In Case You Missed It - Top Five 2019 Government Contracting Blog Posts
Making sense of the hot topics in government compliance was at the top of government contractors’ to-do lists in 2019. From the basics of long-standing compliance statutes, to the latest requirements in cybersecurity and business system structures, being audit ready was some of the most sought after content for government firms. Look back at Deltek’s most popular government contracting blogs for 2019 to better understand the compliance rules of engagement for 2020 and learn some new approaches that could make your business more effective, efficient and compliant.
DCAA and DCMA Audit Readiness
Welcome to the era of Annual Defense Audits. At this point, everyone operating in the defense industry should be aware of the Financial Improvement and Audit Readiness (FIAR) Mandate, which is the Department of Defense’s (DOD) established plan for improving asset and inventory accountability.
One of the clear outcomes from last year’s audit process is that the defense audit as an annual exercise will continue for years to come. Former DOD Comptroller, David Norquist clarified when he said, "It’ll be an annual process, and as I like to say to the workforce, it will go on as long as we both shall live.”
With the 2019 audit already underway, today’s government contractors need to have business systems in place to help them achieve compliance with DCAA, for financial accounting, and DCMA audits, for physical assets. Read the complete blog.
4 Ways Procurement Software Drives Efficiency
Let’s face it, the procurement process can be unpredictable. Just when it seems everything is in place, a supplier misses a deadline. There are many moving parts, and some cannot be controlled.
Procurement software can bring efficiency to the entire procurement process, primarily through automation and by bringing all procurement data into one system; allowing specialists to easily view and manage communications, information, vendors, and for manufacturers, parts.
Consolidation of information and the ability to manage processes is a good step in the right direction for procurement teams delivering on government contracts. However, without support for contract flow-downs, subcontractor management, and project-level procurement processes, inefficiencies start to creep back in, usually in the form of workarounds, paper processes and busywork. Get the four avenues to procurement software efficiency.
Reduce Exposure Through Disclosure: Minimizing Risk in GSA Option Extensions
The time of option extension is a prime opportunity for General Service Administration (GSA) Schedule contractors to revisit all key areas of compliance. With the check of a box, contractors make the choice to put themselves at risk.
A high risk area that contractors should pay particularly close attention to are the commercial sales practices that form the basis for the negotiated prices for GSA Schedule contracts. In fact, according to the GSA Office of Inspector General’s (OIG) semi-annual report to Congress, 52% of contractors who received pre-award or post-award audits during a certain timeframe were alleged to have provided their contracting officers with inaccurate commercial sales practice disclosures. A company’s failure to keep those disclosures current, accurate and complete expose it to audit risk (and the potential for increased scrutiny during audits), financial liability and even false claims act litigation.
This can be of critical importance at the time of option extension, when a contractor may be more likely to receive a pre-award audit of its Schedule contract. Review key recommendations for preventative controls to ensure commercial sales practice disclosures are current, accurate and complete.
DCAA Audits – Don’t Worry, Be Happy
For years, I have been entertained by my clients’ reactions to the thought of a DCAA audit. I’ve watched completely sane owners and controllers reach for their medications and lash out against the injustice that the DCAA has forced upon them. Don’t get me wrong, I understand that undergoing an audit is an additional strain on an already overburdened accounting department.
That being said, there is not much mystery (with one exception) to the purpose or process of these audits. The DCAA’s mission and all their authoritative documents are available to you on their website. Don’t be scared, be prepared! A DCAA audit means that you already have, or are about to receive, a government contract. Great job, team! Start preparing for the three DCAA audits you are most likely to encounter.
Mastering the Steps to Bring FAR in Focus
How the federal government purchases goods and services versus how the companies eager to compete in the government space offer up and tally compensation for those supplies is an ongoing tenuous tango. Finding a sure footing today is in no way a guarantee that tomorrow, “these are the steps, this is the routine,” will always and forever remain the same. As agencies change and needs evolve to keep pace with the times and technology, it stands to reason how the government and goods and services suppliers partner will experience its own transition.
In the webinar FAR in Focus: Decoding the Latest FAR Updates and Challenges, Deltek partner experts from NeoSystems and Holland & Knight LLP, reviewed their most encountered Federal Acquisition Regulation (FAR) hurdles and offered a forecast of what is likely to take the floor in terms of cybersecurity, procurement and labor rates. Read the complete post.
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