All Systems Go: Making Sure You Have a DCAA Compliant Accounting System
The ability to quickly respond to an auditor's requests with accurate, complete information in a form satisfying DCAA requirements is vital for a successful audit. Consequently, it is imperative for contractors to have strong internal controls, automated timekeeping and activity based costing, explicit billing and cost records, detailed records of transactions for several years, and the processes to produce these records on short notice.
A proper accounting system is critical to satisfying government auditors and providing the information necessary for planning, budgeting, proposals, and maximization of cost recovery.
Download our whitepaper to learn the key elements of a government compliant accounting system including:
- Proper segregation of direct and indirect costs
- Accumulation of costs must be controlled by the general ledger
- FAR requires the books to be kept on a GAAP basis
Ready to grow your business? Contact us for a free evaluation of your business management systems.