If you are a government contractor and having a hard time keeping your books, you should consider hiring bookkeeping services. Outsourced bookkeepers maintain your ledgers using the right software that complies with FAR Part 31 and conform to the DCAA requirements.
As government contractors your sheets must fulfill the audit requirements of DCAA and also comply with the Federal Acquisition Regulation Part 31. You can get some support for lightening up the overheads of maintaining the financial books as per the DCAA guidelines. You need to hire a qualified service that has the knowledge of the DCAA regulations to set up your accounts, customer/job details and item lists. Government contractors are realizing that outsourced bookkeeping saves overhead costs, payroll and is a giant leap in saving the valuable time.
Outsourced bookkeepers will not only manage your financial records but provide other services as well. From making payrolls based on tax calculations and voluntary deductions to tax planning, a professional bookkeeping service will provide you all to take the load off your shoulders. Make sure that the company provides the following services:
* Monthly bookkeeping
* Outsourced accounting
* DCAA audits
* Rate calculations and cost pool configurations.
If you are using QuickBooks to manage the finances, these need to be customized to meet the specifications of DCAA. Instead of spending a fortune on various accounting services, you can hire a company for outsourced bookkeeping that has the ability of optimizing the QuickBooks for your DCAA accounting and bookkeeping requirements. You should get help from a company that connects the QuickBooks with the web based timesheet to make your task easier.
Benefits of QuickBooks
QuickBooks comes with a variety of features that help you know how well you are doing. There are print graphs and charts that are used for depicting the money spent as well as the income sources for each month. QuickBooks offers a number of benefits for both small and large companies, some of which are listed below:
* You can keep a track of all the basic transactions such as sales receipts, invoices, checks, and many others.
* You can acquire the specific information such as credits and other financial details.
* Using QuickBooks, you can manage your records with much ease.
You should contact a company that not only installs DCAA compliant QuickBooks but provides training to your employees also. To ensure that accurate information is being tracked and entered as well, some companies provide training for creating user friendly accounts chart. The company provides assistance to load the accounts charts, setup accounts of customers and vendors with the support the Indirect Cost Allocation Tool (ICAT) for the government contractors to make the QuickBooks operation much easier. Along with that, creating inventory management and reporting functions, reducing the repetitive, tedious entries with smart keystrokes and importing and exporting data to other applications is all included in the QuickBooks trainings. More details here: http://fr.slideshare.net/elizabethmeridith7/25-quickbooks-tips
24x 7 Access
You need access to your records at all times, so employ a company that offers web-based systems. The company must provide you with a round the clock convenient access to your accounting records. Some companies provide a user account and password to access updated records from the website of the company.