Loading...

Category Archives for DCAA Compliance

DCAA Compliance & time and attendance software

Adequate DCAA compliant timekeeping practices are critical to securing a contract award. Often deficient DCAA compliance & timekeeping is the reason contractors fail the audits. Below are the key requirements and best practices for DCAA compliance. Web-based timekeeping systems are acceptable provided the key requirements are followed.

DCAA Compliant Timekeeping Software for Consultants

DCAA Compliant Timekeeping Software for Consultants

The Importance Of DCAA Compliant Timekeeping Software For Consultants

Consultants need to project an air of professionalism and expertise at all times, especially when working for the government. After all, how can you expect your clients to trust you to offer sound advice and guidance if you can’t manage your own business? One of the most crucial aspects of this is proper time management. Keep reading to learn more about DCAA Compliant Timekeeping Software for Consultants.

Keeping track of the hours you spend working for your clients down to the last minute is essential, but the old-fashioned methods of doing so can leave a lot to be desired. Spreadsheets and other traditional techniques create room for human error and often involve hours of tedious, mind-numbing work.

Hour Timesheet offers a comprehensive timekeeping software for consultants that eliminates many of the potential hang-ups that could impact your operations and reputation. Our DCAA-compliant platform means you’ll always be on top of your timekeeping and satisfy even government clients. Keep reading to find out more about what our timekeeping for consultants can do for your office.

Why Time Tracking Matters So Much for You

As a consultant serving the public sector, the expectations are high. You need to be as transparent and forthcoming as possible because taxpayer dollars are being spent on your services. If you can’t provide an accurate and dependable accounting of all billable hours, you run the risk of losing out on the contracts you need to stay afloat. If agencies have any reason to doubt your ability to get the job done or your honesty, they will find someone else.

Not only that, but keeping accurate records of the time you spend on each contract is crucial for determining which ones are worth it for you. Using our timesheet software for consultants will show you at a glance which clients are delivering the most return on your investment of time and effort.

How Our Software Helps You

When you see the wide range of features included in our timekeeping software for consultants, it’s easy to see the benefits it can bring to your operations. As a DCAA-compliant solution, you can rest assured that it will meet even the most stringent standards of accounting time and attendance. You’ll be ready for any and all audits your government clients may throw at you.

Keeping track of hours is simple and easy, with the ability for your team to update their time from virtually anywhere through their smartphones or other devices. You’ll be able to see everything spelled out for you and any other interested parties. We also provide you with the ability to generate extremely accurate job cost projections, enabling you to give estimates that will be as close to the final bill as possible.

Consulting means selling your ability to keep all the bases covered at every moment. Being able to provide detailed and precise reporting of everything you’ve been doing for your client base is crucial for building trust and winning new business. Hour Timesheet delivers a solution simple solution for DCAA compliant time tracking software for consultants. If you want to learn more about our software or get started with a free trial, get in touch with us today.

Start Free Trial

DCAA Compliant Timekeeping Software for Contractors

Why DCAA Compliant Time Tracking Software For Contractors Is A Must-Have

Contractors who work for the government know how critical it is to manage time effectively. Without proper management of everyone’s hours, costs can balloon out of control quickly, hurting the chances of gaining additional contracts in the future. Although it’s absolutely essential to keep tabs on time spent, tracking hours by hand can be a laborious process in its own right.

Fortunately, Hour Timesheet offers a fast and easy solution in the form of our time tracking software for contractors. This DCAA-compliant platform is the most powerful tool found anywhere, streamlining the process and preventing human error. Read on to learn

Why Time Tracking Is So Important

Working for the government means you have a responsibility to taxpayers. Your business must report all work done on each project accurately and with complete transparency to ensure public funds are being spent as prudently as possible. Without clear and accurate reporting, there’s a real possibility that you could lose out on future contracts with the same agency because your company will be viewed as a risk.

On top of those concerns, you also want to make sure that any contract you accept will be worth your time and efforts. That’s really only possible if you have a complete and comprehensive understanding of how much time you’re actually spending on each assignment.

Using time tracking for contractors means you can see at a glance which jobs took up most of your resources and help you determine whether or not you have the bandwidth to take on more at the moment.

How Hour Timesheet’s Solutions Can Help You

Our contractor time tracking app is fully equipped with a wide range of features to help you bring your timekeeping under control. Perhaps most importantly, our platform is completely

DCAA compliant, meaning you will be prepared for any surprise audits from the government that come your way. Our software meets all the most stringent requirements for time and attendance accounting, ensuring you will be covered.

In addition to the robust time-tracking tools found within our solution, we also provide you with accurate job cost projections. All you need to do is enter the bill and pay rate details for each employee’s job code, and it will automatically generate reports that enable more precise estimates for clients. You also have the ability to manage employee leave more effectively and track employees’ locations in real time.

