Accounting can be difficult within any industry or size of company. Debits and credits, fiscal periods, ledgers, fixed and adjustable costs, allowable and unallowable expenses, inventory, profit or revenue; the list, even if short, seems to go on forever. Accounting is daunting, but never as so much than for those who win contracts with the government and face the DCAA accounting system. Researching what is involved with DCAA accounting is a long and tedious endeavor; there is an immense amount of requirements to be met. […]
Category Archives: DCAA FAQ
Okay, your company believes it is ready for a government contract. You also believe no other company can offer the services you can at the prices you can. Great! You are ready to go and get the paperwork started. Stop. First, ensure that you review DCAA requirements in order to keep a DCAA compliant timesheet. It is imperative to ensure that you are able to meet and exceed DCAA timesheet requirements. In order to be compliant with DCAA your company must have a system in […]
Timekeeping is crucial; there is no way around it if you plan to be a government contractor. In addition, if you become a government contractor, be prepared to be audited by the Defense Contract Auditing Agency (DCAA). Do not worry; be prepared! Follow these timekeeping best practices when filling out your DCAA timesheet and come out of any audit a success. First, know your proposal. That may seem obvious, but after some time has gone by and you have put in several bids, it is […]
It can be tough when your company is small to medium size to meet all the standards and policy expectations of the Department of Contract Auditing Agency (DCAA), especially when it comes to the financial side of those expectations. These costs can be staggering when you are having your first interaction with the demands of DCAA. One area of major concern is employee time keeping records; the government does its due diligence in making sure workers are paid according to federal laws and no fraud […]
The Defense Contracting Auditing Agency (DCAA) is a stickler for rules and Timekeeping is not an exception. The importance of DCAA timekeeping cannot be understated. The goal is simple â€“ prevent fraud and waste; therefore, a good managerial eye and employee timekeeping system is necessary. What makes employee work hours so important is that there are often no paper trails. If you buy an item or some interaction that is needed to complete a government contract there is a receipt or some form of documentation […]
To comply with the regulations regarding proper financial management, government contractors must satisfy the Defense Contract Audit Agency (DCAA), which is responsible for performing all audits for the DoD, and for providing accounting and financial advisory services to DoD components responsible for procurement and contract administration.
Generally Accepted Government Auditing Standards can be found in the DCAA Contract Audit Manual. It is an instruction book for auditors who work on behalf the government. It discusses standards for auditing, how to plan for an audit, cost accounting standards, auditing of estimates and proposals, statistical sampling techniques for audits, who can obtain audit reports, how theyâ€™re distributed and what they should look like. Read more about the DCAA Contract Audit Manual
DCAA compliance is integrated into accounting system software to ensure that the estimating, tracking, costing, and billing of projects easy and manageableâ€”simplifying cost control and planning. This type of software includes Quickbooks. Here are a few key DCAA features to look for in your software to avoid an audit: Allocations are posted to contracts and are available in standard reports Allocations can be processed at any time and as often as desired Project Allocation to general ledger reconciliation reporting Use standard PJC timecards to enter […]
Microsoft Dynamics solution was created specifically for companies that provide services and sell products to the Federal Government to help these companies better manage and maximize their business. It provides financial management and project accounting in one easy-to-use format.
The DCAA and the different branches of the military hold free seminars on their procurement processes. However, there are many websites where you can find documents, guideline manuals, and many answers to your questions towards approval. The best place to start would be the guideline manual available at the DCAA website: http://www.dcaa.mil .