Benefits Of Hiring A DCAA Accounting Expert For Accounting Compliance

Posted by DCAA Accounting Compliance on December 19th, 2017

If you are unaware of DCAA compliance then be informed that it is made mandatory by the government to follow DCAA compliance. This will ensure that you continue to get government contracts and grants along with cooperative agreements. There are lots of formalities and norms that you will have to follow to make your accounting DCAA compliant and if you do not know about the process, the inclusions and exclusions that are necessary and how to go about it, then the best thing for you to do is hire a professional or a company that knows all about DCAA compliant accounting.

Upgrade Your Accounting System

When you want to upgrade your accounting system to DCAA compliance accounting and hire a DCAA accounting expert for that purpose, you should first have a clear concept about DCAA and its compliance. This will enable you to stay updated about the set standards that are required to maintain in your accounting and bookkeeping process. This will also enable you to win more and more government contracts. You will be confident enough to meet with the challenges of it and be ready with your accounts and records for DCAA audit. This confidence will enable you to pass the audits easily and mind you such audits are very crucial and critical.

Support Cost Type Contracts

DCAA or the Defense Contract Audit Agency is the sole and authorized agency that oversees the accounting processes and practices followed by all government contractors. The sole intent of such regulation and control by a centralized agency is to support cost type contracts that are offered by the government. If you are DCAA compliant then you can win such contracts that are offered from time to time. You as a government contractor must make sure that your company meets all the requirements of the government. Such accounting and checks also ensures that you have desired financial strength and capacity to complete the government project on time and comprehensively. That is the reason more and more companies are taking help of expert DCAA Accounting Services.

A Complicated Process

Since the entire process of such type of bookkeeping and accounting is complicated it is wise and best to take help of a reputed and reliable DCAA compliant accounting service company. This will ensure that no required aspect and element of DCAA accounting is missed and you lose the opportunity to win government contracts anymore. There are several such agencies offering Dcaa Consulting Services but make sure that you choose the right one from them after checking their credentials, projects and previous track records. Once dine, you can rest assured your account will pass the stringent DCAA audit with flying colors.

Help For ICS

Indirect Cost Submission or ICS is a very crucial aspect of government accounting as per Federal Acquisition Regulations or FAR. This especially required for those government contractors that work on cost reimbursable contracts. Without submitting incurred cost submission paperwork to the government you will lose your contract and also the opportunity for any reimbursements. This is lengthy and precise paperwork that covers crucial aspects of the project like the time spent on the contract, the contract cost, the materials used for the project and much more. It is a very complex process and therefore you will need the expertise of a professional well adept with DCAA compliance accounting.

Burden For Small Business

This type of strategic bookkeeping is really an arduous task, especially for the small businesses, and requires a lot of time, effort, knowledge and expertise. Hiring an expert consultant who has extensive knowledge and lots of experience about DCAA compliance accounting will help you to navigate through the entire process easily and effectively. You must remember that the incurred cost submission paperwork must be submitted within 6 months of the current financial year to the government to be eligible for cost reimbursement. You must follow the set norms of DCAA compliance while preparing this paper and may also apply for an extension of time just to ensure that the paperwork is done correctly.

Reviews And Audits

Rest assured that there will be a lot of reviews done to your accounting. This is done to ensure that there are enough adequacies in the accounting and the ICS document. The reviews also ensure that all the schedules and needs are met with so that you continue to get government approvals and contracts. The expert will take care that you do get it with their expert service regarding accounting system and provide information about unallowable costs and much more.