Redstone Government Consulting Blog | DCAA Audit Support (4)

Government contracts can be a great opportunity. They often come with stability, a steady income, and the chance to scale your business. But they also come with strings attached: a detailed set of rules and expectations, especially when it comes to your accounting. Unfortunately, many government contractors learn about those rules the hard way, which is after they’ve already made a mistake. In this article, we’ll walk through some of the most common accounting mistakes that can derail even experienced contractors, cost you money, or worse, jeopardize your contracts.

Topics: Accounting System Compliance, Incurred Cost Proposal Submission (ICP/ICE), Small Business Compliance, DCAA Audit Support, Quickbooks, Government Regulations, Federal Acquisition Regulation (FAR)

A while back, I wrote an article addressing the risk associated with submitting “other than certified cost or pricing data.” Nothing has changed. When you are requested to submit “data other than certified cost or pricing data,” it must be current, accurate, and complete as of the date of submission. However, you have no requirement to update the contracting officer after submission.

Topics: Proposal Cost Volume Development & Pricing, Contracts & Subcontracts Administration, DCAA Audit Support, Government Regulations, Federal Acquisition Regulation (FAR), Commercial Item Determination

Government contracting can be volatile at times, with programs being at risk, under a stop-work order, or even canceled. This can create challenges to the back-office maintenance of the contracts in your Deltek Costpoint environment. In this article, we will discuss how to navigate these challenges properly. We’ll also explore key tools and best practices in Deltek Costpoint to help streamline your contract close-out process. Our goal is to help you mitigate potential risk and maintain project control in your system.

Topics: Accounting System Compliance, Contracts & Subcontracts Administration, DCAA Audit Support, Deltek Costpoint, REAs, Claims & Terminations

While selecting the right HRIS system is a major process in itself, configuring it is a whole other piece of the puzzle. From the recruitment-to-hire process to timekeeping and payroll, it’s essential to set up the system optimally from the start to support compliance and ensure the most success as your business grows. When you add in the government contract compliance piece, the “puzzle” is even further complicated.

Topics: DCAA Audit Support, Human Resources, Office of Federal Contract Compliance Programs, Service Contract Act, UKG Ready HR Software Consulting

Accurate timekeeping is important to most businesses, but for federal government contractors, it is crucial to compliance and continued success. While timekeeping may seem like a straightforward and simple task, it can be daunting for those responsible for developing and implementing appropriate processes, systems, and audit trails. Improper procedures can quickly lead to reporting inaccuracies and audit nightmares! A well-designed process, accompanied by an accurately designed system and a well-documented and communicated policy, is critical.

Topics: DCAA Audit Support, Human Resources, Office of Federal Contract Compliance Programs, Service Contract Act, UKG Ready HR Software Consulting

Income, earnings, and proceeds are various synonyms for the term “revenue,” but regardless of the terminology, the revenue recognized and reported is a strong indicator of business performance and stability. In this article, we will discuss Deltek Costpoint’s Revenue Worksheet and the benefits of utilizing it in recognizing revenue, calculating accurate bills, and identifying project discrepancies.

Topics: Accounting System Compliance, Contracts & Subcontracts Administration, DCAA Audit Support, Deltek Costpoint

Government contracting moves fast and brings with it a dense web of compliance requirements. For small to mid-sized contractors, staying compliant with Federal Acquisition Regulation (FAR), Defense Contract Audit Agency (DCAA) standards, and other regulations, while also focusing on growth, can feel like solving a puzzle with missing and shifting pieces. Each contract award introduces new requirements for cost tracking, timekeeping, reporting, and audit readiness, often with little room for error. What’s more, evolving guidance, shifting contract types, and limited internal resources can make it difficult to build a financial infrastructure that both supports operations and withstands government oversight. Without the right support, compliance gaps can go unnoticed until it’s too late.

Topics: Accounting System Compliance, Small Business Compliance, DCAA Audit Support, Quickbooks

Deltek Costpoint’s Time and Expense module is a powerful tool utilized by many government contractors and other businesses to collect labor hours and manage business expenses. The Time & Expense module’s flexibility aids in compliance and helps keep businesses DCAA audit-ready. Employees, managers, subcontractors, and others enter their labor hours and expenses as defined by company policy and established business rules. Deltek’s Time and Expense system allows for a variety of reporting and inquiring and can also aid in budget planning.

Topics: Accounting System Compliance, DCAA Audit Support, Deltek Costpoint

One would think this is a straightforward calculation. However, nothing is that straightforward when it comes to applying the Federal Acquisition Regulations (FAR) cost principles in FAR part 31.

Topics: Accounting System Compliance, DCAA Audit Support, Government Regulations, Federal Acquisition Regulation (FAR)

Terminated contracts do not relieve a contractor from dispositioning and closing out Government property. This will become a bigger issue as more and more agencies receive funding cuts or contracts are simply terminated.

Topics: Contracts & Subcontracts Administration, DFARS Business Systems, DCAA Audit Support, Government Regulations, Government Property Management, Federal Acquisition Regulation (FAR)