White Paper: Mastering the Art of Timekeeping

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Apr 23, 2024, 12:30 ET

New White Paper Offers Insight Into Government Contracting Timekeeping Compliance.

COLUMBIA, Md., April 23, 2024 /PRNewswire/ -- PROCAS, a leading provider of financial solutions for government contractors, today announced the release of a new white paper: "Mastering the Art of Timekeeping: Navigating Compliance in Government Contracting" written by Jim Wesloh, Founder and President of PROCAS.

The white paper delves into the complexities of compliance, offering a detailed framework for adherence to federal regulations and enhancing the transparency and accountability of government-funded projects.

Access the white paper here.

U.S. government contracts account for more than $700 billion annually and a significant portion relies on contractors to establish and maintain an acceptable accounting system, which includes intricate elements, such as "timekeeping" and "labor distribution." Noncompliance can lead to holding of payments from the government to a contractor.

"Understanding and adhering to government requirements is about fulfilling obligations and ensuring integrity and credibility," said Wesloh. "This white paper provides guidance on compliance, drawing from key documents, such as the Federal Acquisition Regulations (FAR), the Defense Federal Acquisition Regulation Supplement (DFARS), and the Defense Contract Audit Agency's (DCAA) Contract Audit Manual."

Some of the key areas of focus are:

Timekeeping Mandate
Work Authorizations
Authentication and Timesheet Integrity
Daily Recording of Labor
Audit Trails for Time Entries
Employee Certification and Supervisor Approval
Supervisor Completion of Timesheets
General Ledger Integration
DCAA Floor Checks
Record Retention Policies
Direct and Indirect Cost Segregation
Cost Accounting and Unallowable Costs

About PROCAS

PROCAS has been a market leader in project accounting for government contractors for over 25 years. With its unparalleled expertise and innovative, customer-focused solutions, PROCAS remains committed to helping contractors seamlessly navigate the complexities of government contracting. To learn more about PROCAS visit the Web and LinkedIn.

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Media Contact:
Gary Bird
FortyThree, Inc.
831.888.9011
[email protected]

SOURCE PROCAS