The compatible mobile app also gives your workers the flexibility to update their hours from their smart devices virtually anywhere they are.

Although the expectations are high for you as a government contractor, you don’t have to stress about your time tracking. Hour Timesheet provides you with a full-featured software solution that makes the entire process as simple for you as it can be. If you’d like to learn more about what we can do for you or are ready to get started with a free trial, reach out and get in touch with one of our representatives today.

Start Your Free Trial

a QuickBooks ProAdvisor Can Help With DCAA Compliance

QuickBooks ProAdvisor & DCAA Compliance Specialist Partner with Hour Timesheet

For any business, today, having good bookkeeping and accounting records in place is very important. This is particularly true for organizations that do business with the Department of Defense (DoD) and may be subject to a DCAA compliance audit. For those that are looking for support with this, working with a QuickBooks ProAdvisor can be a great option. These advisors can offer a range of services to help your business and remain in DCAA compliance.

What is a QuickBooks ProAdvisor?

QuickBooks continues to be one of the most popular accounting programs for businesses of all sizes. For those that would like to start using this program, finding a way to convert from existing accounting programs and integrate it into their business is very important. A QuickBooks Online ProAdvisor can help with this. They can offer a range of services to help you integrate your existing accounting program into QuickBooks and ensure you are getting as much out of it as possible.

What is DCAA Compliant Timekeeping?

The Department of Defense is a major organization that does business with many vendors across the world. Generally, they will provide payment for services that will include costs that you have incurred. This can include hours worked by yourself and other employees with your team. The process of DCAA compliant timekeeping involves properly tracking hours and accruing them to the right project while retaining all necessary records.

How Can a QuickBooks ProAdvisor & DCAA Compliance specialist Help you?

If you are trying to improve your DCAA accounting practices, working with a QuickBooks ProAdvisor is a good idea. These professionals can offer various services that will ensure your accounting practices are up and running properly. This can include upgrading your accounting program to ensure you have a DCAA-approved accounting system that will properly account for your DCAA-related hours and all records are properly kept.

When Should Someone Hire a QuickBooks ProAdvisor?

There are various situations when hiring a QuickBooks ProAdvisor & DCAA Compliance specialist will be a good idea for your business. One situation will come if you start to enter into contracts with the DoD or other governmental agencies. The QuickBooks Advisor will help by giving you the support you need to establish your accounting processes to ensure they are DCAA compliant. Even if you are not entering into these contracts, a QuickBooks ProAdvisor can still be helpful as they can help you establish QuickBooks and integrate it into your business while ensuring you are using it as well as possible.

Hiring a QuickBooks ProAdvisor & DCAA Compliance specialist can be a great idea. These services can help ensure that your accounting processes are up and running properly and that you are complying with any DCAA requirements. When you need to find a QuickBooks ProAdvisor and are looking for this support, working with Hour Timesheet is a great option. This company can offer various services with QuickBooks and other record-keeping needs to keep your company organized and efficient.

Learn More
How to Get Ready for a DCAA Audit

How to Prepare for a DCAA Audit

Both the Department of Defense (DoD) and NASA are very significant parts of the overall United States government. As this part of the government handles some very important tasks, they are required to outsource a lot of work each year to independent companies that will enter into contracts. As part of any contract, you will be required to allow for audits to be completed by the Defense Contract Audit Agency (DCAA). There is a lot that should be understood about what is involved and how to prepare for a DCAA Audit

What Triggers a DCAA Audit?

The DCAA contract audits can take place from time to time for any business. There are various factors that can trigger an audit to take place. Many of the times, you will go through a routine audit process that is completed based on a random draw. You may also be selected for an audit if you have not gone through one in several years or are in a new contract. The DCAA may also select your organization for these audits if there are any inconsistencies or red flags in the materials that have been presented.

What Do They Look for in a DCAA Audit?

There are various forms of audits that the DCAA can test, which can vary based on the types of services and cost structure of your business. Some of the most common forms of DCAA audits include forward pricing, incurred cost, and compensation and benefits audits. These cost-reimbursement contracts for compensation and materials continue to be among the most common.

During these audits, the DCAA will look to validate the information you have submitted as part of a reimbursement. This can include making sure that you have proper invoices and payroll records set forth. Generally, the DCAA will ensure that you have the proper equipment and software in place to comply with these types of contracts before the contract even begins. Hour Timesheet offers a variety of services that can help ensure you are properly documenting this information and are prepared for the upcoming audit.

How to Prepare for a DCAA Audit

Going through a DCAA audit can be a stressful experience. However, these types of audits do not need to be stressful for government contractors.Eventually, they can even feel quite routine and the use of products and services offered by Hour Timesheet can be helpful as well. There are various tips that can help you properly prepare for these audits.

