ERP Implementation

Most businesses use an accounting system to maintain their Accounts Payable, Accounts Receivables, Payroll and General Ledger. However because of federal government contract cost accounting requirements, timesheets are maintained in a different application and invoicing/billing is done through another application. This is very time-consuming; resulting in duplication of effort; and is prone to inaccuracy and inaccurate accounting procedures and practices. This round-about way of maintaining financial accounting, tax accounting and government contract cost accounting, results in:

  • General Ledger not being updated on a monthly basis, but at the end of the fiscal year and into the start of the new fiscal year;

  • Too much time spent compiling government contracting reports

In addition most small businesses have one accounting personnel on staff. This creates a challenge in implementing effective internal control procedures and may compromise data integrity.

 

To address these issues, EBT assist businesses in implementing ERP systems that can be used to record financial accounting, tax accounting, and government contract cost accounting transactions; and generate the required reports. EBT is knowledgeable about Financial Accounting, Cost Accounting, Government Contract Cost Accounting and Tax Accounting. We know and understand GAAP, FAR Part 9 - Contractor Qualifications, FAR Part 42 – Contract Administration and Audit Services, FAR Part 99 – Cost Accounting Standards, and FAR Part 52 – Solicitation Provisions and Contract Clauses. Our Financial Director, CPA and IT Director works together to ensure that the accounting solutions provided to our clients meet or exceed their expectations. We are also familiar with OMB Circulars and A-133 Audit Requirements.


EBT recommends ERP-GOV. ERP-GOV allows you to record direct and indirect costs for each contract, record general and administrative cost; generate invoices; keep track of percentage completed; general financial statements, and government contract reports.

 

EBT provides consultants with information technology, accounting knowledge, and experience in implementing ERP applications. We are committed to knowledge transfer. Therefore our implementation approach does not only train your staff how to use ERP-GOV. We also train your staff in accounting procedures and internal controls that are required to perform their job and use the system efficiently.