Navigating DCAA Compliance: An Introductory Guide for Small Businesses
For small businesses entering the realm of government contracting, understanding and adhering to the Defense Contract Audit Agency’s (DCAA) compliance requirements is crucial. This introductory guide provides an overview of essential practices and tools, including DCAA compliant accounting software for small businesses, DCAA compliant timekeeping, and more, to help ensure your operations align with DCAA […]
Cost Accounting Standards for DCAA Compliance
DCAA Assessed Cost Accounting Standards Navigating the Defense Contract Audit Agency (DCAA) compliance landscape may require an understanding of Cost Accounting Standards. Congress passed a law in 1970 to establish a Cost Accounting Standards Board (CASB) to address concerns over the lack of control and consistency in Defense contract cost accounting practices. CASB developed standards […]
White Paper: Developing A Chart of Accounts for Federal Contracting Compliance
Comprehensive Guide Offers Key Insights for Navigating Cost Accounting and Regulatory Requirements. PROCAS today announced the release of a new white paper: “Developing a Chart of Accounts for Federal Contracting Compliance: Requirements and Recommendations” written by Jim Wesloh, Founder and President of PROCAS. This comprehensive guide for developing a Defense Contract Audit Agency (DCAA) compliant […]
Developing a Chart of Accounts for Federal Contracting Compliance: Requirements and Recommendations
Navigating the complex landscape of federal contracting and cost accounting requires an understanding of the Federal Acquisition Regulation (FAR) and Generally Accepted Accounting Principles (GAAP). This article explores essential aspects of cost management, emphasizing the distinction between direct and indirect costs, and addressing the treatment of unallowable costs to align with both GAAP and FAR […]
Selecting the Best Accounting Software for Small Government Contractors
In the unique and competitive landscape of government contracting, small businesses face distinct challenges, especially when it comes to managing finances. The right accounting software is not just a tool for keeping the books in order; it’s a critical component for compliance, efficiency, and securing future contracts. Among the myriad options available, PROCAS stands out […]
Completing Incurred Cost Submissions (DCAA’s ICE Model)
What is an Incurred Cost Submission? Incurred cost electronic submissions are compilations of various schedules of your costs, presented in a specific way, submitted to the DCAA for their review and audit. The submitted ICE model is a true up of your actual indirect costs incurred over the prior fiscal year to what was provisionally […]
PROCAS has Achieved a SOC 2 Type 2 Report
PROCAS invests in establishing and maintaining currently recommended security practices to make sure your data stays safe. Today, we’re excited to share a milestone achievement in our continuous improvement process! PROCAS has achieved the AICPA Service Organization Controls (SOC) 2 Type 2 report with an unqualified audit opinion. In addition to our SOC 2 Type […]
Change in Government Fiscal Year
For clients that operate on a government fiscal year basis, please remember to address the following items in accordance with the year change on October 1st! Required May Be Required* *If you operate on a calendar basis but have contracts that operate on a government fiscal year basis, not all of the above items will […]
Types of DCAA Audits for Government Contractors
Being the largest purchaser of goods and services in the world, it is no wonder that businesses large and small want to work with the United States Federal Government. With an average of $500 billion spent annually, many view federal contract procurement as a potential revenue stream to grow their business. However, many of these […]
How PROCAS Addresses the SF1408 for Government Contractors
One of the biggest challenges government contractors face is putting together a compliant system that passes DCAA requirements. As most know, developing a DCAA compliant accounting system is a little more complicated than just purchasing accounting software. It is the total incorporation of a company’s best practices, policies, and procedures into a system that allows contractors to […]
