Community Tips

The Basics of Government Contract Accounting

Government Contract Accounting (GCA) is the maintenance of an organization's official financial books and accounting records, its policies, and procedures, all of which facilitate the tracking of, reporting on, and billing for, all costs, for any government contract, in accordance with the Federal Acquisition Regulation (FAR).  In order to meet
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What is Total Time Accounting, or Total Time Reporting?

Labor cost is an important element of project cost accounting, not only for the professional services industry, but for manufacturing and other industries. The US government requires that cost be allocated fairly and equitably across a company's various cost objectives, in reasonable proportion to the benefit accruing to them. A
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DCAA Compliance – the Pitfalls and the Burdens

Compliance – the Pitfalls and the Burdens Having read many articles and discussions on Compliance and related topics plus years of experience helping clients implement software and processes to aid in gaining or maintaining compliance there appear to be many pitfalls to the process. There are specific regulations regarding
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Managing Contracts by DPAS Rating

DPAS rating stands for Defense Priority & Allocations System Rating which supports the priorities and allocations authority of the Defense Production Act of 1950 which authorized the President to require preferential treatment of national defense programs. The purpose of DPAS is to assure the timely availability of industrial resources to
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Employee Time Charging Validations in SAP

Recording time properly is critical to government contractors and service provider firms.   Proper time recording is not only subject to FAR regulations and DCAA audits but is essential to manage your costs and gain insight into your project performance.   Errors in time recording requires labor intensive correction processes and can
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10 Keys to Evaluating DCAA Compliant Accounting Software

What are the 10 keys to Evaluating DCAA Compliant Accounting Software? Let's approach this on a question and answer basis. Q: Who is the DCAA? A: The DCAA is the Defense Contract Audit Agency. It was established as a separate agency of the Department of Defense in July 1965 and
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Government Compliance in SAP

The issue of accounting system compliance does not completely revolve around the software itself. Certainly a key consideration is the functionality and capability of the software employed, but even more important is the network of practices and procedures required for compliance. And most important of all are the internal control
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