Detailed And Accurate Incurred Cost Submissions By Experts

For those of you who have already worked for government projects, you are aware of stringent accounting stipulations that the DCAA imposes before awarding the contract. Moreover, preparing that counts will depend largely on the type of contract – the fixed cost or the reimbursable type of contract. Depending on the scale of the project, some contractors also invoke the Incurred Costs Submission on the material, as well as the time of the contract. In the case of the small businesses, the cost submission process is not just daunting but also cumbersome.

Basic submission process

Given the fact that any incorrect incurred cost submissions can fetch penalties, the process can become a liability for small enterprises. Moreover, there is the stipulation of submitting incurred costs within six months after the close of the contractor’s fiscal year. All this adds up to a complex system that only people who have years of experience in handling such account systems can deal with. To this effect, you will come across several auditors who have formerly served the DCAA and now help individual contractors with their accounts.

The daunting model

Dealing with the Incurred Cost Electronically or the ICE model that the DCAA prefers for the purpose of cost submission is a daunting prospect to many simple contractors not familiar with such complexities. Getting the incurred cost submissions schedules A through T prepared by the expert will naturally sound a better option as she or he will be able to develop the necessary submission perfectly. Often, DCAA rejection of accounts comes with remarks that are accounting jargons to the contractors who specialize in other fields. 

The specific accounts details

Since every contractor’s firm is different, the accounts and the supporting evidence too need to be prepared accordingly, in keeping with the DCAA compliance. However, none of the cost projections should be out of line with the DCAA objectives and the FAR regulations. Only veterans that have knowledge about such working principles will be able to project the right accounts submission bills that will maximize your revenue earnings. Moreover, hiring the services of such an auditor will also cut further costs of hiring an extra company auditor for your company.