Issue 22 – Navigating DCAA
As we cross into the summer season, workloads and requests lighten, phone calls and e-mails slow down, and soon your own employees may be asking for some much needed R&R.
There’s a lot of decision-making involved in starting a new business: office space, a logo, employees, whether it will be a corporation or a limited liability company.
Accounting and finance both deal with money management, but there are distinct differences between the two disciplines. Accounting looks backwards at the work already done, whereas finance looks ahead with projections and helps with planning.
Many contractors have misconceptions about what it means to be DCAA compliant. “Sometimes there’s a misunderstanding,” says Jeanne McMillen, a partner at Rose Financial Services.