Stay compliant with government contracting and industry regulations.
Taking on government contracts can enhance the profitability, stability, and reputation of your business. At the same time, you must make sure your business’ processes and systems remain compliant with the Acquisition Regulations (FAR & DFARS). Every year, DCAA conducts extensive audits and reviews into government contractors to protect taxpayers’ investments.
At LYRC CPA, we can help you with accounting compliance if you conduct business with the government. As an experienced, client-oriented accounting firm serving clients in the Washington Metro area, our goal is to ensure your organization remains compliant with FAR & DFARS regulations, so you can continue to maintain contracts and receive new contractual offers for additional work.
Being FAR & DFARS compliant means that your business has implemented documented procedures and policies that strictly follow government contracting requirements. For example, you should institute an accounting system that can track billings and cost by project, separate direct and indirect costs, classify indirect cost into homogeneous pools that facilitate the appropriate allocation of cost, and track unallowable cost per FAR part 31. Ideally, this accounting system should be integrated with your timekeeping and expense tracking systems, so you can provide the level of reporting needed by DCAA or your cognizant agency to deem your system adequate.
Our professionals can help you institute and stay on top of an accounting system that keeps your organization compliant with process flows, reports, and accurate data that allow you to quickly and effectively respond to audit requests. Contact us today if you have questions about accounting compliance and how we can help you meet FAR & DFARS requirements for government contracts.