Businesses serving the federal government face unique challenges and compliance requirements. Government contractors must apply Generally Accepted Accounting Principles (GAAP), Federal Acquisition Regulations (FAR), and Cost Accounting Standards (CAS), as well as other government standards. The Defense Contract Audit Agency (DCAA) helps enforce the rules and guidelines created by FAR and CAS to ensure tax dollars are being spent wisely.
To be a successful government contractor and continue acquiring contracts, businesses must be able to complete a DCAA audit. Our experienced DCAA CPAs know what the government needs to see, how to maximize government contract reimbursements, and how to maintain compliance with FAR and CAS regulations. Clearly documenting how businesses use money from government contracts and the results achieved, as well as following specific accounting and bookkeeping techniques are required.
While DCAA provides various checklists and tools to assist with reporting requirements, the process can be complicated and confusing. At Wendroff & Associates, we provide accounting, bookkeeping, and tax services to ensure that businesses can meet the requirements of federal contracting rules.