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…
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…
DCAA compliance, also known as adherence to the Defense Contract Audit Agency’s stipulations, is not only a mandate for large corporations but also small-to-medium-sized businesses (SMBs) involved in government contracting. These guidelines serve as the cornerstone of ethical contract deliberations and sound financial practices, pivotal in streamlining contractor activities. But what does DCAA compliance mean…
For government contractors, all roads converge to stringent compliance with regulations, which include the mandates set forth by the Defense Contract Audit Agency (DCAA). Well-structured, accurate accounting practices play a pivotal role in maintaining this compliance. A frequently asked question by businesses in the process of embarking on government contracts is, “Does DCAA require total…
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…
ADP is a well-known and trusted payroll solution, utilized by countless clients on a daily basis. While ADP excels in handling payroll tasks, it’s important to note that they do not position themselves as experts in DCAA compliance. Organizations seeking DCAA compliance should consider exploring alternative timekeeping software providers that align more effectively with the…
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…
As an employer, one of your key responsibilities is to ensure your business adheres to various state and federal laws. Among these, sick leave laws hold a prominent place. Non-compliance can lead to a myriad of consequences, ranging from penalties and fines to lawsuits and damage to your company’s reputation. However, navigating through the labyrinth…
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…