Government Contractor Compliance Guide
Are you tired of navigating the complex and highly regulated financial standards that government contractors, like yourself, must sustain? The world of government contracts can be a daunting but fruitful business, and maintaining compliance shouldn’t be a reason to stop you from submitting your proposal. Here is our government contractor compliance guide to stay ahead of the game and put you in the best position to secure your next contract.
Regularly Review Government Requirements
Compliance requires a lot of upkeep. Keeping up with new legislation, reporting standards, and financial expectations can be a full-time job alone. It would be best to have consistent updates on your processes while conducting ongoing reviews of current government requirements to ensure your contracts remain compliant.
It’s easy to get lost in all of the legal jargon, which is why we’re here to help you organize your accounting processes and manage your financials under your contract terms.
Be Proactive With Audit Preparation
Prevent financial penalties and lost opportunities by being proactive with your audit preparation. Finding and correcting any noncompliance issues before an audit will save you from potential losses in revenue, missed opportunities, and the impending headaches that go along with an inquiry.
Conduct random internal audits consistently to catch anything you might have missed. At any given time, you should be prepared for the following to limit your risk and stay compliant:
- FAR (Federal Acquisition Regulation) – This is the primary mandate used to regulate the acquisition of supplies and services from allocated funds. This includes cost considerations, contractor responsibilities, and expectations of performance standards.
- DCAA (Defense Contract Audit Agency) – Used for maintaining fair pricing and ensuring funds are used correctly. DCAA compliance calls for your accounting system to track individual costs, billing, and labor accurately.
- Yellow Book – Used as the framework for assessing a financial statement per the Generally Accepted Government Auditing Standards (GAGAS). The Yellow Book provides the standards that all conducted audits must follow to remain objective and accurate.
Take Advantage of Dynamic Accounting Tools and Software
Do your accounting tools have sophisticated reporting capabilities? Do they help you carefully meet all of the government’s requirements? What about protecting your contract data with robust security measures? If not, consider alternative accounting solutions for managing your government contracts.
You should be leveraging the utility it provides to comply with the strict standards put in place. Using a financial system that specializes in government contracts makes the following easier:
- Tracking invoices and billing rates
- Identifying red flags in your financials
- Simplifying compliance documentation and processes
- Timely cost submission
- Adherence to financial regulations
Achieve Growth and Ensure Compliance With Lescault and Walderman
All of this can sound daunting, especially once you dive into the grit of government lingo and compliance regulations. Working with an experienced government-industry partner mitigates your risk and ensures your government contracts always maintain compliance.
If you’re struggling with the hoops to keep your contracts compliant, Lescault and Walderman can help. We’ll use our extensive knowledge to set up your bookkeeping and recommend the best accounting solution for your business, managing your financials as a dedicated partner. We hope this government contractor compliance guide will help get you started.
We understand the legal statutes of the industry and can help identify (—and remedy) any errors in your financials that don’t comply with the government regulations, so you don’t have to. Contact us today to get organized and take control of your success.