Common use of Financial Subsystem Clause in Contracts

Financial Subsystem. (A) The System implemented by CONTRACTOR must include a Financial Subsystem that provides the necessary data for all accounting functions including: (i) Cost accounting; (ii) Inventory; (iii) Fixed assets; (iv) Payroll; (v) General ledger; (vi) Accounts receivable and payable; and (vii) Financial statement presentation. (B) The Financial Subsystem must be capable of providing CONTRACTOR's management staff with information that: (i) Demonstrates that CONTRACTOR is meeting, exceeding, or falling short of fiscal goals; and (ii) Provides CONTRACTOR management with the necessary data to identify signs of potential fiscal distress and to enable management to take appropriate mitigating or corrective action.