These go for the government contractors that in the government contracting industry, one needs to know about the essential regulations and rules and guidelines. When it comes to the cost, expense, project estimation, and hiring practices, the government contractors are indeed under serious scrutiny. Irrespective of the size of the company or the industry, the DCAA guidelines require the close attention of the contractors. When you follow the guidelines rigorously, you can stay on top and continue your business relationship with the government for a longer span. When you know and follow the guidelines, you can also avoid penalties.
About the DCAA compliance
If
you want to be a DCAA-compliant contractor, then it is important that your
company’s documentation and procedure must pass the DCAA audit. The audit then
checks for compliance with regulations and requirements of the government for
the contractors. Thus, to pass the audit and achieve compliance business owners
need to focus on following the accounting system requirements, preparing
contract briefs, submission of incurred cost proposals, monitoring
subcontracts, ensuring price proposal adequacy, establishing provisional
billing rates, and creating public vouchers and real-time labor evaluation
preparation.
Training provided
When the contractors become DCAA compliant, training on Incurred Cost
Submissions is provided by private agencies. Complete
training is provided for ICS or incurred cost submission audit, recommendation
and review, managing the audit, and audit response. ICS defines the final
definite indirect cost rates that the contractors owe to the government or the
government owes to the contractors. The government contract consultants offer an
overview of the submission process and render help for everything related to
incurring cost submission. So, to gain knowledge after grabbing the DCAA
compliant certificate, it is important that you avail of the training.
