One of the most important aspects of your contract is the Financial health of each Task and, in summary, the Financial health of the contract itself.
Traditionally, corporate accounting departments would provide static reports to key personnel to help them manage their Tasks. Often, these solutions would be provided by an expensive, disconnected point solution with limited abilities for users to “slice and dice” data and with NO ability to co-mingle that data with other useful contract-related data. Essentially, traditional data mining of Financial data was non-existent.
Why is this so? Many factors contribute to this scenario:
- Costly expense of per-user licensing to enterprise reporting tools such as Cognos
- Technical limitations of overworked and overburdened skeleton staffs
- Trust issues
- Control issues
These and many more reasons contribute to the unfortunate scenario where data cannot be effectively and efficiently provided to the data consumers who need and demand it. iSite® can solve many of these problems for you.
With iSite® licensing, you no longer have to worry about a per-user expense. Once you provide Financial data to the iSite® Data Warehouse, approved Users now consume and use this data to help manage their contract Tasks. Data is sent to the iSite® Data Warehouse at whatever level of aggregation you want to expose to your user community. You are in control!
- You determine the frequency in which this data is pushed to your data warehouse – monthly, weekly, daily or even every 5 minutes!
- The more frequent the push of updated data, the more powerful this data serves as a tool to empower your contract management team
- Data can also be repurposed across many iSite® modules, which allows the data to “work” for you
iSite® has NO DIRECT CONNECTION to your home office accounting system of record. Thus, the data warehouse can be refreshed at any time while your source data remains unaffected. It is the perfect firewall to protect your accounting data yet support a framework that allows that data to be consumed by your staff in an efficient and cost effective fashion.
Cost Analysis functions allow you to view your Contract Actuals at various levels such as at the Contract-level, the Task-level and even down to the element-of-cost. You can even choose to Group Tasks together and report Actuals as a group. When accompanied with other data points such as Time-Phased Baseline Plan data, Funding data and more, the Cost Analysis component of iSite® provides valuable data to your Task Managers to help them assess the incurred costs of their Tasks.
Plan Analysis functions allow you to view Time-Phased Baseline Plan information for your Contract at various levels such as at the Contract-level, the Task-level and even down to the element-of-cost. By tracking your Plan information against Actuals, your Task Managers will have the necessary tools and information to adjust Task spending to a level that is in line with what was budgeted or planned.
Estimate Analysis functions are very similar to Plan Analysis, however, Estimate information is stored, tracked and versioned with effective dates. Essentially, Estimate information stores the forecasts for each of your Tasks. Based on a point-in-time view of the data, iSite® will cross reference the effective Estimate data for that month and display that data alongside Actuals data, to give a more accurate view of actual vs. forecasted spending.
Labor Analysis is a sub-component data structure of Actuals, Plans and Estimates, which deals only with Labor-related data. With Labor Analysis, you can report off of multiple levels of Labor from the Labor Class, Labor Subclass and Employee levels to the Vendor level of Labor effort.
Benefits of the Financials Module
- Reporting data separate from your home office accounting system
- Secure data warehouse optimized for reporting
- No extra licensing costs for access to your accounting data
- Data can be secured via iSite® Permissions
- Provide decision point tools for your Task Managers and Program Management team
- Assess Labor Resource allocation across your contract
- View data in detail or chart form
- Convenient access to dashboards for summarized data
- Drilldown capabilities for transaction line item display access
- Integrate Financials data with other modules of iSite® to promote a “one stop solution”
for your team