Defending the Contractor: Ensuring DCAA Compliance with Time and Expense Software
One of the best safeguards in a Defense Contract Audit Agency (DCAA) audit is a reliable accounting system and impeccable records of time and expenses associated with the contract. In order to ensure compliance with DCAA regulations, it is imperative that contractors develop a consistent process for recording and tracking time and billing expenses.
According to the DCAA Contract Audit Manual, labor costs generally represent the largest component of costs associated with a government contract. Plus, unlike other types of costs, timekeeping is at the sole discretion of the contractor, without external records such as purchase orders or receipts to verify time spent on a contract. It is therefore not surprising that both timekeeping systems and individual records receive intense scrutiny during the DCAA audit process.
When faced with DCAA audits, contactors greatly benefit from software that ensures accurate project time and expense records. This paper can help ensure DCAA compliance and covers the following topics including:
- History and Mission of the DCAA
- How the DCAA Audits Contracts
- The Consequences of Non-Compliance With DCAA Regulations
- Labor Costs and Compliance with DCAA Standards
- Tools that Aid in Compliance with DCAA Regulations
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