WASHINGTON, Nov. 14, 2016 /PRNewswire-USNewswire/ -- Deltek, the leading global provider of enterprise software and information solutions for project-based businesses, recently announced that Torch Technologies, a Top 25-ranked Small Business by Forbes, will rely on Deltek solutions to satisfy the requirements of prime contracts. Torch will utilize Deltek's new subcontractor management module to provide project managers with daily visibility into subcontractor relationships.
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Torch Technologies, an employee-owned small business headquartered in Huntsville, Alabama, with over 600 employees and 100 subcontractors, is dedicated to quality technical services, competitive costs, and ethical business practices. Torch turned to Deltek to help it streamline management of its Prime contracts.
A recent contract award required that labor and non-labor details for Torch and subcontractors be submitted daily, in detail, within 2 business days. Plus, monthly invoices from subcontractors didn't provide enough visibility into subcontractor budget performance. When disputes arise with subcontractors which can't be resolved, Torch can't bill them, putting a strain on invoicing and cash flow.
The introduction of Subcontractor Management builds on Deltek's commitment to deliver deep workforce management solutions for project based businesses. Subcontractor Management helps companies like Torch Technologies know more about their entire workforce to help them better plan, budget, forecast and account for all resources in a single integrated system. In addition, it will help project-based businesses gain better visibility into total workforce performance, accelerate and optimize invoice processes, meet new contract requirements and ultimately lead to better relationships between prime and subcontractors.
"By using Deltek's subcontractor capabilities, we expect to reduce subcontractor discrepancies and gain better access to data with more frequent visibility into subcontractor activity," said Mike Bearden, IT Director at Torch Technologies. "We will now have more control over our invoicing, billing of subcontractors and ultimately save a lot of time and money."
"One of the most critical elements of the Government Contracting ecosystem is the partnerships between subcontractors and primes. Prime contractors like Torch Technologies rely on a large network of subcontractors to support their projects. Deltek's new Subcontractor Management module is profoundly important for companies looking to get paid faster and recognize revenue quicker," said Warren Linscott, VP of Product Management at Deltek.
About Torch Technologies Founded in October 2002, Torch Technologies, Inc. (Torch) is a 100% employee owned small business dedicated to quality technical services, competitive costs and ethical business practices. Torch has been recognized over the past decade for its business performance, workplace environment, and ethical business practices. Most recently, in 2016, Torch was named one of America's Best Small Companies by Forbes. Great Place to Work and Fortune magazine named Torch one of the country's 20 Best Workplaces in Consulting & Professional Services, as well as one of the Best Medium Workplaces in 2016. Torch was named a winner of the 2016 Best Places to Work in Huntsville award, marking Torch's 3rd time to receive this honor, with previous wins in 2008 and 2012. Torch was also ranked in the Inc. 5000 list for the tenth consecutive year in 2016. Washington Technology listed Torch in its annual "Top 100" Government Contractors ranking in both 2016 and 2015. In 2015, Torch won the Better Business Bureau's Torch Award for Business Ethics in the North Alabama Region for the 3rd time, also winning in 2005 and 2009. In 2013, Torch was recognized by the Small Business Administration as Small Business Prime Contractor of the Year representing the eight southeastern states in SBA Region IV. Torch was selected by Inc. Magazine and Winning Workplaces as a winner in the 2011 Top Small Company Workplaces national competition. In 2008, the Alabama Information Technology Association selected Torch as Large Business of the Year Leadership in Technology award, and the Principal Group named Torch one of the Principal 10 Best Companies for Employee Financial Security nationwide. Torch won the 2007 Huntsville Chamber of Commerce Small Business of the Year award in the Technology Category. Also in 2007, Inc. 5000 ranked Torch as the No. 1 Fastest Growing Privately-Held Defense Contractor in the Southeast Region. Torch was nationally recognized by Entrepreneur Magazine in July 2006 as one of the 100 fastest growing companies in America. For more information, visit the company's website at www.TorchTechnologies.com.
About Deltek Deltek is the leading global provider of enterprise software and information solutions for government contractors, professional services firms and other project-based businesses. For decades, we have delivered actionable insight that empowers our customers to unlock their business potential. 22,000 organizations and millions of users in over 80 countries around the world rely on Deltek to research and identify opportunities, win new business, recruit and develop talent, optimize resources, streamline operations and deliver more profitable projects. Deltek – Know more. Do more.® www.deltek.com