Costpoint Subcontractor Management Software
Subcontractors may be a requirement for your government project, or they may simply be a better option for your company due to costs or internal resource limitations. In all cases, they are an asset that warrants close management. “Great,” say all of those in procurement, contracts, projects, AP and other departments – “another ball to juggle.”
Incorporating subcontractors into your project needn’t add more complexity. With the right subcontractor management software, you can efficiently manage subcontractors and vendor employees.
Costpoint helps you get paid faster with a modern, automated and integrated subcontractor management application. In this blog post, we’ll examine three ways Costpoint Subcontractor Management software eases the management of subcontractors for all teams involved.
Costpoint Subcontractor Management software is an integrated solution
Collaboration and better communications are built-in benefits of an integrated solution. Data flows seamlessly throughout the system, keeping all teams up to date and collaborating around the same set of real-time data, with no need for versions. Additionally, users have visibility at every stage of the project, at any time they want it.
Procurement teams benefit from Costpoint Subcontractor Management with visibility of the contract requirements throughout the life of the project. The statement of work, resource requirements and project commitments can be inserted directly into the purchase order (PO). And, Costpoint has three special subcontractor PO types.
The project team benefits by avoiding project overruns with the ability to easily monitor the funding amounts remaining in the subcontractor agreements.
You can configure work assignment rules to allow for things such as overtime charging, charges outside of period performance, and unallowable expense and labor accounts. Once work assignments are approved, subcontractors can enter time and record expenses in Time and Expense. Based on your work assignment rules, entries outside of limits can be flagged as “at risk.”
The finance team benefits with the accuracy and time-savings that automation brings. For example, after the timesheets and expense records are approved, a subcontractor invoice can be created using this data. Once the invoice is approved by the subcontractor, it becomes a purchase order voucher. This voucher undergoes the normal voucher approval process. Once approved, it can be posted to relieve the purchase order commitments and is ready to be billed to the customer. No need to rekey this data – it flows automatically through Costpoint.
Finally, the subcontractors benefit with clear expectations that are constantly in view and with the ability to enter time and expense information directly, for increased accuracy and quicker processing.
With all parties working in the same system, surprises, miscommunications and mistakes are decreased, improving invoice processing times and relationships. When things are going well and are under control with your subcontractors, it is likely that these same conditions apply to your relationships with your customers, who also benefit.
Costpoint Subcontractor Management software can automate labor and expense collection
You can set up work assignments. Subcontractors can then enter time/expense reports against these work assignments. Project managers can then approve the work assignment charges in the workflow. You can also set up your charging rules, thereby reducing time-sheet corrections for accurate labor and expense collection that is practically automated.
No need for time keeping reconciliations. No surprise charges at invoicing time. Costpoint provides visibility and control to help prevent bottlenecks and ensure accountability.
Costpoint Subcontract Management software can help with compliance requirements on government contracts
Cospoint can act as a central repository of subcontractor data and documents. You can upload documents, such as resumes with security clearance information and certifications to your Sharepoint instance or use the Costpoint Content Management solution. In either case, you will be able to keep all required documents in one centralized area.
Costpoint allows you to put the Statement of Work (SOW) right into the purchase order header. This saves a lot of look-up time and helps all parties see, remember, and adhere to contractual obligations.
The required information for schedule J incurred cost submission includes the requirement for specific subcontractor information. Costpoint helps you capture this information as you set up projects and purchase orders.
Costpoint Subcontractor Management
Teams throughout your company can manage subcontractors with more confidence and in less time when using Costpoint Subcontractor Management software. See how and watch this webinar today.