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Strict DCAA Timekeeping Compliance Systems With Professional Help

Posted: Jan 15, 2016
The Federal Law is careful enough in trying to save the taxpayer’s money not going into wrong hands by making use of DCAA that meticulously scans all government contracts before they are handed out. As such there are serious guides and stipulations by the agency for all financial quotes in a contract. The clauses and sub-clauses are difficult for the first-timer to understand, and even the veteran contractors are often at a loss as to how best to deal with the situation. Penalties for non-compliance are high and small businesses stand to lose out more than they can actually earn in such cases.
A red-hot issue
Apart from maintaining strict accounting standards, the other important stricture is that of the DCAA timekeeping compliance that many companies fail. It is important that you learn about this red-hot issue that the DCAA insists on for obtaining government contracts. Professionals that provide guidance on such areas will help you in developing efficient timekeeping systems before you can even think of applying for a government contract. Such professionals also help in suggesting the right practice and also employing the software that will be helpful in employing a DCAA validated timekeeping process.
Strict compliances systems
The DCAA compliance spans the length and breadth of the working principles of a company of which accounts and timekeeping are vital issues. There are also stipulated procedures to apply for a contract by filling up the relevant forms that may well appear to be daunting to people not familiar with such issues. Professionals that offer their services to small business houses usually have an extensive working experience with the DCAA having being employed there for years. This helps them to deal with the issues from the perspective of the DCAA while applying or preparing to apply for government contracts.
Developing the required awareness
The DCAA accepts both manual as well as electronic timekeeping, but only within their stipulated codes. In keeping with the DCAA timekeeping compliance, employers may have to instruct properly their employees and also carefully monitor this vital aspect of the company. The use of audit and periodic checks are inevitable if you wish your employee timekeeping to be accepted by the DCAA. But you may not be aware of the minute details that are required for either the manual or the electronic methods.
Getting the right help
In such cases seeking the help of a professional will prepare you so that you can successfully end up with a good government contract. Employing a secure labor distribution system that secures hours of work against the dollars paid for every project is one important consideration in the entire system. The labor accounts have to be reconciled monthly to the general ledger without which a failure of the DCAA compliance is inevitable. Transparency of accounts concerning labor is a fine criterion that the DCAA insists on, and you can take professional help to do it too.
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