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When it comes to managing government contracts, establishing and maintaining compliance with Defense Contract Audit Agency (DCAA) requirements for your accounting system is essential.
In addition to understanding DCAA Accounting System Requirements, here are three best practices for ensuring ongoing DCAA compliance for your government contracting business:
Clearly written and communicated policies regarding business finances ensure that your team knows what is needed for recording and reporting financial data for DCAA compliance as well as general business operations.
Develop a comprehensive accounting policy manual as a first step. This will serve as your business’s accounting playbook, detailing your daily, monthly, and annual practices that align with DCAA requirements.
Ensuring these policies and procedures remain updated and relevant is equally important. Regular reviews and revisions make them living, breathing documents that evolve in stride with your growing business and any changes in regulatory or DCAA compliance requirements.
Training is the cornerstone of any effective compliance strategy. Your employees need to appreciate and understand the ‘why’ behind each action they’re asked to take.
This understanding can be fostered through comprehensive in-house training programs or outsourced sessions on trending DCAA compliance topics.
Remember that training is not a one-time affair. Regular refresher courses help reinforce these DCAA accounting principles and keep your team up-to-date.
Consistent monitoring and updates are keys that unlock your DCAA compliance and your business’s financial success. We recommend setting up regular intervals for internal reviews, allowing you to spot any potential non-compliance issues quickly and address them proactively.
No matter where you are on your path to winning new government contracts, our team is here to help you navigate the complexities of DCAA compliance.
If you follow the best practices outlined above and partner with a team experienced in DCAA-compliant accounting practices, you’ll find government contracting can be a stepping stone, rather than a stumbling block, to achieving your financial goals.
Click on the Free Consult button below to talk to us about your DCAA accounting compliance needs.
How to Create a Chart of Accounts for Government Contractors
