What is a Wrap Rate? A wrap rate, in simple terms, is a multiplier used to estimate the indirect costs related to a project or contract. It allows businesses to calculate the total cost, both direct and indirect, that they’ll incur when executing a specific project. In the government contracting industry, wrap rates hold significant…
Understanding the concept of incurred costs is vital for every business in the GovCon industry. Not only does it help in tracking your company’s expenses, but it also plays a significant role in maintaining compliance with the Defense Contract Audit Agency (DCAA) requirements. What Are Incurred Costs? Incurred costs are the expenses that a company…
As a small business owner, managing employee time off can be a challenging task, especially during the holiday season. It is essential to strike a balance between respecting your employees’ rights to personal time and ensuring that business operations continue smoothly. One key aspect of this process is understanding how to effectively handle requesting leave…
Do you know what to expect from a DCAA auditor? Do you know why you are audited? Do you know when you can expect an audit as a government contractor? Let’s discuss! The Role of a DCAA Auditor A DCAA auditor’s primary role is to ensure that government contractors are maintaining compliance with the Federal…
