Know About Dcaa Compliance And The Benefits Of Hiring An Expert
As per the government rule DCAA compliance is mandatory for contractors who want to work on government projects. Therefore, if you are unaware of the fact and do not know what to do, simply hire and expert to upgrade your accounting system.
Knowing all about the DCAA Accounting will enable you to stay updated about the set standards that you need to maintain in accounting and bookkeeping. This will enable you to win more government contracts and also help you to meet with the challenges. DCAA or the Defense Contract Audit Agency oversees the accounting processes and practices followed by the government contractors. This is done to support cost type contracts that are offered by the government from time to time. It is mandatory for all government contractors to make sure that a company meets all the requirements of the government and have the financial strength and capacity to fulfill any government contract. The entire process is quite complicated and therefore it is necessary to hire an expert for the same. You will find several agencies offering such services and you can hire one such service after checking their credentials and previous track records.
Help With ICS
As per the Federal Acquisition Regulations or FAR if you are working on cost reimbursable contracts then you will require submitting incurred cost submission paperwork to the government. This is the document that covers the time spent on the contract, the materials used, the cost and much more. It is a complex process and especially for the small businesses it can really be a burden and therefore it is suggested to hire an expert consultant having lots of experience in DCAA compliance to navigate through the process. The incurred cost submission or ICS paperwork must be submitted to the government within 6 months of the current financial year closing. You may apply for extension of time so as to ensure that the paperwork is done correctly and in accordance with the set norms and DCAA requirements. There will be a lot of reviews done to ensure adequacy in the document and to ensure all the schedules are met with.
About DCAA Compliance
It is necessary to adhere to the rules to ensure proper economical management and therefore you are required to satisfy the Protection Agreement Review Organization which is accountable and responsible to perform all audits for the DOD. This will also provide you with accounting and economic advice and solutions for DOD components. This is necessary and also accountable for purchases and administration of the contract. You will get contract audited and necessary solutions as well. There are a lot of rules set by the Government Purchase Regulations. It is not possible to know about all the regulations and maintain a proper accounting system and therefore it is necessary to hire DCAA accounting expert for the required compliance. They will not only look after your accounts compliance but will also ensure traceability of certification. These DCAA accounting software performs more than normal accounting and provide Quick Book features, incorporate an ERP program, manage and organize time, details, and costs of your company.
The Major Stepping Stone
The major stepping stone for DCAA compliant accounting software is the ERP that provides traceability of certification. For this purpose shared sources from the entire organization is used to maintain and clearly records all the direct costs and indirect costs associated with the contract. The advantage of such accounting is that the accounting firms will have a better view of the sources of funds and it allocations to the various aspects of the project. Each and every aspect will be clear and taken into account. DCAA compliance enables the firms to see and judge the position of the company to ascertain whether or not it will be able to deliver results as is expected. This will also increase production and efficiency, reduce wastes and even remove any error in communication. Therefore, DCAA compliance plays a very important role in time and business management apart from helping in winning more contracts.
Supports Provided By Reputed Experts
There are lots of benefits in hiring a reputed company or an expert for DCAA accounting services. They will offer a large variety of service including in DCAA audit and provide the necessary support for government approval, set up and development in the accounting system, provide information on unallowable costs and its accounting, support in forward pricing and in indirect rates and much more. All these experts will enable you in preparing the government proposals and also provide support in claims and equitable adjustments, cost recovery assessments and in incurred cost submission paperwork. You have to make sure that you are working with the right expert by checking their reputation and number of years in this field.