Small Business Government Contractors and Grantees have enough on their plates just trying to keep the lights on, grow the business, and make a profit. In many cases, outsourcing certain functions like accounting, can be an efficient way to gain the expertise and help that they need to free up valuable time and focus on their direct work.Read More
DCAA Compliance Blog
Your Source for DCAA & FAR Compliance News and Discussion
ReliAscent® LLC is the only government contract accounting firm that specializes in all aspects of government contracting compliance. From our DCAA compliant accounting services, to monthly government contract accounting for all government agency awards, contract management & administration, and financial services & planning, our goal is to ensure the success of our clients, and all small business government contractors and grantees.
In our DCAA Blog, we discuss the latest government contracting news from the Federal Government, the DCAA, and DCMA, as well as promotions offered by ReliAscent, and helpful tools and resources for contractors.
We hope you will visit and take part in the discussions on our blog on a regular basis. If you ever have any questions or would like to discuss how our experts can help, do not hesitate to contact us at any time!
Government Contract Accounting - Software
Many small businesses are overwhelmed when they begin their first government contract. The ability to pass a DCAA audit for an accounting system is daunting. Many government contractors mistakenly believe that if they purchase a dcaa accounting software package that is designed to meet DCAA requirements that they are safe. Nothing is further from the truth. It is a first step to get accounting software that is designed to meet FAR and DCAA requirements but the system set up around that software, the consistent operation of that system and the retention of supportable records is also required to pass a DCAA audit. The government wants to see a full system and the compliant operation of the system to assure that they are not overcharged for the goods and services that they purchase. In addition, since they are the single largest purchasing entity in the United States, they also want to see that they get the "best deal". These seemingly simple goals have resulted in some complex regulations for Contracting Officers and also for government contractors. Today I would like to take just a brief look at the software packages that would be available to a government contractor, especially the small business, to form the backbone of their compliant business system for doing business with the Federal Government.
Ok, so you have an award from the government and you understand that there are requirements on how your accounting system is set up and operated. Where do these requirements come from? How do you know what needs to be done to make your accounting system compliant? I think it makes sense to understand the "rules of the playground". This review is fairly superficial but will help you, as a Federal Award participant, to understand more of the "why" and where it is coming from. This overview may also help you understand some of the other terms and conditions that are always attached to a Federal Award.Read More