As Arrowhead celebrates our 5th anniversary, we realize that we could not have done it without all the support from you – our readers and clients!
To give back, we’d like to share some government contracting tips and tricks so that you can be the best government contractor possible. Each week, throughout the month of March, we’re going to be posting 5 tips to celebrate 5 years. Cheers!
This week’s post: Government Contracting: Tips and Tricks Part 1 – DCAA and Government Accounting
#1: Ask “How would we fair during a DCAA audit?” Not sure? Try a mock audit with Arrowhead’s experts on the other side of the table before there is DCAA in the picture.
#2: Make sure you know what wrap rate means. Need a refresher?
#3: Be familiar with indirect and direct rates. Read On…
#4: Read RFQs carefully – response instructions must be followed exactly as stated.
#5: Make sure to time your GSA proposal right (if you have one). Not sure? Just call Arrowhead and we’ll help you sort it out. Don’t know if you really need a GSA? You could be right. Not all companies can benefit from being on a GSA Schedule. Arrowhead will also help you sort this out.
Don’t forget to follow Arrowhead Solutions on Twitter (@arrowheadllc) for daily tips, too!
See you next week!
Boulder, CO (March 3, 2014) – Stephanie Mueller Amend, Founder of the boutique consulting firm, Arrowhead Solutions, LLC, announces the company’s five-year anniversary. With specialties in supporting small businesses with the processes and cycles relating to government proposals, GSA Schedules, contracts, accounting, compliance and marketing to the government, . Arrowhead continues to experience significant revenue growth year over year. Focusing on quality and effectiveness differentiates Arrowhead as a top-rated, government contractor consulting firm. Positive reviews of Arrowhead from current clients are well documented, and continue to lead to the company’s growth supporting clients from coast to coast. Diversification into commercial support for clients and placing emphasis on strengthening client marketing efforts has allowed Arrowhead continued success; even as a recession, funding cuts, government shutdowns, and sequestration nearly paralyzed the industry of government contracting.
Marching with the rhythms of the government has been one key to Arrowhead’s continued success. Slow periods in government spending translate to “focus time” for Arrowhead clients’, as well all Arrowhead’s own, business development; hence the birth of the ArrowBD service and addition of the government marketing division of the business in 2013. Arrowhead’s next major advance, coming in 2014, will continue to propel Arrowhead and their clients forward for years to come.
About Arrowhead Solutions:
Arrowhead Solutions, LLC has been serving Boulder, Colorado area, the Denver Metro area, and clients across the nation since 2009. Stephanie Mueller Amend, founded Arrowhead after seeing a need for assistance in the small-business government contracting arena. Five years later, Arrowhead has fostered the ability to assist in every area of government contracting and grown to support a diverse roster of clients nationwide. For additional information about Arrowhead Solutions, LLC call 303-515-0527, email Lindsy Bentz, email@example.com, or visit the website at: www.arrowheadsolutionsllc.com.
Last year we had a post regarding those sections of the DCAA Contract Audit Manual (CAM) that were updated. It seemed to be a helpful reminder to government contractors that the CAM is not a stagnant document and is also a helpful document in compliance.
DCAA took another look again and the CAM has many sections updated recently. It is always a good practice to have at least one person in your company be familiar with the current CAM. Not the most exciting read in the world of course, but you could pick up on something critical to your success as a government contractor. Here is a list of sections that have been updated already in 2012.
- Chapter 3 – Audit Planning (2/21/12)
- Chapter 6 – Incurred Costs Audit Procedures (2/17/12)
- Chapter 7 – Selected Areas of Cost (2/10/12)
- Chapter 8 – Cost Accounting Standards (2/23/12)
- Chapter 9 – Audit of Cost Estimates and Price Proposals (2/17/12)
- Chapter 10 – Preparation and Distribution of Audit Reports (3/2/12)
- Chapter 14 – Other Contract Audit Assignments (3/6/12)
- Chapter 15 – Other DCAA Functions (2/27/12)
- Appendix B – Statistical Sampling Techniques (2/9/12)
(note that most of the remaining were updated in late 2011, so might as well read the entire thing!)
The DCAA Contract Audit Manual (CAM) is possibly one of the best documents available to the public to help companies understand their responsibility as defense contractors. Although DCAA provides an Information for Contractors guide, we’ve found that using the manual that DCAA uses to audit provides a wealth of information not found elsewhere.
The Forward of the CAM states “The DCAA Contract Audit Manual (DCAA Manual 7640.1) is an official publication of the Defense Contract Audit Agency (DCAA). It prescribes auditing policies and procedures and furnishes guidance in auditing techniques for personnel engaged in the performance of the DCAA mission.”
Many people have already been using the CAM as a tool to learn from, build policy with, and to use for audit prep. However, did you know that many critical parts of the CAM were updated during the last quarter of calendar year 2010? Of the 20 active sections of the CAM, 14 sections are updated. Don’t bank on a hard copy print out from last year otherwise you may be working with the wrong information. Typically we don’t think of the government as conducting much business during the latter half of a calendar year, but DCAA was busy. Here are the sections of the CAM that had the most recent updates:
- Chapter 3 – Audit Planning (updated 12/31/10)
- Chapter 4 – General Audit Requirements (updated 12/31/10)
- Chapter 5 – Audit of Policies, Procedures, and Internal Controls Relative to Accounting and Management Systems (updated 11/9/10)
- Chapter 6 – Incurred Costs Audit Procedures (updated 12/17/10)
- Chapter 7 – Selected Areas of (updated costs (12/2/10)
- Chapter 8 – Cost Accounting Standards (updated 12/20/10)
- Chapter 9 – Audit of Cost Estimates and Prices Proposals (updated 12/21/10)
- Chapter 10 – Preparation and Distribution of Audit Reports (updated 11/30/10)
- Chapter 11 – Audit of Contractor Compliance with Contract Financial Management Requirements (updated 12/31/10)
- Chapter 12 – Auditing Contract Termination, Delay/Disruption, and Other Price Adjustment Proposals or Claims (updated 11/30/10)
- Chapter 14 – Other Contract Audit Assignments (updated 12/22/10)
- Chapter 15 – Other DCAA Functions (updated 11/30/10)
- Appendix A – Contract Cost Principles and Procedures (updated 12/3/10)
- Appendix E – Graphic and Computational Analysis Techniques (updated 12/31/10)
Chapters 4, 5, 6, 9 and 11 are very good reads, even if you’re not an accounting or finance professional. Here is the link to the DCAA CAM for your reading pleasure.
Under Publications on the left menu bar click on the second bullet, Contract Audit Manual.