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…
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…
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…
When you are in the business of federal government contracts, DCAA compliance is non-negotiable. DCAA stands for the Defense Contract Audit Agency. QuickBooks provides an accounting package that is well suited for small to mid-sized businesses, but often, the question arises; Is QuickBooks a DCAA Approved Accounting System?. QuickBooks offers two options and several different…
Are you 8a certified small business and looking to stay compliant with DCAA standards? The Defense Contract Audit Agency (DCAA) is responsible for auditing and monitoring government contracts. As such, all businesses that contract with the U.S. Government must comply with the DCAA’s requirements. Here’s what you need to know about 8a firms and DCAA…
Small business contractors working for the Department of Defense (DoD) have a duty to achieve and maintain compliance with strict government regulations and requirements. Failing to meet DCAA compliance guidelines could endanger a contractor’s current engagement or bar them from applying for and obtaining future federal contract opportunities. Regulations and requirements specific to contractors are…
If your organization has been awarded a government contract, you need to understand two government contract agencies that require your compliance: DCAA (Defense Audit Contract Agency) vs. DCMA (Defense Contract Management Agency). As of December 2021, the Department of Defense (DoD) reported working with approximately 20,000 contractors within the DOD’s area of responsibility. With so…