Timesheet And Regulatory Compliance - Journyx, Inc.

Timesheet
Regulatory Compliance

 

Compliance with government regulations is, for many, just a part of doing business in the 21st Century. Journyx Timesheet can help your organization meet those requirements. Here's how Timesheet applies to two of the most common regulations out there — the Sarbanes−Oxley Act and the DCAA Contract Audit Manual.

Sarbanes-Oxley Compliance

On July 30, 2002 the Sarbanes-Oxley Act (also known as SOX or SarbOX) was signed into law in the United States. The law requires improved accuracy and reliability in corporate disclosures, including the financial disclosures contained within the annual reports required of publicly-traded companies.

Journyx Timesheet helps ensure the accuracy of your organization's Sarbanes-Oxley related data by making it easier to verify that capitalized engineering and software development costs that are amortized over time in the company's financials are correct.

Further, Timesheet also validates that services milestone billings sent to customers are based on actual project completions so that revenue recognition issues with regards to these type of revenues are accurate in your organization's financial statements.

Finally, Journyx makes it easy to understand the true costs of all your SOX compliance efforts by tracking them all as projects within Timesheet itself. And knowing those costs will undoubtedly prove critical the longer Sarbanes-Oxley is in effect.

Journyx is SAS 70 certified as of January 1, 2008.

DCAA Compliance

Labor is often the highest expense in defense contracts; therefore a robust labor management system is a requirement for any contractor that serves the U.S. Department of Defense. Defense Contract Audit Agency (DCAA) compliance can be met only through detailed labor and cost center tracking. Journyx solutions can automate the costly process of capturing and reporting contract-specific data and provide critical supporting documentation for DCAA audits.

According to 5-900 - Section 9 of the DCAA Contract Audit Manual (Vol. 1), defense contractors must have labor systems with the following internal controls:

  • Effective method to monitor the overall integrity of the system
    Journyx Timesheet guarantees:
    • security through password-protected accounts & configurable access
    • consistency through grouping of employees & pre-populated fields
    • accuracy through automated rules, totals & classification
  • Effective employee awareness training program
    Journyx provides:
    • employee training onsite & via the Internet (more information)
    • "Train the Trainer" sessions for transfer of skills in-house (more information)
    • employee time & attendance self-service through access from any location
  • Effective procedures for labor approvals and correction records
    Journyx Timesheet includes:
    • automated approval workflow & email notifications
    • configurable abilities to create new work authorizations
    • appropriate access to work orders through grouping & project definitions
    • audit logs & custom reports for employee & approver activity
    • prior period corrections with required approval in the current period
    • multiple hierarchical levels of approval
  • Effective procedures for labor cost accounting (cost accounting standards, contract terms)
    Journyx Timesheet allows you to:
    • track cost accounting details
    • enforce contract terms through configurable rules & policies
    • define administrative settings & behavior at the global level

TRAC EC-FP7 Compliance

With a 12 year history of grant management and expertise with the European market, Journyx is ideally suited to assist you in addressing TRAC EC-FP7 compliance. Our extensive experience with elite universities, research institutions, and corporate R&D divisions has resulted in a streamlined and cost-effective process for the management of this critical issue. >> More

Where To Go From Here

For more information on using Journyx Timesheet to meet Sarbanes-Oxley, DCAA, of FP7 requirements, or if you would like more information on how Timesheet to help with a different set of regulatory concerns, please contact the Journyx Sales Department at sales@journyx.com