One of our specialties is working with companies that require project accounting and DCAA compliance. We use Acumatica's Project Accounting module to run our own services business, and we have worked with many companies that require project accounting in the government space where DCAA compliance is required.
Does This Sound Like Your Company?
COST PLUS PROJECTS
Project costs consist of direct labor, materials, outside services, fringe, overhead, G&A, fees, and other direct costs that must be accurately calculated and accounted for when invoicing.
Cash and revenue recognition are separate events. The process of recognizing revenue must be tied to the progress made on the services provided, not when cash is received.
Projects are billed either on a fixed schedule or are milestone based. Costs are calculated similarly to cost plus projects. Projects may have a percentage withheld and only paid upon completion.
Your company engages in government contracts that may involve research & development. Projects may be separated into different phases over time with different rules and requirements.
REPORTING & DCAA COMPLIANCE
Costs must be segregated by project and task as well as direct and indirect costs. Time tracking and audit trials are extremely important. Expenses and other data must be captured according to government requirements.
Integration may be required with other commercial systems such as CRM, payroll, and payment processors. Exports and reports for Wide Area Workflow (WAWF) are necessary for uploading data for billing.