eBook/Whitepaper
The Contractor Purchasing System Review (CPSR) - What You Should Know
A contractor purchasing system review (CPSR) is performed by the Defense Contract Management Agency...
Keep your eye on the bottom line in real time
Are you confident in the status of your transactions? Are you able to plan ahead with accurate revenue and utilization forecasting? Automate processes, eliminate inefficiencies, and earn revenue faster with Unanet’s purpose-built Enterprise Resource Planning (ERP) solution for GovCons. Unanet’s Financials software includes Project Accounting, cost pools, GL, AR, AP, Billing & Revenue Recognition, Purchasing and more in one centralized, integrated solution.
Robust financials & accounting in one solution
Increase your financial clarity and confidence by managing all your transactions, costs, and revenue in one single solution. Unanet’s integrated set of capabilities delivers real-time performance management of your projects, people, and financials in one application, eliminating the need for reconciling data between different systems and increasing efficiencies and revenue.
Features
Technology
- Totally Integrated, 100% Cloud-based, accessing one database
- Vendor-independent to fit your technology infrastructure. Cloud or On-Premise
- Scalable, reliable, available
- Published data model for external report writers
- Fits easily in your application architecture
Managed information
- Role-based for security—administrator, user, manager, project manager, financial roles, and/or customer
- Single sign-on for one entry of username and password
- Integration Manager to ensure automated data exchange with third-party systems
- Powerful selection criteria for critical services business reports
Robust features
- Functional depth, including project management, DCAA Compliance, Per Diems, and Time In/Time Out
- Government contract solutions and government contract reporting
- Extensive audit trails for auditors
- Manage all aspects of project-based business operations
- Analytics and reporting delivering real-time information and insights
- Native Fixed Asset tracking and depreciation solution that calculates and records depreciation expenses to the general ledger, tracks asset in-service dates and locations, and records disposals to complete the asset lifecycle
Improve efficiency & planning
- Streamline professional services business processes for improved margins
- Provide new insights with historical, current, and future project work
- Expedite real-time information and decision-making
- Eliminate time wasted, managing transactions with one software for projects, people, and financials
- Improve resource capacity planning
- Drive business decisions with actionable insights – analytics, dashboards, and reporting
Subcontractor Portal
- Easier time & expense process: Subcontractor employees input and approve their time and expenses in a dedicated portal.
- Improve project execution: Gain real-time visibility and control over the project, enabling your team to make better decisions.
- Spend less time reconciling: Decrease accrual amounts, leaving more time to focus on what’s most important.
- Reduced administrative burden: Subcontractors self-manage PO review and assignments and vendor invoicing within the Subcontractor Portal.
Project accounting insights for greater decision-making
Unlock the advanced power of real-time data for your projects and project accounting. Unanet’s cloud-based ERP for GovCons provides unique and powerful Project Accounting capabilities. Utilize real-time reporting on direct and indirect project costs as well as true costs and forecasts and leverage this information to make optimum decisions about your project portfolio. You can access all this right at your fingertips along with resource requesting and management, project management, timesheet management, expense management, and teamwork collaboration capabilities in one integrated solution.
Features
Provide managers with true project costs in real time
- Calculate project burdened costs (indirect charges)
- Show direct costs, indirect charges, hours, average labor rate, revenue, and margin on a single report
- Report by customer, project, or task level
- See detailed direct charges by labor and ODC cost element
- Provide new opportunities for project managers to manage performance
- Manage burn rate using real-time data
Revenue & margin
- See revenue and true margin for Fixed Price, Cost Plus, and Time and Materials projects
- Show backlog, remaining budget, and variance
- Provide real-time data to project managers, getting the finance department out of the business of producing reports
- Streamline project reporting by offering managers insight into true margin using Target, Provisional or Actual indirect rates with override capability by project or task
- Forecast direct charges and indirect costs and revenues at the project, task, and organization level
- Improve margins through actionable information based on work in progress
Feature-rich
- Define unlimited numbers of cost structures and pools for each organization
- Support target, provisional, or actual rates
- Flexible report writer allows Job Summary Report to include the rows and calculations you need
Financials: GL, AR, AP, cost pools
Eliminate unproductive time managing transactions and transform the performance of your organization with Unanet Financials. Unanet’s solution offers unique capabilities to project-driven organizations with general ledger, accounts receivable, accounts payable, and cost pool calculations (allocations) integrated with project management, budgeting and forecasting project accounting, and resource scheduling. Real-time visual insight of both actual and forecasted costs (direct and indirect), margin, and revenue ensures managers have the information needed to make optimized decisions about the project portfolio and resource effectiveness. Unanet also gives firms an easy way to produce the annual Incurred Cost Submission to the government, providing pre-populated reports with all the required data already in the correct ICE model format.
Features
General ledger
- Integrated insight for managers with a single source of truth on projects, people, and financials with no need for reconciliation
- Full-featured general ledger tightly integrated with existing project capabilities
- Multi-version budgeting
- Bank account reconciliation
- Journal Entry supports automatic recurring and reversing entries, document voiding, role-based posting authorization, and attachments
- Flexible chart of accounts and organization hierarchies require no hard coding
- Unlimited legal entities, organizations, and cost pools
- Attachments and comments throughout to support transaction entry
- Forecast direct and indirect charges and revenues
- “Know now” with unposted and posted data in the same report to provide real-time insight
- Improve margins through actionable information based on work in progress
Accounts receivable
- Tightly integrated with powerful billing capabilities
- Customer payment application and deposits
- Automated receipts discount calculations based on invoice terms
- Small-balance write-offs
- Automated workflow to require management approval before an invoice can be issued
Accounts payable
- Tight integration with Projects
- Recurring Vendor Invoices
- Period-sensitive AP Aging and Bank Account Reconciliation reports
- Flexible automated system check Payment Selection and Check Printing process
- 1099 support
Cost pool calculations
- On-demand indirect cost rates calculations from general ledger or from GL budgets
- Drill-down inquiry and reporting on rate calculations
- Optionally post indirect costs in the general ledger
Powerful billing & revenue recognition
Forecast and track revenue across different contract types, shorten invoice cycles, and provide authorized managers with real-time insight with an automated bid-to-bill lifecycle. Unanet’s ERP Project Billing solution provides Invoicing and Revenue Recognition functionality with robust support for Fixed Price, Time and Materials, and Cost Plus contracts. It draws indirect rates for the calculations from one or more master cost structures, but has the ability to use override rates at a project or even task level. By using the power of a single integrated system to manage the entire services bid-to-book to-bill cycle, you can replace disparate standalone systems, resulting in greater productivity, fewer errors, and lower costs.
