What Do You Need To Comply With The DCAA For Timekeeping

1. What Do You Need To Comply With The DCAA For Timekeeping The DCAA just wants to avert all kinds of fraud and wastage, just as you try to achieve the same for your business. However, it can be quite a challenge to put it into practice on every project you undertake. For government contractors, it can be more difficult mainly because the government adheres to its own unique set of timekeeping rules. A government contractor can utilize timekeeping software solutions to maintain records diligently. However, it’s possible to implement this process into an existing workflow only if the contractor has appropriately configured timekeeping and accounting software programs at his/her disposal. It may seem overwhelming from where you stand, but if you tackle matters one at a time, maintaining timekeeping compliance will get easier. So, where should you begin? The best place to start is with the documentation. You have to provide a formal procedure or policy document enumerating the steps associated with accurate timekeeping to all your employees. You must do it before you face an audit session. Don’t forget to distribute the document among people who aren’t working directly on the government project.

2. Other requirements Experts of Incurred Cost Submissions say that a government contractor should always submit timesheets for everyday timekeeping. It’s the only way to ensure the highest standards. The ones submitted at the end of a week or in advance are inaccurate or non-compliant. Apart from adhering to daily time-tracking measures, you must see to it that you don’t avoid documenting even one hour. You have to record every hour of every workday, including leave times that may include vacations, holidays, or sick days. You have to enter the time to the appropriate project with the right label because it’s as crucial as entering the time. The finance team or system administrator should initiate setting up proper job codes and names, apart from authorizing and assigning employees per project. The amount of time spent working outside of a dedicated project also requires allocating to the correct place instead of leaving the same unaccounted for. Well, these are the requirements you have to fulfill to become compliant in terms of timekeeping. Contact Us Address: Edward D. Moore, dcaaConsulting LLC Email: dcaaconsulting@gmail.com Phone: 336-880-9040