Some businesses bid on government contracts and are thus subject to comply with Federal Acquisitions Requirements (FAR) and Defense Contract Audit Agency (DCAA).
They are legally required to set up their accounting system, in both financial and non-financial aspects, to a more rigorous tracking and reporting system. Small businesses use Quickbooks because it is easy to use and affordable, and it does not have the segregated staffing requirements necessary to operate the larger, more expensive programs. RMOHC teaches the client about what compliance entails, how to be compliant in both Quickbooks and timekeeping, and then trains them to carry out these requirements.
Here are some of the ways we support you keeping compliant:
- Pre-Award Audit Preparation – this audit allows the contracting agency to know the contractor’s accounting setup is complaint. For example, the U.S.Navy uses the Seaport-e Pre-Award Survey. RMOHC helps you understand what the Navy needs to know, and then guides through completing the Survey.
- DCAA Compliance – the DCAA (www.dcaa.mil) is the contractor’s most valuable resource. It spells out what you need to do to be compliant. We are there to help make sense of anything that is confusing, and then show you how to apply the regulations to your business.
- Time Keeping – this is the “Achilles Heel” of government contracting. RMOHC introduces you to various methods to track time that are compliant with the FAR. Failure to keep compliant with time keeping can lead to disbarment. We help you avoid that completely!
- Incurred Cost Submission – this is required 6 months following a contractor’s fiscal year end. RMOHC helps you download the template, and use your end-of-year financial information to fill it out.