Financials

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Fall 2017 Release – New Calculation Method for Variance Reporting

Our latest change to Variance Reporting brings even more flexibility to the Variance Analysis process.

Fall 2017 Release – Funding to the SubTask Level

Adding capabilities to track your Program funding to the SubTask Level gives more granularity and insight into the Funding process and allows for more targeted allocation of dollars.

Fall 2017 Release – CLIN Support

Adding CLIN tracking to iSite provides an additional level of aggregation for reporting, making it easier for your PMO to analyze planning and spending.

Plot Your Course – Prepare for Adjustments

The question is how often do you adjust?

 

In the realm of financial decisions do you wait until the month closes or do you (can you) adjust in real time?

 

How to you balance the desires of your PMO and Executives with Accounting?

 

Accountants want to wait until financial data is closed before making any decisions.  Closed data is final, accurate, reliable.

 

PMOs and Executives want to be able to make planning decisions faster, smarter, with data rather than assumptions.

 

And neither group is wrong, we just need to add some additional parameters to bring everyone Adjusttogeather.

 

The first is using a PMO System that clearly identifies interim data for what it is. Interm. And you need to create a company culture where everyone understands and is comfortable with using interim data for short-term adjustments.

 

This means making sure that Accounting trusts that long term planning is still going to wait for closed data and that they will not be held accountable for interim data.

 

It also means that your PMO understands that just because data is available in the interim, and just because they manage employees, hours and tasks in real time; it does not mean that every decision should be made based on this type of data.

 

Finding the balance between smart short term decisions and strategic long-term planning can exist, and if your PMO System is still weighed down by the delay of closed data email us at marketing@isitellc.com to see how we can help.

I had no idea iSite did that!

Welcome back to our series on how iSite works and how you can make it work harder for you! As we’ve told you in the past the best and worst thing about building an agnostic contract management tool is that it can be tailored to fit any contractor or Government agency need.  All  our clients love what iSite does for them on a regular basis, but we have found that once folks get settled into their iSite routine they sometimes forget that there is more….

For this edition, we are looking into dates (not the dinner and a movie kind or the kind that grows on a datestree). You know what we are talking about, fiscal years, quarters, Government fiscal years, end of month, holidays.

We are sure that all these dates mean something to you, but do they mean the same thing to your CO? Do you find that you spend an extraordinary amount of time defining and explaining documentation based on the definition of a date?

Perhaps you have to create multiple estimates depending on the defined date range, or maybe you spend time reorganizing data into the format that you need.

Well, we have some good news.  With iSite, you can adjust your financial data view between Government fiscal year and calendar fiscal year at the click of a button.  Your estimates take on the appropriate view for the desired audience.  There is no double, triple entry.  There is no worry about transposing numbers when creating different views.

It is automatic.

To learn more about how iSite can help increase automation for your team email marketing@isitellc.com

I Had No Idea iSite did that!

Welcome back to our series on how iSite works and how you can make it work harder for you! As we’ve told you in the past the best and worst thing about building an agnostic contract management tool is that it can be tailored to fit any contractor or Government agency need.  All  our clients love what iSite does for them on a regular basis, but we have found that once folks get settled into their iSite routine they sometimes forget that there is more….

For this post, we are going to look at how our cost features integrate with our funding features.

As a heads up, this feature impacts our cost-plus contract audience the most.

First, congratulations are in order!  You won the contract and now have a stack of allocated funding for each task of your contract. You know how much money you have for each task and assume that you are spending it as predicted.

And, things have been chugging along smoothly.  Or at least that is what all of your task managers are reporting.

Nothing to set off any alarm bells, but you have a feeling….and decide to dig into your burn rates.

With one quick look into iSite’s integrated system, you review your burn rate and see that you are on track.

One less worry.

By taking advantage of iSite’s cross-modular integration you can easily evaluate your actual cost and predicted burn rates side-by-side with your available funding.

We might not all be boy scouts, but we all know the motto. boy-scout-316920__340

To learn more about how you can be prepared email marketing@isitellc.com

I Had No Idea iSite did that!

Welcome to our series on how iSite works and how you can make it work harder for you! The best and worst thing about building an agnostic contract management tool is that it can be tailored to fit any contractor or Government agency need.  All our clients love what iSite does for them on a regular basis, but we have found that once folks get settled into their iSite routine they sometimes forget that there is more….

For this post, we are going to dig deeper into our cost analysis functionality.  At the basic level, this feature allows you to expose your financials for assessment without direct access to your home office accounting system.

Your Task Managers will be able to check near real time costs for each task allowing them to track the financial health of each task. This happens without task managers having to wait for data from accounting and without you needing to add expensive licenses so they can access the data themselves.

By using iSite’s cost analysis functionality you are effectively breaking down a data silo that has Task Managers relying on secondary systems which reduce visibility.

Let’s see, near real-time access plus cost savings plus increased visibility?  Sounds like the best kind of financial equation.

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Emergency Fund(ing)

47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all.

 

Talk about shocking or don’t talk about it at all because it is taboo.

We all know that some of the most uncomfortable conversations center around money and financial health.

And financial health is not just a topic that impacts your personal life.

Tracking task funding for your Government contract is critical for your Contract Management Team. If your team is not hyper-aware of funding levels or inflated burn rates you will not be able to approach changing funding levels in a proactive manner.

Using an integrated tool to track all funding data will keep your costs down and keep you ahead of the game.