QuickBooks and DCAA Compliance – Q&A Overview The question regarding QuickBooks and DCAA compliance, or QuickBooks as a pre-approved accounting system comes up frequently. Many companies resort to much more costly platforms thinking that they must in order to be DCAA compliant. The following will hopefully shed some light on DCAA approved or compliant accounting systems.
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In performing a DCAA audit, the auditors seem to concentrate on various hot topics during the audit process and review. Proper preparation and procedures are good for the management of your government contracting business and can save you a lot of time and aggravation at the time of an audit. The items below are typical hot topics
Every federal government purchase anticipated to be valued from $2500 to $100,000 is automatically set-aside for small businesses as long as there are at least 2 companies that can provide the product/service. Contracts over $100,000 can be set aside if enough small businesses are able to do the work. Contracts over $500,000 have to include
An important milestone for government contractors and particularly to negotiated contracts is an adequate cost accounting system. Further, in today’s contracting environment having an adequate accounting system can be a pre-requisite for contracts. Today many Requests For Proposals (RFP) require it.
The need for a compliant accounting system depends on the contractor’s circumstances and contract types. For instance