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 easy to forget what exactly is on the winning bid. After winning the contract take the time to review your proposal and mark areas that could be a concern or items that may perk interest in the future if you were to be audited. Review it often throughout the contractâ€™s life and keep a keen eye on the little things.
Second, make sure your employees know what timekeeping is and what DCAA timesheets are. Explain how the company will work within the parameters of the DCAA. Make sure employees know that meeting the demands of the contract, ensuring that all information is accurate, and avoiding noncompliance issues is a group effort.
Thirdly, skip any form of manual bookkeeping; make your life easy with an automated software system that is DCAA compliant. These software packages can inform what data needs to be tracked, can automate approvals, can allow for employees to clock in or out from anywhere, creates invoices, enables downloads into QuickBooks, tracks leave time, can create extremely detailed ad hoc reports, provides password protection and so on. These software packages can allow managers to managers on more tangible tasks while at the same time being able to view accurate timesheet data.
Finally, feel confident, you expect an audit.