In case you have obtained a government contract, the first thing you should do is complying with the auditing agency. You have to comply with the Defense Contract Audit agency so that you can continue running your business without any issues. Additionally, you should avoid any compliance issues by being DCAA Compliant. Your company should thus have documented policies and procedures that should be followed strictly to show compliance. Additionally, you must come up with a tracking system for hourly labor charges. There are steps that you should follow to ensure that you comply with the auditors to avoid issues with the agency. Some of the steps are listed below.
Time tracking is the first thing that you should do. DCAA provides guidelines that should be followed by all companies to track time. No company is an exception to this. Thus, employees should always clock in and out. Additionally, all the projects should be allocated the correct hours and unpaid time to be recorded. More so, there should be a record showing that all employees are aware of everything.
The second thing you should know is that you ought to be straightforward. Therefore, everything you do should be clear. In time tracking, everyone is important, including the foremen, managers, and supervisors. Therefore, all the timesheets should be accurate and legible. Therefore, to make sure that the records are clear, it is advisable to use digital means.
Additionally, make sure that you take control of labor costs. This needs close monitoring because it is not the same as buying materials where you get receipts. Hence, the payment of employees should be controlled as it is different. More so, you should have accurate logs. Create daily reminders and ensure that daily entries have been stamped and logged automatically, including all revisions.
Additionally, you should get rid of the filing cabinet and use digital means. This is because keeping the hard copies of the time cards is hard as some documents may go missing. Thus, you can make your filing, and storing job to be easier and accurate. Also, you can retrieve them within seconds, no matter where you are.
Also, it is advisable to note all the hours that your employees take in, including the overtime hours. Thus, track all the hours that your employees work every day, whether they are paid for or not. Auditors calculate the project cost based on all the hours that your team has worked, including overtime. These are referred to as uncompensated hours.
Moreover, you must be able to sync your payroll with your timesheet. This is a necessity if you have taken up a contract with your local government. Thus, it is critical to see to it that your accounting system is updated. You can also get some training in case you do not know how to sync.
Additionally, always stay ready for inspections as they can come at any time. Sometimes the agency may announce their coming, but this may not happen all the time. Thus, always be prepared and make sure that all your documents are updated. This will help you to avoid any issues of noncompliance.
Time tracking is the first thing that you should do. DCAA provides guidelines that should be followed by all companies to track time. No company is an exception to this. Thus, employees should always clock in and out. Additionally, all the projects should be allocated the correct hours and unpaid time to be recorded. More so, there should be a record showing that all employees are aware of everything.
The second thing you should know is that you ought to be straightforward. Therefore, everything you do should be clear. In time tracking, everyone is important, including the foremen, managers, and supervisors. Therefore, all the timesheets should be accurate and legible. Therefore, to make sure that the records are clear, it is advisable to use digital means.
Additionally, make sure that you take control of labor costs. This needs close monitoring because it is not the same as buying materials where you get receipts. Hence, the payment of employees should be controlled as it is different. More so, you should have accurate logs. Create daily reminders and ensure that daily entries have been stamped and logged automatically, including all revisions.
Additionally, you should get rid of the filing cabinet and use digital means. This is because keeping the hard copies of the time cards is hard as some documents may go missing. Thus, you can make your filing, and storing job to be easier and accurate. Also, you can retrieve them within seconds, no matter where you are.
Also, it is advisable to note all the hours that your employees take in, including the overtime hours. Thus, track all the hours that your employees work every day, whether they are paid for or not. Auditors calculate the project cost based on all the hours that your team has worked, including overtime. These are referred to as uncompensated hours.
Moreover, you must be able to sync your payroll with your timesheet. This is a necessity if you have taken up a contract with your local government. Thus, it is critical to see to it that your accounting system is updated. You can also get some training in case you do not know how to sync.
Additionally, always stay ready for inspections as they can come at any time. Sometimes the agency may announce their coming, but this may not happen all the time. Thus, always be prepared and make sure that all your documents are updated. This will help you to avoid any issues of noncompliance.
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