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 place that can account for every aspect of financial payments and policy development. For example, it is necessary to be able to track hourly labor payments and that every employee is trained and understands the system that has been put in place. Becoming timesheet compliant can be daunting and difficult, especially if you are attempting to meet audit standards by pencil and paper. Instead, become timesheet compliant by using DCAA compliant software, this will save you much time and a headache in the future.
DCAA compliant timesheet requirements are many, but here is an overview of important requirements. Make sure you have a system in place that can document salaried employee overtime and labor hours, employee training on policies, procedures, work distribution, and timesheets. Time sheet training is a major concern; make sure employees understand direct, indirect, allowable, and unallowable costs and expenses and how to properly document such items. Additionally, make sure you meet the requirements for tracking authorizations; this is regardless if the authorization has to do with leave due to illness, vacations, work travel, or time cards.
Follow the above requirements and thoroughly research the demands of DCAA timesheet compliance and you will be able to pass any audit the DCAA may throw at you. Be prepared for DCAA by using software that is quick, efficient, thorough, and DCAA timesheet compliant to keep track of the contract you worked so hard to win.