Though government contracts can be lucrative, the associated policies and procedures require specialized knowledge related to accounting for government contractors. Over the years we have developed a predefined, operational system that ensures businesses meet the demands of these government contract requirements. We partner with different solution providers to find the best options for you.
The customization and integration of QuickBooks and other 3rd party solutions allows you to seamlessly and efficiently gather employee time data for payroll, job costing, and billing – all while guaranteeing that income and expenses hit the appropriate Base and/or Pool. DCAA has become far more strict regarding data integrity, increasing audits and demanding harsh penalties when businesses do not comply.
Accounting for Government Contractors
Lescault & Walderman customizes QuickBooks’ chart of accounts, Items, and classes in a manner that allows for customized reporting, complex income and expense segmentation, and seamless integration with popular 3rd party software solutions. We are familiar with reporting requirements set forth by Federal Acquisition Regulations (FAR), the Cost Accounting Standards Board (CASB), and the Small Business Administration (SBA); and can setup an accounting system that meets your specific contracting requirements.
Time & Billing
LW partners with SpringAhead to provide a fully DCAA compliant Time & Billing solution. These services are designed to give management the tools necessary to make critical business decisions in real time, and follow the guidelines set forth by the Defense Contract Audit Agency (DCAA). We recommend that any government contractor utilize this or similar systems to manage their business financials. SpringAhead provides a tool that facilitates pre and post award DCAA audit requirements through Manager Approval functions, custom admin tools, and comprehensive audit capabilities.
Pre / Post Award Audits
A DCAA audit can be quick and easy or long and grueling depending on the structure of your accounting system and whether you followed the appropriate strategy leading up to and throughout your Contract term. Our professionals can design the proper system for you and provide guidance as you move through the different stages of your Contract. We offer dedicated assistance and years of proven experience providing accounting for DCAA contractors just like you.
For more information about our specialized DCAA, 8(a) and local accounting for government contractors, call LWI at 866-496-2042.