiteApp brings together all these elements in a single solution, allowing organizations to ultimately increase profitability, operate more efficiently, and deliver projects on time and within budget.
How does Daston’s GovCon Essentials Assist with Project to Cash Management?
- GovCon Essentials with DCAA-on-Demand SuiteApp helps ensure FAR and CAS compliant project management via project specific charging controls and reporting.
- Daston’s DCAA-on-Demand SuiteApp includes full job cost reporting with effective labor rate distribution and indirect cost allocations to GovCon projects.
- Daston’s DCAA-on-Demand SuiteApp promotes actionable insights into project health via role-based dashboard inquiries with budget vs actual cost comparisons.
- Built in alerts help managers stay on top of time and expense approvals.
Key Roles for Project To Cash
When you implement GovCon Essentials with Daston’s DCAA-on-Demand SuiteApp to your current NetSuite solution, you will supercharge your team to ensure government compliance and increased productivity for the following roles in your organization.
Operations
- Compliance Assurance: Daston's DCAA-on-Demand for NetSuite plays a crucial role in supporting the operations department of a Government Contracting organization by ensuring compliance with the FAR and CAS. The solution incorporates project-specific charging controls and reporting mechanisms, helping to maintain adherence to regulatory requirements throughout the project lifecycle.
- Comprehensive Project Cost Management: The GovCon Essentials feature of Daston's solution offers full job cost reporting, allowing the operations department to have a comprehensive view of project expenditures, at both a macro and micro level. This includes effective labor rate distribution and indirect cost allocations specific to Government Contracting projects. By providing detailed insights into project costs, the system facilitates accurate financial planning and budgeting, enhancing the organization's ability to manage resources effectively.
- Real-time Monitoring and Actionable Insights: Daston's DCAA-on-Demand for NetSuite promotes proactive project health management through role-based dashboard inquiries. This feature enables operations managers to gain real-time insights into project status, performance, and profitability. The system facilitates quick identification of discrepancies, and additionally, automated alerts within the system help operations stay on top of critical tasks. Overall, this enhances decision-making and responsiveness within the operations department of the Government Contracting organization.
- Extensive Reporting Capabilities: The solution includes comprehensive reporting capabilities from a project status report to analyze project profitability to a full Incurred Cost Submission package that is updated in real-time with all the scheduled required. This level of transparency aids in accurate financial analytics, enabling organizations to make informed decisions about resource allocation and project profitability.
Accounts Payable
- Government Contract Invoicing: DCAA-on-Demand enables the ability to create Time & Material, Cost Reimbursable, and Fixed Price billing, with various additional components including Provisional Rates, Effective Labor Rates, Fees on Labor/Non-Labor/Burden, and retainage and ceiling restrictions.
- Contract Ceilings: Government contracts that are awarded up to a certain value can rely on DCAA-on-Demand to ensure proper ceilings are in place that will limit billing and revenue from exceeding the contract or funded values. These controls will ensure compliance and prevent overbilling or accrual of revenue.
- Actionable Project Insights and Alerts: DCAA-on-Demand promotes actionable insights into project health through role-based dashboard inquiries. Billing and Accounts Receivable roles can be proactive on project invoicing and ensure timely submission of client invoices and cash receipts. These invoices will be automatically calculated with the proper labor hours, non-labor costs, and any additional provisional rate burdens or fees as required on the contract billing rules.
Project Management
- Ensuring Compliance: DCAA-on-Demand for NetSuite in GovCon Essentials provides project managers with robust tools to ensure FAR and CAS compliance. The platform facilitates project-specific charging controls and resource allocations, ensuring that costs are charged appropriately and reported in accordance with regulatory requirements.
- Project Specific P/L: The solution includes in depth project reporting and analytics, offering project managers a detailed overview and breakdown of costs associated with each project. These analytics encompass not just the direct costs, but also effective diluted labor rates, non-labor costs, indirect cost allocations, and profitability. This feature enables project managers to have a clear understanding of the financial aspects of their projects, aiding in decision-making and resource allocation.
- Actionable Project Insights: DCAA-on-Demand for NetSuite promotes actionable insights into project health through role-based dashboard inquiries. Project managers can access real-time data, allowing them to make informed decisions. The system's alert mechanism ensures that managers stay on top of critical tasks, such as time and expense approvals, contributing to efficient project oversight and compliance.
Employees/Consultants
- Timesheet Compliance: Employees can easily enter their time accurately with our compliant timekeeping functionality. Employees will be assigned to their respective projects and will enter their time daily as required by FAR. Audit trails of any changes to timesheets and restriction of future time-entry on government projects will ensure compliance, along with daily floor checks of any missing timesheets.
- Real-time insights and Alerts: Employee time and expenses entered into NetSuite can be viewed in real-time by managers through role-based dashboards and reporting. Additionally, the alert system helps managers stay on top of time and expense approvals, ensuring timely compliance with project requirements and contributing to overall project success.
- Comprehensive Job Cost Reporting: The platform provides comprehensive job cost reporting capabilities, enabling efficient tracking and analysis of project-related expenses. This includes the distribution of effective labor rates and indirect cost allocations to GovCon projects. By offering a detailed breakdown of costs, it supports organizations in maintaining accurate financial records and meeting specific reporting criteria mandated by government contracts.
How NetSuite Integrates with DCAA-on-Demand
In this flowchart, the bright blue highlighted areas denote where Daston’s DCAA-on-Demand SuiteApp integrates with NetSuite to provide you with government compliance for your project to cash compliant solution.
