Estimated read time: 6 minutes For government contractors, timekeeping is one of the most important parts of accounting system setup. Labor is often the largest cost on a contract, and the way employees record time can affect billing, indirect rates, contract profitability, and audit readiness. A commercial business may only need time records for payroll. A government contractor usually needs more detail. The company must show which hours were worked… Read More
FAR 52.232-7
ICS Essentials #4: ICS Requirements for Time & Materials (T&M) and Mixed Contracts
GovCon Wednesdays Estimated Read Time: 5 minutes One of the most common ICS misunderstandings in GovCon comes from Time & Materials (T&M) and mixed contracts. Many contractors assume T&M or partially fixed-price agreements do not require an ICS but under FAR rules, ICS requirements depend on whether the contract reimburses actual allowable costs. This installment explains exactly when T&M and mixed contracts trigger ICS filing. Core Concept: When T&M… Read More