Features
Fixed price schedules
- Create project billing and revenue recognition schedules for Fixed Price items
- Recognize revenue as “billed” based on percent complete, or on a custom schedule
- Bill items on task or project completion
Pre-bill labor
- Issue invoices for labor in advance of work being performed
- Earn revenue associated with pre-billed labor based on approved timesheets
- Automatically bill labor in arrears once Pre-Bill amounts have been earned
Invoicing
- Create multiple standard invoice formats to be used across projects, showing summary or detailed level information
- Hide or show Cost Element detail on Cost Plus Invoices
- Include Fixed Price, Time and Materials, Cost-Plus, Pre-Bill Labor, and Additional Items on the same invoice
- Defer items from the current invoice for for inclusion on a future invoice
- Add additional one-time items such as additional fees, discounts or credits
- Submit finished invoices to a configurable approval workflow which can include multiple financial and project management roles before they are submitted to a customer
- Automated customer invoice & line item attachments for timesheets and expenses
Additional features
- Report on the billing and revenue status of items at summary and detailed levels
- Report on the status of receivables in tabular reports or in a graphic display in Unanet Analytics
- Calculate billable and earned revenue amounts for individual or multiple projects in a single step, with preview and drill-down to detail before committing the data
- Export journal entries, accounts receivable, fixed price schedules, billable hours, and other data to downstream systems
- Ensure accurate markup of expense items by automatic application of company-wide or project-specific markups
- Manage tasks of different types within a single project including Time and Materials, Fixed Price, Pre-Bill Labor, and Cost Plus
- Manage the entire bid-to-bill lifecycle in Unanet, or flow data into other systems with accounts receivable or journal transactions at summary or detail level
- Reflect client need for level of reporting detail with project by project configuration flexibility
Purchasing software
Unanet purchasing software delivers powerful functionality to manage and simplify your buying process, designed to address the specific needs of Government Contractors. With Unanet’s one system, purchasing integrates directly with timekeeping, expense, financials, and billing, saving time and money, and increasing accuracy. Our web-based system makes the process easy and visible from Purchase Requisition, issuance of the Purchase Orders, through to customer invoice. With Unanet’s workflow and approval process, all purchasing transactions can be tracked efficiently and integrated into the project forecasts.
Features
Time & expense integration
- One integrated system for subcontractor labor and expense collection and billing
- Automatically pull in the matched labor and expense transactions into the invoice
- 2 and 3-way matching for subcontractors and Other Direct Costs
- Commitments decrease as time and expenses are entered in Unanet and vendor invoices
Reporting
- Real-time visibility for all relevant staff into purchase order commitments.
- Period sensitive reporting allows users to see open commitments at a particular time period (ex. End Of Month)
- Real-time reporting for continuous status
Compliance
- Designed to support the requirements of Contractor Purchasing System Review (CPSR)
Efficiency
- Eliminates reconciliations as the buying, billing, and revenue recognition is all in one tool
- Complete traceability and audit trail for audit support
- Increase invoice approval speed and decrease the time to collect cash
- Track all purchases made against the project (direct and indirect)
- Flexible Purchase Requisition, Purchase Order and Vendor Invoice workflows and approvals
Multiple Legal Entity Accounting
Unanet GovCon gives companies the ability to make inter-company transactions and indirect pool allocations while maintaining the integrity of the Balance Sheet and P&L. Project Managers have a platform to easily share resources across legal entities with accurate revenue attribution and cost assignment. Unanet’s Multiple Legal Entity (MLE) Accounting is the engine behind these capabilities – and comes standard with all Unanet Financial licenses.
Features/Benefits
Reduce administrative burden
- Unify charges from different MLEs into one project enterprise
- Automate revenue and cost transfers between MLEs based on the inter-company agreement
- Account for inter-company transactions without end-user intervention
Streamline project management
- Share resources across MLEs while maintaining access control
- View employee charges without the complexity of MLE accounting
- Simplify the user experience with routine transaction screens
- Configure enterprise structures without programming or code
Lower accounting costs
- Eliminate the need of an outside firm for BS/P&L consolidation and eliminations
- Reduce closing time with robust inter-company reporting
- Boost compliance confidence by automatically maintaining Balance Sheet integrity
Success Story
G2 Ops
A cutting edge cyber and IT firm, G2 Ops experienced some growing pains and struggled with compliance concerns for their government contracting business. They needed an ERP system to support their organization while also helping to streamline their operations and ensure compliance. With their single-source solution from Unanet, G2 has automated once-manual tasks and has real-time reporting capabilities.
With the Automated Analyst tool, we have reduced the number of errors by 27% and we’ve been able to increase bi-weekly labor efficiency by 33%. The Automated Analyst just pointed the way for us. We have decreased overhead burden for data review and validation by 15% since implementing Unanet.
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