Estimated read time: 6 minutes Key Takeaways Point 1: The Immediate Fix. Stop treating audit prep as an annual fire drill. True compliance means embedding an automated, contract-level cost ledger structure into your monthly close routine—ensuring every direct transaction satisfies FAR 31.201-2 standards before an invoice is generated. Point 2: The Compliance Risk. Operating an un-reconciled or reactive accounting system invites immediate administrative disasters. Under DFARS 252.242-7005, significant deficiencies in your cost accounting internal controls allow… Read More
Government Contractors
Timekeeping Setup for DCAA Compliance | GovCon Wednesday
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
Direct vs. Indirect Costs: GovCon System Setup | GovCon Wednesday
Estimated read time: 6 minutes Key Takeaways Point 1: The Immediate Fix. Consistency is an absolute legal mandate under FAR Part 31. You cannot classify an expense as a direct cost on one contract and an indirect cost on another when the underlying circumstances are identical. Point 2: The Compliance Risk. Treating direct vs. indirect classifications as a casual data-entry task creates immediate exposure. Under DFARS 252.242-7005, system deficiencies in cost structural accounting can… Read More
Jury Duty Leave Explained: Pay, PTO, and Compliance for Employers
GovCon Wednesdays – Estimated Read Time: 6 minutes Jury duty is one of those areas where compliance, payroll, and employee expectations all intersect—and where many companies unintentionally get it wrong. At first glance, it seems simple: an employee is called to serve, and the company adjusts. But once you factor in salary rules, PTO policies, and state-specific requirements, the situation becomes far more nuanced. For government contractors especially, how you… Read More