According to a study by New York University, there are more contractors performing government work than there are federal employees. The number of contractors being utilized is on the rise in recent years, with the Department of Defense being the agency with the largest number of contractors.
Government contractors are under a great deal of scrutiny when it comes to project estimates, costs, and expenses. Because of this, contractors must be in compliance with regulations and guidelines. The government regulates contractors through audits, meaning that contractors need to be in compliance with rules and regulations at all times, especially with the timekeeping requirements.
Compliance guidelines are extensive, and the repercussions for not meeting DCAA timekeeping compliance can be hefty.
This guide will cover helpful information regarding the requirements to stay compliant with the DCAA when it comes to electronic timekeeping.