What it means to be DCAA compliant

Working as a contractor for the federal government can give you access to large, profitable projects. However, a key component of government contracting is ensuring that your business and its processes are Defense Contract Audit Agency (DCAA) compliant.

DCAA compliant

In simple terms, being DCAA compliant means that your business can comply with a DCAA audit. This audit checks if your business is compliant with government regulations such as Cost Account Standards (CAS) and Federal Acquisition Regulation (FAR). Thus, to be DCAA compliant, your business must be transparent in its financial management and clearly state how the contract money is used and the results that emerged.

DCAA-approved accounting software

An important aspect to remember is that the DCAA does not provide certification or accreditation to any accounting systems. While these systems may help your business be compliant with DCAA audits, they are not formally recognized by the DCAA.

Types of DCAA audits

There is no one type of DCAA audit. Instead, they perform a variety of checks including forward pricing, incurred cost, Contract Purchase Systems Review (CPSR) etc.

How to be DCAA compliant

Accounting experts from George Scarborough can help you with audit support and ICE submission support, while ensuring your employees perform their basic bookkeeping tasks efficiently. We also offer you the option to outsource the entire DCAA compliance process to us.

Georgen Scarborough has years of experience working with various government contractors from start-ups to large businesses. We want to help you with your accounting needs and ensure you are not faltering in the DCAA compliance process. Contact us today.

Choose the right QuickBooks version for your business

The QuickBooks accounting software package helps small and medium businesses run their affairs smoothly with easy transacting, reporting, tracking, and invoicing. Georgen Scarborough, the leading certified public accountants in Virginia, Maryland, and District of Columbia, outline the various packages suitable for your business needs.

QuickBooks Online or Pro?

Choosing the right QuickBooks software version can help you run your business more efficiently. QuickBooks Online is less expensive than the desktop version as the subscription package also includes the updates that run automatically. Another advantage of the online version is that it is easily accessible as it works on other devices, including mobile phones. Georgen Scarborough recommends buying a low tier version of QuickBooks Online initially, and then upgrading it according to business needs.

The QuickBooks Pro (desktop) version includes additional costs without the added functionalities. This version is recommended for businesses that have strict compliance requirements and do not allow employees to use online software.

QuickBooks Online plans

As mentioned earlier, the QuickBooks Online version is more popular than the desktop version as it is less expensive and does not tie the user down to a contract. For freelancers and independent contractors, QuickBooks also offers several flexible QuickBooks Self-Employed plans.

QuickBooks Self-Employed

The first-tier plan in this version, QuickBooks Self-Employed gives you the ability to track expenses and mileage, estimate your taxes (quarterly) and send invoices from anywhere.

QuickBooks Self-Employed Tax Bundle

With this plan, you enjoy all the benefits of the Self-Employed package as well as an additional account that allows you to transfer your tax information to TurboTax, which in turn, includes the fees for a federal and state return.

QuickBooks Self-Employed Live Tax Bundle

The highest tier of this plan, the QuickBooks Self-Employed Live Tax Bundle includes all the features of the previous packages as well as unlimited advice from a qualified CPA who can also conduct a final review of your tax returns.

QuickBooks Online Tiers

QuickBooks Simple Start

This version is recommended for a single user and thus, cannot be used if you have employees. With this package, you can track income, expenses, sales, sales tax, and maximize tax deductions.

QuickBooks Essentials

This version is suitable for three users and includes additional functionalities such as tracking payment statuses and simultaneous payment of multiple vendors.

QuickBooks Plus

The most popular version, QuickBooks Plus is suitable for five users and includes all the benefits of Simple Start and Essential. Additionally, it allows you to track inventory and project profitability.

QuickBooks Advanced

This enterprise-level version is suitable for 25 users and includes a dedicated account manager and the ability to send and import multiple batch invoices.

Contact Georgen Scarborough, providers of quality financial and accounting assistance, for more information on how QuickBooks can help your business flourish.