Keep Current Books and Records

One of the best ways that you can prepare for these audits is to ensure that you are always ready for them to walk in. This part of the process should include making sure that your books and records are updated in real-time, that you spend the time necessary to double-check reports before sending them out, and that you have a process in place to gather information and reports when needed for an audit. Luckily, Hour Timesheet’s time tracking software integrates directly with QuickBooks, Gusto and ADP systems, which makes payroll and accounting processes much easier.

Audit Yourself

When you want to make sure that you are prepared for one of these audits, another great tip to follow is to audit yourself and your company from time to time. Anyone that has gone through a DCAA audit will know what they are looking for. Establishing a regular internal audit process to copy this process will benefit your organization in several ways. A proper internal audit of your records will ensure your books and records are in good order, that your team members are prepared, and that you will receive good results when the time comes. To make it even easier, use a DCAA compliance checklist, and keep track of areas where you excel, and where you can improve.

Ultimately, all government contractors should be prepared for an audit at all times. While this can seem like a stressful experience to go through, those that are prepared will have received much better overall results. Reach out to Hour Timesheet today to learn more about how we can help you prepare for a DCAA Audit

Guide to Incurred Cost Submissions

A Guide to Incurred Cost Submissions

Obtaining a contract with the Department of Defense (DoD) can be a great win for any business. When you do have a contract with the DoD, you can typically expect that it will be long-lasting and provide you with a good revenue stream. As part of signing any DoD contract, you will need to fully understand your requirements for seeking reimbursement for costs. Part of this can include knowing how to follow the proper protocol for incurred cost submissions.

Why Do You Need to Submit Incurred Costs?

The DoD frequently has contracts with companies that will provide a reimbursement for costs incurred by the company. This can include wages, benefit allocations, material and inventory costs, and other expenses related to providing the product or service. Due to the size of the DoD, they frequently partner with the Defense Contract Audit Agency (DCAA) for routine and targeted audits. These audits will seek to ensure that the incurred costs were filed properly and accurately. This is why companies who work on government contracts must ensure that all processes remain DCAA compliant, in the case that an audit is performed.

What Are Examples Of Incurred Costs?

When you are going to submit an incurred cost report, it is important to know what costs are frequently included. In general, incurred costs should be any costs that were necessary for you to provide the DoD with the agreed products or services. These can include direct costs such as labor, benefits, and materials. It can also include indirect costs such as allocation of overhead spending, security, and administration. The programs offered by Hour Timesheet can help you better understand what your incurred costs are, by making it easier for employees and contractors to track the proper time. Plus, Hour Timesheet integrates directly with QuickBooks , Gusto and ADP, to make payroll and accounting processes more efficient.

Who Is Required To Submit An Incurred Cost Submission?

An incurred cost submission is generally required for any vendor that performs services for the DoD. There are carve-outs for this requirement that could change your requirement based on the type of contract that you have in place. Most of the time, you will need to have these reports sent in by June 30 following the end of the prior fiscal year.

What Needs To Be Included In The Submission?

The purpose of the submission is to ensure that you are reimbursed for any costs that you incurred for providing the service to the DoD. You should always include all direct costs and provide any information that you have to support your expenses. This typically will largely include receipts from inventory suppliers as well as payroll registers. The products and services offered by Hour Timesheet can help make it easier to keep records and stay DCAA compliant while ensuring the right information is included in your cost submission.

There are also going to be indirect costs that can be harder to allocate. For these, it is important to list all of your indirect costs and also complete any supporting schedules that are needed to validate the costs you incurred as well as the fair amount to have reimbursed for the DoD.

What Happens If I Am Audited By The DCAA?

The DCAA frequently audits vendors. These can be random, targeted, or completed on vendors that have not gone through the process in a while. A large part of the process for a DCAA audit will aim to verify that the internal cost submissions were fair and accurate. To ensure that you are prepared, you should always keep your records and supporting schedules handy so you are able to answer any questions that can arise. Completing your own internal audits can also help with overall preparation. If you’re not sure your company meets DCAA compliance requirements, Hour Timesheet offers resources to help.

Ultimately, having a contract with the Department of Defense can be a great deal for any business. While there are a lot of opportunities to grow with the DoD, the contracts can be complicated and often require that you send in an incurred cost submission at least once per year. This will be a large factor in determining the revenue you receive as part of the contract. When you need help with your incurred cost submissions or any other support with your DoD contract, contact Hour Timesheet to learn how we can help your company with DCAA compliance.

ADDITIONAL LINKS Product View Case Studies Partners Knowledge Base Blog News FAQ

CONTACT US

(888) 780-9961
support@hourtimesheet.com

Contact Sales

Hour Timesheet is owned and operated by Mission Critical SaaS LLC Terms Privacy Cookies Copyright ©