Types of Government Contracts Government contracts come in various types, each designed to meet specific needs and requirements. The five main types of government contracts are: Fixed-Price Government Contracts The government contractor agrees to deliver the product or service at a specified price, regardless of the costs incurred during production (source). Employee timekeeping plays a…
In the dynamic world of government contracting, precision and accuracy are not just buzzwords – they are requisites for success. One area where this precision plays a pivotal role is timekeeping. While it might seem like a mundane administrative task, effective timekeeping can be the key to efficient project management and profitability, especially when you’re…
As a government contractor, managing your indirect rates is of utmost importance if you want to bid on government contracts. However, keeping track of indirect rates can be a daunting task, especially for small businesses without sophisticated accounting systems. In this blog post, we will dive into how Hour Timesheet can help small businesses manage…
Government contractors are required to adhere to strict compliance standards enforced by the Defense Contract Audit Agency (DCAA). One of the key compliance requirements is maintaining accurate records of employee labor hours. This can be a time-consuming and complex process, but thanks to technological advancements, businesses can now use Hour Timesheet software to track employee…
For the accountant or bookkeeper who needs reliable DCAA Compliant Timekeeping Software, the decision can be overwhelming. With so many options on the market, it can be difficult to decide which software is the right fit for your business. QuickBooks Time is one of the more popular solutions, but it may not be the best…
An Incurred Cost Proposal is an important document for contractors who work on cost-reimbursable contracts with the government. It helps them accurately calculate their indirect costs and ensure that they are compliant with government regulations. Accurate employee timekeeping records are essential for ensuring that this process goes smoothly and efficiently. In this blog post, we…
QuickBooks has been a go-to accounting software for small business owners for decades. However, Intuit, the company behind QuickBooks, is now making a push to move all its users off the legacy QuickBooks Desktop platform and onto the newer, cloud-based QuickBooks Online subscription model. The company has been aggressively promoting the benefits of QuickBooks Online…
As the AI industry continues to develop and advance, there has been some concern that accountants may eventually be replaced by AI-powered programs. However, it’s important to remember that while AI can certainly enhance certain aspects of accounting work, there are certain tasks that still require the personal touch and expertise of a professional accountant….
If you’re working as a government contractor, you’re likely familiar with the importance of staying compliant with regulations from agencies such as the Defense Contract Audit Agency (DCAA). However, the government contracting landscape is constantly changing, and contractors must remain aware of evolving compliance issues. Here are some future industry trends for government contractors and…
The government frequently extends contracts to small- and medium-sized government businesses to cover its varied needs. Winning such a contract offers businesses a tremendous financial opportunity, but it comes with some essential responsibilities. The U.S. Department of Labor (DOL) and the Department of Defense (DoD) work with the Defense Contract Audit Agency (DCAA) to ensure…
