Department of the Treasury

Showing 3 ideas for tag "contractors"

Department of the Treasury

Improve Money Management By Optimizing Contractor Payments

Money management optimization can save millions for the taxpayer that can be put to better use elsewhere. The government spends billions each year to pay contractors for their goods and services. We have also automated the accounts payable system (EDI) making it paperless. It allows for contractors/vendors to submit electronic invoices and the government in turn pays by electronic funds transfer. This system has become... more »

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Department of the Treasury

Contractors

Contractors often do IT work for the government. All contract should have a mandatory clause that states that all work is owned by the government and all coding MUST be turned over to the government upon completion. This is a simple thing to change and it would save millions of dollars. Many contractors leave the job with the code and all subsequent changes go into another contract. The goverment should know how to... more »

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Department of the Treasury

Extend payment terms beyond 30 days to save interest

In private industry, powerful customers sometimes unilaterally impose extended payment terms to improve their cash position, often to 60 or even 90 days. Currently, the Federal Acquisition Regulation (FAR), as well as the Prompt Payment Act of 1998, mandate paying contractors in 30 days. This limits our ability to better manage cash by negotiating extended terms. Given the enormous daily volume of Federal payments... more »

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