Benefits to AwardVision - Q&A
Q: How can AwardVision help improve your organization’s decision making?
A: That’s easy. AwardVision gives you real-time access to the information you need in a form that’s easy to understand. For example, you can view totals for award estimates, obligations and the estimate amounts by line item – all in a single glance. You can also drill down on restrictions to review the available balance of the obligation. Then if you want, you can use the Expenditure Statistics display to assess whether you should shift estimate amounts based upon actual expenses.
Q: How can AwardVision eliminate information silos?
A: You now have one central location for all information related to your grants, including the latest terms, conditions and milestones. It’s easy to attach supporting documents to proposals, awards and funders. No more email strings to track down, no more sticky notes to gather, and no more folders to search through! Information silos are eliminated, along with the time often required to reconcile redundant and conflicting spreadsheets and databases. Everyone’s on the same page throughout the entire process!
Q: In what ways can AwardVision add more hours to your day and more funds to your mission?
A: It gives you a quick, complete, intuitive view of the entire process, enabling you to monitor the status of any award and make changes at any stage. It offers you the ability to:
- Track multiple revisions of the estimate during proposal negotiation.
- Post the award estimate amounts to the budget system.
- Comply with funder instructions related to calculating indirect costs.
- Manage and create subawards for individual subawardee monitoring.
- Create invoice rules to generate and post sales invoices in the receivables system.
- Share award information and track award transactions across companies (additional feature pack required).
- Record and display transactions for estimates, obligations and subawards in four currencies, including:
- Organization's primary currency
- Award-specific currency
- Subaward-specific currency
- Additional reporting currency
Q: How does AwardVision automatically synchronize expenses with funding availability and budget account segments?
A: AwardVision utilizes start/end dates to control expense entry; ensuring expenses are limited to periods with available funding. The Restriction feature allows you to link all relevant financial activity to a particular combination of account segments. This automatically prevents a user from entering an invoice incorrectly. These features greatly enhance the efficiency of your processes.
Q: How can AwardVision help manage multi-year funding when the funder only commits to provide a portion of the total award at any one time?
A: With AwardVision, you can choose to either incrementally or fully obligate funding.