DCAA Compliant QuickBooks®
When a company does business with the Federal Government, there are rules for the relationship between the government and the business. These rules are found in several locations, dependent on which branch of the government the company is working with and depending upon the type of award. The Code of Federal Regulations (CFR) contain many of the laws governing these transactions. For instance, Title 48 of the CFR, Parts 1 thru 51 are known as the Federal Acquisition Regulations or the FAR. Most of the government transactions with businesses are governed by some parts of the FAR, especially Part 31 that describes the requirements for contract cost principles and procedures.
The government will put the requirements in the terms and conditions attached to the award. Sometimes, it can be quite difficult to tell what requirements apply. ReliAscent® personnel have the experience and the knowledge of these regulations to quickly identify which regulations would apply. This is only the first step. Now the business must comply with all the regulations.
Is QuickBooks® DCAA Compliant?
QuickBooks® is not DCAA compliant out of the box---just like many accounting software programs. ReliAscent® can evaluate a company's accounting system, or components thereof, to see if they comply with the applicable regulations. There are several ways ReliAscent can help:
- Perform a QuickBooks® file review to verify compliance with FAR and GAAP requirements
- Perform a complete system review (General Ledger, Timekeeping, Rates, Job Costs, Policies & Procedures) for compliance with FAR and GAAP requirements
- Evaluate a company's Timekeeping system for compliance with DCAA and FAR requirements
Some of these reviews are extensive and the company should contact ReliAscent® to evaluate their specific situation and determine the cost. Other of these reviews may be offered free of charge by ReliAscent and can be a quick way to see if there are any "gaps" in the system.
Please contact ReliAscent today to see how your system measures up.