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 […]
DCAA Timecard – Automation vs. Manual Entry
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 […]
DCAA Timekeeping – Overview of Requirements
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 – 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 […]
DCAA Now Requiring Daily Compounded Interest for CAS Noncompliance Adjustments
The DCAA has implemented a requirement for daily compounded interest on adjustments of CAS noncompliance after a dispute over a contractor not paying interest on monies owed. This is a costly change, as compounded interest is significantly more than simple interest. Treasury rates can make this cost hurt even more if they inch towards the higher side as it has in the past two decades. Click Here to read further about how this new requirement may affect you.
Improvements on the Horizon for DCAA
The past couple years have been a struggle for the DCAA with reports of frustrated employees and corrupt supervisors. The GAO found flawed audit reviews, some suppressing negative findings. Many auditors reported inappropriate behavior from their supervisors. With new authority in place, changes have been improving the DCAA. More attention is going towards the hiring and training process, and disagreements between employees is being closely evaluated. Although there is still skepticism from some auditors, a better workforce is on the horizon. For more information about […]
Conference Assists Small Businesses with Federal Contracts and DCAA Audit Preparations
With the Federal Government being the largest purchaser of goods and services, it is extremely beneficial for small businesses to submit federal contracts. The Federal Government actually allocates a portion of their budget towards small firms. The upcoming 2010 Midwest Small Business Government Contracting Symposium is offering help to small businesses interested in contracting with the Federal Government and becoming DCAA compliant. To find out more about the speakers and topics at this symposium, click here.
DCAA Compliance and its Link to Company Valuation
Could your company’s valuation be negatively impacted by your lack of compliance with the DCAA? For many firms that rely on DoD business, it’s important to realize how closely your valuation could be tied to your compliance with the DCAA. The following article helps explore some key elements to consider and highlights this frequently overlooked link. For more information on how DCAA compliance can impact company valuation, >>click here.
Are Some DCAA Reforms Being Overlooked?
The DCAA has recently implemented new reforms, however, are meaningful issues being addressed? Listen to this insightful podcast on issues that hinder the agency and can have an effect on your company: To learn more and to listen to the podcast, click here
DoD Proposes Rule to Extend Authority of Contracting Officers
In an effort to rein in the DCAA, the DoD has proposed a rule to grant the ability of contracting officers to identify companies with deficient business systems and withhold payments. Although the contracting officers will still have to consult with the DCAA, they will have the ability to make the final decision. Contracting officers will provide companies with an initial determination, and allow them to respond within a timely manner. If a company fails to fix the outlined problems, or fails to fix them […]
Survey Shows Signs that Government Spending Not Affected by Recession
A recent survey indicates that half of the federal contractors surveyed have received an increase in federal business this past year. While many businesses are spending less and reducing their workforce, this study hints that government spending is not affected by recession. The companies surveyed also indicated that revenue from government contracts was comparable to the previous year. >> View the entire article for more information…