Managing and maintaining your contracts is a critical function that is performed by all government contractors. Whether you are managing prime contracts and awarded IDIQs 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, periods of performance, and identify the FAR and CAS clauses that apply 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 answers 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 the performance of your contract 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 notify contractors 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 or outside of your operating company.
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 types 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.
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 of electronic data interchange.
Microsoft Partner Advisory Councils
GovCon365 is an Elite Member of Microsoft Partner Advisory Councils (PAC) and Technology Adoption Program (TAP): GovCon365 is one of 12 NAV partners (out of 4,000+) that participates in Microsoft’s PAC and TAP Programs. When a new release of NAV is in beta testing, one or more of GovCon365's government contractor customers will participate, opening the door for customers to provide feedback to Microsoft and affect the final solution.