As a business who focuses on government contracting, you understand the critical importance of DCAA compliance in the world of GovCon timekeeping. Accurate and reliable timekeeping is not just a requirement; it is the foundation of your success as a government contractor. In this blog post, we will explore the significance of DCAA compliant timekeeping…
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…
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…
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…
Economic uncertainty is something that affects everyone, especially small business owners. Government contractors are no exception, and the current climate only heightens that uncertainty. However, there are ways to mitigate risk and take advantage of growth opportunities. A robust time and attendance software can help companies navigate these uncertain times by providing the necessary data…
What are Indirect Rates? Indirect rates are basically a way for companies to account for the costs that are not directly related to a specific project or product. These costs are often necessary for the company to function, but they can’t be directly linked to a specific product or service. An indirect rate is a…
The term ‘DCAA compliance’ when referring to your timekeeping procedures is often just thrown around. But what is DCAA compliance, and what does it mean for your business? If you don’t understand what that means, Keep reading this blog post for assistance for keys to understanding DCAA Compliant Timekeeping What Is the DCAA? What does…