GAAP/DCAA Accounting Standards
Accounting standards are needed so that financial statements fairly and consistently describe financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. VBP accountants follow standard GAAP and DCAA accounting standards.
DCAA Compliant Bookkeeping
Obtaining a government contract is an excellent business achievement. However, inadequate financial recordkeeping could be a financial disaster for your business. For Government Contractors, DCAA compliance is a must and DCAA Audits are a reality. DCAA compliance is just a part of doing business with the Federal Government Agencies and the Department of Defense (DoD).
Your business would be required to provide the following information if audited by the DCAA:
- Track Direct and Indirect Costs by Contract or Job
- Provide Income Statement and Balance Sheet Reports
- Timekeeping system that properly identifies labor costs as direct or indirect
- Specific Timekeeping Requirements
- Manual or Electronic
- Written Timekeeping Procedures
- Employee(s) Instructed on Procedures
- Employee prepares timesheets daily
- Management approval of timesheets
- Timesheet properly identifies Contract, hours worked, direct or indirect labor
- Specific Billing System Requirement
- Billing system should be product of Contractor's accounting system
- Billed costs traceable to job costs
- Direct costs can be identified and traceable
- Timekeeping is part of accounting program billing system
- Unallowable costs are not billed
Quickbooks and Peachtree accounting programs have the capability of being enhanced in order to meet the majority of DCAA Auditing requirements.
If you are a Government Contractor providing services to federal, state and local Governments, we can be of help to you. Let our experienced bookkeepers make sure your financial bookkeeping records meet DCAA compliance by properly allocating direct and indirect costs. Please contact us to discuss your specific needs.
GAAP Compliant Bookkeeping
VBP understands that the most important challenge your company faces is to improve performance and reduce costs. That is why we offer a service that goes beyond and transforms your everyday accounting information into a powerful management tool; a tool that is guaranteed to provide you with unprecedented access to the up-to-date information you need to help you make vital and informed decisions.
We offer a complete range of bookkeeping services, including consulting and training and CFO services. We prepare professional, GAAP-compliant financial statements as well as tailor-made financial analyses that can help business owners and managers eliminate inefficiency and realize a business full profit potential.
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Testimonials
“The website VBP OutSourcing developed for us is awesome!! They captured our industry and covered everything our business entailed. Good job VBP!!!”
Howard Willis
President, Krupnik Brothers
“Veridyne has been very pleased with the results of its website developed through VBP OutSourcing. They were very responsive and delivered the final product on-time and within budget. I would recommend VBP OutSourcing to any organization looking to ramp up their marketing efforts!”
Sam Patterson
Owner/Founder, Veridyne, Inc.
“VBP’s accounting and bookkeeping team continues to take the time to understand our business in order to effectively maintain our financial books. I recommend VBP OutSourcing to anyone that is looking to concentrate on their core business and is seeking a partnership approach for their accounting and bookkeeping needs. VBP has even recommended a new way of tracking our time effectively so we can get a better handle on time management to maximize our attention to customers while spending quality time on internal issues.”
Dave Jones
Founder/President, Storm Center
“As a VBP accounting/bookkeeping & marketing client of VBP OutSourcing, we are very pleased with all of the services provided by VBP. Their services to our organization are top notch and we are happy with their professionalism and effectiveness.”
Debbie Perry
AKS Management