The Small Business Administration (SBA) maintains strict rules and regulations around timekeeping to ensure transparency, prevent fraud, and safeguard taxpayer funds. In this blog post, we’ll explore the basic DCAA compliance requirements for SBA-compliant timekeeping and provide tips for maintaining accurate records. Basic DCAA Timekeeping Requirements Record All Hours Worked: All hours worked, including both…
Government contracts demand precision when it comes to managing accounting and timekeeping. Employees often use QuickBooks government contracting to help with accounting. However, the program needs help to meet strict DCAA compliance requirements. That’s where Hour Timesheet comes in. We know the challenges government contractors face and have developed a solution to streamline your QuickBooks…
The Defense Contract Audit Agency (DCAA) sets forth compliance regulations that primarily apply to businesses and contractors engaged in services for specific government agencies therefore its worth a read to better understand the importance of DCAA compliant timekeeping and who is subject to these specific requirements and regulations. Department of Defense (DoD) General Services Administration…
Incurred Cost Proposals (ICPs) These are comprehensive reports prepared by contractors, detailing all direct and indirect costs incurred during a specific time period, usually a fiscal year. The primary objective of an ICP is to substantiate the costs a contractor has charged to a government contract. It serves as a formal claim for reimbursement of…
SF1408, also known as the Pre-award Survey of Prospective Contractor Accounting System, sets forth specific criteria that accounting systems must meet for government contracts. Key Compliance Features of Hour Timesheet in Relation to SF1408: Job Costing Accuracy: Precision in assigning labor costs to specific jobs/contracts, fulfilling a central requirement of SF1408. Direct and Indirect Labor…
Table Of Contents: The Defense Contract Audit Agency (DCAA) conducts contractor location audits annually to ensure that businesses meet federal standards. These are critical check-ups to ensure companies meet government regulations and can handle federal funds responsibly. So, if you’re in the business of defense contracting, wrapping your head around the contract audit and knowing…
DCAA audits are a big deal in defense contracting. If you’re playing in this arena, understanding them is essential. DCAA audits don’t have to be intimidating if you know what triggers them and how they unfold. Here are some solid tips on staying compliant to make sure that if auditors ever knock on your door,…
If you’re dealing with government contracts, getting your accounting ducks in a row is essential. Businesses big and small face the challenge of aligning their financial practices with DCAA compliance which can seem as complex as rocket science. DCAA, or the Defense Contract Audit Agency, is the watchdog ensuring businesses like yours manage public funds…
In the realm of government contracting, adherence to the Defense Contract Audit Agency (DCAA) guidelines is crucial. Navigating through these guidelines becomes significantly easier when you have a roadmap, or in this case, a DCAA Compliance Checklist at hand. In this comprehensive article, we delve into this useful tool, helping you ensure your venture’s compliance…
If you have ever worked with the United States Federal Government as a contractor or subcontractor, you’ve likely heard of the Defense Contract Audit Agency (DCAA). Implemented to regulate and nurture financial fidelity, the DCAA imposes practices to authenticate and validate financial claims from contractors in a governmental arena. A mechanism this agency utilizes to…