QuickBooks is an excellent accounting tool for contractors at the early stages of growth. However, as these companies grow and diversify their contracting, they run into QuickBooks’ limitations. QuickBooks users regularly face challenges when generating Time & Materials (T&M) invoices. QuickBooks is not designed for cost accounting or man-hour cost allocation, so it doesn’t have […]
Securing a government contract can be a game-changer for any business, offering stability, growth potential, and the opportunity to contribute to important projects. But one crucial step often trips up even seasoned contractors: the DCAA Pre-Award Audit. This rigorous process, conducted by the Defense Contract Audit Agency, assesses a contractor’s accounting system to ensure it […]
Winning government contracts is a significant achievement, but maintaining DCAA compliance is crucial for long-term success. Accurate Incurred Cost Submissions (ICS) are essential for demonstrating financial responsibility and ensuring smooth audits. A key component of a compliant ICS is the proper handling of unallowable costs. Let’s break down what you need to know about […]
For government contractors with cost-reimbursable contracts, an Incurred Cost Submission (ICS) is a mandatory requirement that must be prepared annually and reviewed by the Defense Contract Audit Agency (DCAA). This submission ensures that the government only reimburses allowable, allocable, and reasonable costs as defined by Federal Acquisition Regulation (FAR) Part 31. However, an inaccurate or […]
Government contractors face a landscape of specific regulations, and understanding the requirements for a DCAA-compliant accounting system is essential. The term “DCAA-approved” often leads to questions: Does it mean a specific software is endorsed? Or does it represent a set of compliance standards? Accurate cost accounting, aligned with DCAA guidelines, is vital for securing […]
Landing a government contract can be a huge milestone for any business. But before the ink hits the paper, there’s one major hurdle to clear: the DCAA Pre-Award Survey. More than just red tape, it’s a serious evaluation that determines whether your company is ready to handle federal funds responsibly. And at the heart of […]
Winning a government contract doesn’t begin with the proposal. It begins with the numbers behind it. Before a proposal ever reaches an agency desk, budget accuracy, cost visibility, and forecasting discipline have already decided whether your bid will be competitive or not. For project-based businesses and government contractors, especially those pursuing Cost Plus Fixed […]
Success in the federal contracting world isn’t just about winning bids—it’s about passing audits, proving accountability, and maintaining long-term eligibility. One of the most scrutinized aspects of any contract is labor cost reporting, which begins with timekeeping. Whether you’re bidding on your first federal contract or preparing for a Defense Contract Audit Agency (DCAA) […]
Winning a federal government contract is a major achievement, whether you stood out for your past performance, pricing strategy, or innovative solution. If that contract is subject to the Service Contract Act of 1965 (SCA), your next challenge is even more critical: ensuring compliance. Designed to protect service workers on federal contracts, the SCA requires […]
DCAA Audits are significant events but not necessarily a cause for concern. Some audits, such as the Pre-Award Audit, are positive indicators, because it indicates that the contractor is in contention for a contract. There are three major types of DCAA audits you should prepare for: Pre-Award Audit: A sign that you’re in contention for […]
