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S2 Incorporated

 
About the Company
 

S2 Incorporated & NRT Business Solutions brings you closer to comprehensive project based solution for Sage 100 ERP. Sage 100 ERP & the S2 Project Accounting™ module, together, offer a complete solution for small business to mid-size project-driven firms

Today's companies face numerous challenges in order to remain in compliance with complex federal laws and regulations. Sage 100, S2 Project Accounting™ & S2 e-Timesheet™ were designed to meet these unique needs of government contractors and project-driven businesses. Designed and developed over the past 15 years, the S2 Project Accounting™ module delivers features such as cost-collection, multi-tier project setup, unlimited pool setup, cost- allocation, reporting, automated billing and other powerful attributes so necessary for project-driven firms. The resulting benefits make this solution the preferred choice of small to mid-market firms.

S2 Incorporated exclusively designed the S2 Project Accounting™ module for Sage 100 ERP. Becoming a successful business takes vision, time, ambition, energy, and a clear understanding of your market niche. An inadequate accounting system can be a detriment. Unable to segregate direct costs from indirect costs? Don't have a system that excludes unallowable costs when billing the government? No timekeeping system for identifying labor hours? These are just some of the limitations that can affect your ability to compete for business.

S2 Incorporated's Project Accounting™ & S2 e-Timesheet™ modules will help you manage the accuracy of project cost data by reducing double entry, supporting business needs while putting man-hours where you need them most, significantly reducing set-up time for new projects and eliminating manual complexities in data-discrepancy handling. The module is 100% compliant with Standard Form 1408 and contains a GSA schedule and non-schedule Revenue Recognition a feature that is unique in government project accounting systems.

The Federal Acquisition Regulations (FAR) were created to ensure that government contractors deliver on a timely basis and provide the best value in the product or service sold to the US government. As a contractor your company bears the regulatory burden of striking a balance between ‘meeting the minimum requirements’ and ‘fair and reasonable price’. Under these rules, government contractors are required to disclose all aspects of their pricing methodology, as well as information considered proprietary and sensitive. MAS 90 along with the S2 Incorporated’s Project Accounting™ module will help you do just that. Developed in conjunction with FAR, costs are tracked by contract so that, in the event of an audit, you can quickly retrieve and accurately report procurement funds with ease.

Defense Contract Audit Agency (DCAA) is the agency that performs contract audits. The DCAA’s major points of focus are identifying and evaluating all activities that contribute to, or have an impact on, proposed or incurred costs of government contracts. In fact, a contractor’s financial capability to perform on a contract, the adequacy of the firm’s accounting system and the ability to comply with government regulations are assessed by DCAA. To view DCAA's own website www.dcaa.mil
The labyrinth of government auditing can be overwhelming. From pre-award audits, post award audits, price proposal audits, incurred cost audits, contract closing audits, internal control audits, purchasing system reviews and EDP audits – it is wise to be prepared meet the rules and regulations. The life of your business depends on it.
From accumulating and reporting costs, as well as maintaining adequate transaction records, S2 Incorporated’s S2 Project Accounting™ and S2 e-Timesheet™ will assure your company’s compliance with FAR, DCAA & CAS audit guidance.

S2 Project Accounting™ module and S2 e-Timesheet™ meet all of the cost accounting guidelines specified on Standard Form 1408 mentioned below: (Accounting System Evaluation Checklist)

Accumulation of actual direct costs by labor category and job

Accumulation of costs under General Ledger Control

Bid & Proposal and Independent Research & Development Treatment

Calculation of multiple indirect rates per job or task

Identification and accumulation of direct costs by contracts

Inception-to-date job or task detail

Indirect cost accumulation & allocation using provisional, budgeted, or actual burden rates

Labor distribution system that charges direct &indirect labor to appropriate cost objectives

Proper segregation of direct costs and from indirect costs

Segregation of preproduction costs and production costs

Time-keeping system that identifies employees’ labor by intermediate or final cost objectives

Tracking and segregation of unallowable costs

Tracking of employee labor by intermediate or final contract objectives

Uncompensated Overtime

Cost Accounting Standards (CAS): were passed by Congress to prescribe a uniform methodology in contractors’ cost accounting practices. Basic CAS requirements include consistency in estimating, accumulating and reporting costs. The S2 Project Accounting™ module was created in accordance with those Standards, so these special, and complex, rules – like separating pools of costs – are directly built into your system, enabling you to accrue and report costs the way a government contractor should. The software makes sure you follow the CAS guidelines.
For accumulating costs, reporting costs and maintaining adequate transaction records, The S2 Project Accounting™ application combines a powerful project accounting solution with numerous built-in reports.

Labor: Aggressively reviewed and enforced by the government, the Service Contract Act (SCA) requires specified minimum wage rates and fringe benefits for employees working on service contracts and subcontracts. It is a complex statute – failure to comply may precipitate contract cancellations, the withholding of payments and even complete disqualification.
To help contractors navigate the maze of labor regulations, S2 Incorporated enables you to collect labor hours, labor and non-labor cost and unit transactions; and allocate indirect costs to each project or contract.

Cash Flow: A healthy cash flow is an essential part of any successful business. And with a margin of two of three percent, the return on investment for a government contractor has to come from turnover. You’ll need to spot some of the problem areas in the cash flow cycle of your business so you can chase down cash.

Billing: You’ve delivered. All you have to do now is submit an invoice to the billing office specified in your contract. Under law, the government is required to pay you within 30 days. What’s the catch? If your invoice is not deemed ‘proper,’ according to FAR, it will get sent back to you. The 30-day clock is reset.
Time is money. For a government contractor, proper billing is crucial. S2 Incorporated gives you the front-end validation and controls necessary to ensure accuracy and data integrity across the entire system, along with the tools to automate your billings. (Automated Billing) What’s more, you can create and print invoices in standard government specified formats with no manual processing – and keep track of them.

Rate Tracking: Calculating indirect rates are an essential component to profitability for the government contractor. You must also be able to calculate those indirect rates and allocate indirect costs. The secret to success is managing the operation to these rates. If your rates are out of control, your business will quickly feel the impact.

 

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Software List
 
Software Name Classification
Government Contracting and Project Accounting for ERP MAS 90 Government Contractors
S2 e-Timesheet for Sage 100 ERP Mid-Range Accounting
S2 Project Accounting for Sage 100 ERP Mid-Range Accounting
S2 Project Manager Mid-Range Accounting




Note: The vendor profile above for (S2 Incorporated
) is not written by Accounting Software 411. Information is provided and maintained by the vendor S2 Incorporated and/or by third party sources. Accounting Software 411 confirms basic company data prior to posting a profile. The above information is not a review or endorsement by Accounting Software 411 of the product.



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