Rose Report: Issue 23
EFAACT/DCAA Compliant Time Tracking Solution
Government contracting organizations need to ensure ongoing Defense Contract Audit Agency (DCAA) compliance. One component to that is the efficient tracking of time and expenses and reliable project management reporting. Many companies utilize manual systems that rely on Excel combined with their accounting software to track costs. While this method works for smaller contracts, as a company grows it needs to look towards using specialized software to streamline its DCAA compliance and contract administration.
Using software that integrates with accounting software while also maintaining compliance with DCAA standards can create huge time savings and reduce the risk for error. For smaller government contractors, QuickBooks can be a cost-effective, user-friendly accounting software for generating invoices and allocating labor to projects. But alone, it’s not designed to assist with DCAA compliance and contract administration.
For companies that are not ready to upgrade to higher-end GovCon accounting solutions, eFAACT is a cost-effective alternative that fully syncs with QuickBooks, expanding its capabilities. An all-electronic time tracking, expense tracking, and contract and project management solution, eFAACT generates invoices and project reports in accordance with government cost accounting standards.
The software includes government-formatted invoices; contract funding controls such as email notification for cost limitations; project budgets; DCAA-incurred cost schedules; unlimited cost pools for G&A, overhead, and fringe costs; and cumulative contract tracking for the entire length of a contract. It also allows users to have indirect rate reporting and manage different contracts and work authorizations.
While many companies use eFAACT’s time reporting function as a stand-alone system, RFS recommends maintaining a fully configured and managed eFAACT solution in order to maintain DCAA compliance and reporting at your fingertips.