This section addresses Adequacy of Accounting, Bid Proposal, Management and related systems.
Policies, Procedures, Internal Controls
Paul, is there a template or guide for starting the process of developing Policies and Procedures for Government Contract Cost and Pricing that addresses the requirements of the FAR, DCAA, and DCMA? YES! We like to keep things as simple as possible, when possible. We compiled from experience and many
Policies, Procedures, Internal Controls
Line of Credit - Payback in Full or Monthly Payments? Should you keep your outstanding line of credit and pay down like a loan or should you pay it back in full once invoice funds come in? RESPONSE: I recommend you pay most of the line back initially and for
Policies, Procedures, Internal Controls
Understanding the Intent and Letter of the law as it pertains to small prospective contractors accounting systems. Despite all of the various focus and opinions that are discussed on this topic, the following depicts my SME interpretation and preferred applicability of the current guidance and objectives to auditors, government procurement
Policies, Procedures, Internal Controls
INQUIRY: Can you tell me how long we need to keep Time sheet records? I have heard 4 yrs and several others. Not sure which is correct. Also expense reports? RESPONSE: There are General Guidelines but other factors pertaining to the specific contractor and even contract type may come into
Policies, Procedures, Internal Controls
INQUIRY: I received a vendor discount when I paid the invoice early on a FFP (Firm Fixed Price) contract and I do not know how to enter that into my accounting system under DCAA regulations. RESPONSE: FAR states the contractor is responsible for having a system in place for seeking
Policies, Procedures, Internal Controls
INQUIRY Hey Paul, I had a quick question that I’ve been unable to find the answer for. We have some employees that have excess PTO (Paid Time Off) at the end of the year and would like to let other employees without PTO use the time. As a company,
Policies, Procedures, Internal Controls
Note: Because government guidelines and requirements are constantly revised, Please check all references and numbers cited for any applicable revisions. Inquiry: Dear Paul: I attended your conference of months ago sponsored by the SBA. It was an excellent presentation. I want your opinion on the following because talking to many
Policies, Procedures, Internal Controls
Issued by: DEPARTMENT OF DEFENSE Subject: Questioned Hours on Time-and-Materials (T&M)/Labor-Hour (LH) Contracts are targeted for Disallowance. A memorandum was issued to clarify guidance on reporting questioned labor costs relating to exceptions taken to labor hours billed/claimed on T&M and LH contracts when labor
