Government Contractors
What is Uncompensated Overtime? Understanding DCAA Timekeeping Requirements
Government contractors are required to track uncompensated overtime worked by employees. This is often confusing for contractors, since there’s no additional cost associated with salaried employees who work more than forty (40) hours per week. In this article, we explore uncompensated overtime, and why it’s important when working with the Federal Government. What is uncompensated…
Read MoreWhat is the DCAA? All You Need To Know as a Government Contractor
The DCAA, or Defense Contract Audit Agency, provides audit and financial advisory services to the DoD and other federal entities responsible for acquisition and contract administration to ensure the government gets the best value for every dollar it spends on defense contracting. DCAA operates under the authority, direction, and control of the Secretary of Defense…
Read MoreUnderstanding Incurred Cost Proposals: Avoiding the Top 5 Audit Issues
All federal contractors with cost-type or time and materials (T&M) contracts with cost-type contract line items (CLINS) are required to submit an Incurred Cost Proposal regardless of agency customer. All contracts requiring an Incurred Cost Proposal will include the Federal Acquisition Regulations Allowable Cost & Payment Clause and/or the T&M Payment Clause. What is an…
Read MoreUnderstanding Allowable Costs Speeds Reimbursement: 6 Best Practices for Avoiding Unallowable Costs
Understanding which costs may be allocated to a direct or indirect project, and billed to the government as an allowable cost speeds reimbursement of expenses, and helps avoid potential government penalties. The Federal Acquisition Regulations (FAR) provides official guidance and numerous examples of allowable and unallowable costs. Here we will discuss what is and is…
Read MoreAre You Ready for a DCAA Floor Check?
DCAA floor checks can be a nerve-wracking experience for federal contractors. DCAA performs these surprise audits in order to make sure government contractors are accounting for their labor properly, and following required regulations. Here are 9 common questions we hear frequently about DCAA floor checks, along with our answers to help you be best prepared…
Read MoreGovCon 101: What Contractors Need To Know About Indirect Rates
Jennifer Eubanks recently authored the council post, GovCon 101: What Contractors Need To Know About Indirect Rates In the first article of this series of articles related to selling to the federal government, I discussed federal acquisition regulations (FAR), cost accounting standards (CAS) and the types of contracts issued by government agencies. In the second article, I expanded…
Read MoreGovCon 101: What Contractors Should Know About Accounting For Government Contracts
Jennifer Eubanks recently authored the council post, GovCon 101: What Contractors Should Know About Accounting For Government Contracts In a prior article, I wrote about the appeal of counting the Federal Government as a customer, because of the size of the government’s budget, as well as its creditworthiness. In that article, I discussed Federal Acquisition Regulations…
Read MoreThe Complete Guide to DCAA Pre Award Audits: An 8 Point Readiness Checklist
What Exactly is a DCAA Pre Award Audit? A DCAA pre-award audit is a mandatory requirement for all defense contractors awarded cost reimbursable contracts. It is designed to assess the contractor’s ability to properly account for contract costs, and it is conducted before any contract funding has been released. A pre-award audit is not a…
Read MoreJennifer Eubanks Forbes Feature Article: What Prospective Contractors Need To Know When Preparing To Bid For A US Federal Government Contract
Jennifer Eubanks was recently featured on Forbes with her article: What Prospective Contractors Need To Know When Preparing To Bid For A US Federal Government Contract It can be appealing to count the federal government as a customer. The government spends significantly each year and pays its bills. Furthermore, government spending typically increases in times…
Read MoreWhat is an Adequate Accounting System? 10 Questions to Determine if Your Accounting System is Adequate for Government Contracts
In many cases, having an “adequate accounting system” is an integral part of successfully winning and performing on Federal contracts. Many companies find it challenging to determine when accounting system requirements are triggered and how to navigate obtaining a determination of adequacy. Our clients and prospects unanimously have the same questions. Since these questions are…
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