How Do I Perform DCAA Compliant Timekeeping?

When you first get into a government contract, you may be overwhelmed by all of the different rules that you will need to follow. While you have your own rules and protocols in place for employees and workers, they may not match up with some of the requirements that you now have through DCAA. This means that you will need to make some changes to ensure that your business is going to stay safe and will be paid during the work. 

The regulations through DCAA are clear about how far adherence is going to be audited so that contractors know all about this before they even get started. Much of this is going to follow the DCAA Contract Audit Manual for those who need a refresher. The instructions that are found in this book helps the company know how to plan for any audits, the cost accounting standards, and how to get an audit report when it happens. 

Many times the contractor is going to use some kind of technological solution to help automate the process that is required to report contract-specific data while providing the type of supporting documentation that is needed. Defense contractors will need to use certain types of labor systems, ones that have the right internal controls. Otherwise, they will not be in compliance with the work that they are doing. They also need to consider having a training program to make sure that their employees are aware of some of the changes. 

Many contractors are going to use DCAA accounting firms to help them operate well. This is a good way to avoid any of the problems that come up along the way, especially if you are new to doing this kind of work in the first place. These outsourced accountants will focus on DCAA and will often have experience and knowledge to make sure that the timekeeping procedures are acceptable and meet the standards. This is going to free up a lot of valuable time to allow the contractor to do their job, rather than all the accounting. 

When it comes to DCAA timekeeping compliance, one of the best ways to make sure that you are compliant and not going to break any of the rules along the way is to hire an outside source, someone who knows how to be compliant and will ensure that you do not end up with a big mess on your hand along the way. They can take some of the hassle away and make sure that you are going to be set during the contract.