For as long as I’ve helped clients unravel their billing issues with the government, I’ve always been impressed with the service from the Defense Finance and Accounting Service (DFAS) help desk. Help desk agents are very knowledgeable about the DFAS payment system and the intricacies of Wide Area Workflow (WAWF). They quickly isolate the problem for any billing issue I have. True, it does take some time to get through on a call sometimes, especially during peak work hours. Still, whenever a voucher is rejected or placed on hold by DFAS, it usually takes only a few minutes on a call to find a solution.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.
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CFO Cashflow Management - Part II
CFO’s in the government contracting environment will learn it’s no easy feat knowing how and when to get paid. These terms are spelled out in each contract or grant which may include some of the following methods:Read More
For many seasoned government contractors dealing with the Department of Defense, the Wide Area Workflow (WAWF) system is already a familiar tool. It may not be a well liked tool, opinions vary on this system, but many contractors are already using this tool. The system is continually being refined so that it can do more things and, at the risk of sounding facetious, easier to use. There were revisions to the system in 2013 (March 2013, version 5.4.0 & July 2013, version 5.4.1) and again this year (January 2014, version 5.5). A lot of the changes in the last year are minor in nature but some are worth noting:
The most important thing for any business is to generate revenue and then collect that revenue. When there is a difficulty in collecting the revenue that was generated, the business can suffer from cash flow problems. It has been estimated that 70% of businesses that go bankrupt were profitable when they closed their doors. In addition, if a small business only plans cash flow once per year, they are nearly three times more likely to go bankrupt than a small business that does monthly cash flow planning. If this is so critical, shouldn't more small businesses pay attention to this management tool? The answer is yes but in many cases, unfortunately, the business owner my either not know how or not realize they should do this or have the knowledge or expertise to do it properly. The savvy business owner will enlist the help of someone or some organization that can help them with this critical task. This task becomes more onerous when the business is a government contractor. The cash flow analysis itself may not be any more complicated, but the factors that affect the cash flow may be more dynamic. It is smart to employ an expert to help the small business in this area.