It is required according to the Federal Acquisition Regulation or FAR that you make your accounting system DCAA compliant. This is mandatory required of the government for and from any government contractors or businesses that work on government projects and funds or have cooperative agreements with the government regarding the projects and its grants. In order to do so you will need the help of a DCAA accounting expert who has intrinsic knowledge about DCAA complaint accounting.
Sure To Follow The Rules
The expert professional will make sure that your accounting system and bookkeeping is in accordance to all the rules set by the government and it fulfills all necessary requirements of the government to pass the DCAA audit. The expert will also make sure that you as well as your accounting systems are safe enough to avoid pecuniary measures and penalties. They will ensure that you continue to win government projects and grants. You may not know well about the constantly changing rules and regulations that govern DCAA compliance you may follow the existing ones while miss out on the latest requirements. An expert will ensure that there are no such miss outs and lacunas.
Passing The Audit
The wide and extensive knowledge of the expert regarding DCAA accounting compliance will enable you to satisfy the auditor. You must know that DCAA audit is supposed to be the most stringent of all and therefore any flaws and errors in your accounting system is undesired. If you miss out any requirement or unintentionally make any error it may be termed as a deliberate act by the auditor citing that your intent was to misuse government funds. In such situations your payment may be deferred and you may even lose future projects and grants.
Inclusions In The Accounts
Therefore, it is important that your account and bookkeeping contains all the necessary inclusions that are required for DCAA compliance. Such elements include Indirect Cost Submissions or ICS, contract costs, times and materials management and lots more. With the help of the expert you can upgrade your existing accounting system to make it DCAA compliant.