There are many different types of DCAA software out there covering many different aspects of the audit, including timekeeping and accounting.
Even though you may detest DCAA as a contractor, you should not forget why it exists. The DCAA is necessary to ensure that the government is not spending taxpayers’ money on frivolous expenses or unnecessary costs.
The reason that DCAA software is so important in the audit process is because it shows DCAA that your company is professional and organized. It would be embarrassing for the government to hire a contractor that was so economically unstable, and disorganized that it could not buy DCAA software and properly use it. You should keep this in mind while buying DCAA software for your contract job.
However, DCAA software is about much more than just your firm’s appearance. Anyone who has tried to grasp the complexity of DCAA rules and regulations will know that a good record-keeping system is necessary to pass a DCAA audit. Good DCAA software is designed so that it can be customized to your business type and has all the tools and features you need in order to be in compliance for your audit.
You need to have DCAA software before you even make your contract bid with the U.S. government. DCAA will be reviewing all aspects of your firm including your accounting procedures. Additionally, you want to make sure that you know how to use your DCAA software long before the project actually begins. You will also need to train all employees who will be using the DCAA software ahead of time.
When choosing DCAA software, you should really go for the full package rather than smaller software packages that only cover part of your needs. The investment in good DCAA software with full accounting and timesheet capabilities will save you money and time and could help you land your next contract job.
Here are some of the things you should look for in DCAA software:
- DCAA software should have tools for contracts administration including project accounting, recording and tracking of contracts, and structures for task organization.
- You will need ledgers for financial reporting, project management, calculating overhead costs and for establishing indirect pools.
- One of the most important aspects of DCAA software is tracking expenses related to the contract job. Good DCAA software can track credit card purchases and automatically invoice them as well as other direct charges.
- Timesheets are an important part of your audit and you should take special notice to the features offered in your DCAA software. Make sure they are customizable.
- You will need invoices for accounting as well as contact information for your customers
- DCAA software should also include a payroll interface so that timesheets can be exported to your payroll system
There are many other features of DCAA software which may come in handy, such as online timesheets, purchase orders, and fixed asset tracking, just to name a few. What is important is that you take the time to research DCAA software and find the one best for your firm.
– DCAA News