5 Reasons to Use Cloud ERP to Automate DCAA Compliance

5 Reasons to Use Cloud ERP to Automate DCAA Compliance

Whether securing their first government contract or acquiring larger opportunities, companies of all sizes need a DCAA compliance solution that’s built into NetSuite Cloud ERP to create a complete business management solution. Here are five reasons why:

1. A requirement for any organization that wants to do business with the DoD, DCAA compliance ensures that all of its trading partners are using proper financial management techniques in the course of business. Responsible for performing all audits for the U.S. DoD and for providing accounting and financial advisory services to DoD components responsible for procurement and contract administration, the DCAA also provides contract audit services for other government agencies.

2. Where the Lockheed Martins and Raytheons of the world may have complex systems in place to ensure DCAA compliance, small to midsized businesses (SMBs) don’t always have these resources at their avail. A smaller organization that relies on older, on-premises software systems and Excel spreadsheets to run its operations, for example, may be caught off guard upon being awarded its first government contract. An excellent opportunity to expand its horizons, the company may quickly find itself mired in the idiosyncrasies of maintaining DCAA compliance. 

3. If you’re awarded a government contract, the government agency will request detailed information regarding contract-related transactions such as procurement, revenue, and time entry postings. DCAA also mandates how you structure and report against your financials. These requirements directly impact how a company sets up its chart of accounts, reports on that chart of accounts, and then manages financial allocations. Handling these responsibilities manually or using disconnected, on-premises software systems is both time- and labor-intensive, not to mention error-prone. By automating these processes on a unified cloud ERP platform that includes pre-built DCAA compliance capabilities, companies of all sizes can easily gather, retain, and generate everything they need to win a contract and maintain compliance. 

4. Without a centralized system to refer to, companies also grapple with poor operational visibility for their government contracts. When sales, procurement, and fulfillment managers can’t collaborate on a single system, they must resort to emailing spreadsheets and documents back and forth every time a company has to produce a report or a specific document to the DCAA. 

5. Once in place, the DCAA SuiteBundle automates time entry, labor costing, accounting, billing, and reporting in a way that disparate solutions and spreadsheets can’t match. The SuiteBundle also makes the DCAA’s strict payroll and time-keeping requirements much easier for SMBs to manage. And while some solutions on the market tackle just the time-keeping task, Caravel Partners enhanced the NetSuite Cloud ERP time entry module to be able to handle all of DCAA’s time-related specific requirements.  

Caravel’s DCAA Compliance SuiteBundle is built directly into NetSuite and supplements the functionality that companies need to comply with DCAA rules and regulations. The DCAA SuiteBundle can be implemented either during or post a base ERP implementation, with the typical time frame spanning four to five months (for both the ERP and the SuiteBundle). 

By automating processes and tasks that were previously handled manually, the DCAA SuiteBundle frees up employees to focus on more important projects. It also provides an excellent audit trail for DCAA and its third-party audit agencies. 

Whether your company is on the verge of winning a large government contract and in need of its first DCAA compliance software or already using one and unable to handle the complexities of larger contracts, NetSuite ERP plus the pre-built DCAA SuiteBundle can accommodate organizations of all sizes and across all industries.

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A Unified ERP Solution for DCAA Compliance | WhitePaper

Whether securing their first government contract or acquiring larger opportunities, companies of all sizes need a DCAA compliance solution that’s built into NetSuite Cloud ERP to create a complete business management solution.

Every year, the U.S. federal government spends trillions of dollars procuring the goods and services that it needs to keep its many different departments running. In 2020 alone, it spent $6.55 trillion, [bm1] a portion of which involved deals with government contractors, the largest of which includes well-known organizations like Lockheed Martin, Boeing, General Dynamics, and Raytheon.

Download our WhitePaper to learn more.

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Webinar 4.8.21 | High-Tech: Why NetSuite Edges Out Intacct in High-Tech

Join us on Thursday, April 8th at 11:00 AM PST, for an in-depth look at the differences between NetSuite and Intacct and why NetSuite continues to be the #1 ERP for High-Tech.

Caravel Partners will be covering the below topics:
– Industry Pain Points in High-Tech
– NetSuite Solution Configuration
– NetSuite vs Intacct Comparison
– Integrations & Improving Visibility

*Agenda subject to change

Presenters

Scott Curry | Managing Partner

Matt Hayton| Managing Partner

Caila Cohen | Solutions Engineer

Dates and Times:

April 8, 2021 11:00 AM PST

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Shipping Integration with NetSuite ERP

Learn How NetSuite’s Quality Management Bundle Can Help Your Business

Designing, manufacturing, distributing, and selling a product of high quality does not happen by accident, it requires a company-wide commitment to enforcing policies and standards. NetSuite’s Quality Management solution has been designed to help you deliver the highest quality in your products with minimal overhead regardless of the size and complexity of your business and product line.

 Key Benefits 

  • Formalize quality policies, standards, and practices. 
  • Improve product quality. 
  • Initiate quality activities from business transactions. 
  • Work with large volumes of raw data sets. 
  • Collect in-process and incoming inspection results. 
  • Compare to the pass/fail criteria. 
  • Integrated non-conformance reporting. 
  • Reduced cost of quality.

Inspections 

The inspection record defines exactly what it is that you want your quality engineer to check. These inspection records can be re-used so, for example, you only must create a “check for material certificates” inspection once—these are later grouped into specifications that are then applied to items, etc. There are currently two main types of inspections that are supported. 

With qualitative inspections, the inspector can verify that the item is in good overall condition or verify that the appropriate certificates are in place. Quantitative inspections, on the other hand, allow you to define multiple measurable elements along with criteria for acceptance, i.e. diameter, width, length, temperature, or even chemical composition.

Skip Lot, Sample Size and Failures 

Within each inspection, you can also specify how many items need to be inspected and define rules for inspecting specific sequences of lot or serial tracked items. Failures then define how many of the inspected units can fail inspection before the inspection itself is failed—kicking off the non-conformance workflow. 

As an administrator, you are able to distinguish sample data from summary or aggregate data and control whether sample data should be recorded in NetSuite or stored externally, allowing you to easily work with larger volumes of raw data sets. 

Test Definition 

Each inspection can be set up with multiple data elements that define the parameters of the inspection process.

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Emerging Market Packages | Data Sheet

The Team at Caravel has spent the last two decades working with clients across North America ranging from SMB, Mid-Market to Enterprise.

Having worked with over 500 clients, Caravel
has consolidated this experience into a repeatable framework for helping companies define lean yet scalable business processes, efficiently implementing NetSuite, and providing project oversight to ultimately achieve business success.

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