3 Things Subcontractors Need to Prepare Their Government Property Management System
Last week, I went to the monthly lunch organized by the NPMA (National Property Management Association) Northern Virginia Chapter’s. The discussion focused on how subcontractors can quickly get their property management business system ready.
This is a very timely subject. As the Department of Defense is trying to meet its goal of “clean audit” by 2017, with the Property Book being a big component of it, we have seen more specific requirements in RFPs around the contractor’s property management business system. Prime contractors now conduct annual review of their subcontractors’ policy and processes in their property management business systems. It’s important for subcontractors to bring their property management business system to meet the FAR/DFAR requirements on managing Government Property (GFE/CAP). Depending on the type of contracts, subcontractors may bear a significant portion of the risks if their property management business systems fail to meet the requirements.
So how can subcontractors make sure their property management business system is ready to support their participation in these RFPs?
1) Find expertise
Understand if you have internal expertise in the FAR/DFAR rules around managing government property. The government property management expertise has been under-invested in the past decade by many contractors. So it is not uncommon that companies may find that they need to reach out externally for help. If you would like to start reading on this, you can download this white paper “4 Things Contract Managers Need to Know about GFP”.
2) Get an effective tool
Ask if you have cost effective tools to support the government property management function. Without an efficient tool, even experienced government property management professionals can be frustrated with all the required steps and forms in receiving, recording, transferring assets. If you would like to see how eQuip! can be that tool for you, you can request a demo by calling clicking here.
3) Plan your budget
Make sure you have budgeted sufficiently to support the contract “phase in” work. It’s great that you win a contract from an incumbent. The cost is probably a big factor in this Low Cost Technically Acceptable (LCTA) procurement environment. But if you underestimate the cost for contract phase in work, this may hurt your profit.
Typically, contract phase in work will involve auditing the inventory, verifying all the information, confirming with Government Contracting Officers on the custody of these assets, updating the IUID registry, and filing all the required forms. The purpose of the phase in work is to ensure you know what you are held accountable for. So it’s important that you get that right.
The eQuip team strives to not only provide Government Property Management software solutions, we also work with partners to help you in understanding the requirements and assisting in the contract “phase in” work.