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…
In addition to the Department of Defense (DoD), several other federal government agencies require Timesheets for Government Contractors because they also utilize taxpayers’ funds and need to ensure the proper management of those funds. These agencies include the Department of Energy (DOE), National Aeronautics and Space Administration (NASA), and the Department of Health and Human…
As we are nearing the end of the year, effective leave management becomes crucial for every organization. This process involves managing time-off requests, from ordinary paid time off (PTO) to Family and Medical Leave Act (FMLA) leaves, bereavement, and more. Here’s an in-depth look at how you can better manage leave and ensure a smooth…
Wondering when it’s the right moment to upgrade your timekeeping software tool? If any of the following four points resonate with you, then this article is a must-read! Planning Your Transition Before you start looking at new software, identify your specific needs. What features are essential for your operations? What issues have you encountered with…
Our clients frequently request our assistance in developing a DCAA Compliant Timekeeping policy to include in their official handbook. Below is a sample policy that addresses all the necessary elements outlined on the DCAA website. DCAA Compliant Timekeeping Policy This document outlines our company’s timekeeping policy to ensure we meet the Defense Contract Audit Agency’s…
A DCAA 1408 review, also known as a Pre-award Accounting System Audit, is a process conducted by the Defense Contract Audit Agency (DCAA) to evaluate the design and operational efficiency of a contractor’s accounting system before awarding any cost-reimbursement or other high-risk contracts. Key components of a Pre-award Accounting System Audit include: Accounting System: The…
As a government contractor, the Defense Contract Audit Agency (DCAA) compliance is a crucial part of your business operation. One key aspect of this compliance is accurate and reliable timekeeping. To ensure you’re ready for a DCAA audit, conducting an internal timekeeping audit is a best practice that can help prepare your business. Here are…
As a government contractors, understanding the role of the Defense Contract Management Agency (DCMA) and the importance of compliant timekeeping is crucial. This guide aims to help you navigate these areas effectively. Understanding the Defense Contract Management Agency (DCMA) The Defense Contract Management Agency is a crucial component in the government contracting sphere. DCMA ensures…