New White Paper Offers Insight Into Government Contracting Timekeeping Compliance.
COLUMBIA, Md. – April 23, 2024 — PROCAS, a leading provider of financial solutions for government contractors, today announced the release of a new white paper: “Mastering the Art of Timekeeping: Navigating Compliance in Government Contracting” written by Jim Wesloh, Founder and President of PROCAS.
The white paper delves into the complexities of compliance, offering a detailed framework for adherence to federal regulations and enhancing the transparency and accountability of government-funded projects.
U.S. government contracts account for more than $700 billion annually and a significant portion relies on contractors to establish and maintain an acceptable accounting system, which includes intricate elements, such as “timekeeping” and “labor distribution.” Noncompliance can lead to holding of payments from the government to a contractor.
“Understanding and adhering to government requirements is about fulfilling obligations and ensuring integrity and credibility,” said Wesloh. “This white paper provides guidance on compliance, drawing from key documents, such as the Federal Acquisition Regulations (FAR), the Defense Federal Acquisition Regulation Supplement (DFARS), and the Defense Contract Audit Agency’s (DCAA) Contract Audit Manual.”
Some of the key areas of focus are:
- Timekeeping Mandate
- Work Authorizations
- Authentication and Timesheet Integrity
- Daily Recording of Labor
- Audit Trails for Time Entries
- Employee Certification and Supervisor Approval
- Supervisor Completion of Timesheets
- General Ledger Integration
- DCAA Floor Checks
- Record Retention Policies
- Direct and Indirect Cost Segregation
- Cost Accounting and Unallowable Costs
