Managing the accounting requirements of government contracts demands specialized expertise to ensure both compliance with regulations and effective business operations. Diener & Associates offers you this level of specialization. We focus on developing customized accounting solutions that align with the specific regulations and guidelines set by federal and state authorities.
Why Choose Diener & Associates?
Our team of certified public accountants specializes in government contract accounting. By keeping up to date with the latest regulatory changes, we make sure your financial operations meet current government standards.
Every government contract has its unique accounting needs. We tailor our services to match your specific requirements, ensuring that you remain in full compliance while optimizing your financial performance.
Our Government Contract Accounting Services Offered
Accounting Systems Compliance
Having a compliant accounting system is essential for businesses involved in government contracting. We collaborate with you to establish and maintain accounting systems that meet government standards and audit requirements. Our goal is to ensure that your systems are fully aligned with the rules, maximizing your organization’s eligibility for government contracts. Our accounting system compliance services cover:
Separation of Costs
We help you establish clear distinctions between direct and indirect costs, a fundamental requirement for compliant accounting in government contracts.
Cost Allocation Methods
We guide you in implementing logical and consistent methods for allocating indirect costs to intermediate and final cost objectives, ensuring that you meet government standards.
General Ledger Control
We ensure that all costs are accurately accumulated under general ledger control, providing an additional layer of oversight and compliance.
DCAA Compliant Timekeeping
Effective timekeeping is a cornerstone of accounting compliance in government contracting. Diener & Associates offers timekeeping solutions that fully comply with DCAA (Defense Contract Audit Agency) guidelines.
We ensure that every hour worked and each labor cost is accurately accounted for and aligned with agency requirements. Our DCAA compliant timekeeping services cover:
Our system enables precise tracking of employee labor, categorized by intermediate or final cost objectives, ensuring that you stay within DCAA guidelines.
We offer a labor distribution system that accurately charges direct and indirect labor costs to the correct cost objectives, providing an extra layer of compliance and efficiency.
By following these key aspects, we ensure that all work is meticulously tracked, and any overtime compensation is handled in line with the governing standards.
Incurred Cost Electronically (ICE) Model
The DCAA’s Incurred Cost Electronically (ICE) model serves as a vital framework for reconciling actual indirect costs with previously billed estimates. At Diener & Associates, we’re proficient in using the ICE model to deliver accurate and compliant cost reporting for government contractors. This specialized service aims to maximize your cost recovery while maintaining the highest level of financial transparency.
Generally Accepted Accounting Principles (GAAP)
GAAP, or Generally Accepted Accounting Principles, set the standards for clear, consistent, and comparable financial reporting. Created by the Financial Accounting Standards Board (FASB), these principles are foundational for effective financial communication. Our seasoned team at Diener & Associates has developed a strong GAAP framework to simplify your compliance needs while tackling the complexities of financial reporting.
The Diener Difference
Simplicity and Transparency
We believe in making complex financial matters understandable. Our team breaks down intricate guidelines into straightforward terms to help you make informed decisions.
We offer cost-effective solutions without compromising service quality.
From the planning stage to regular monitoring and audits, we provide end-to-end solutions to relieve you from the stress of government contract accounting.
Choosing the right accounting partner can make a significant difference in your success in the government contracting space. Call us at 703.386.7864 or schedule an initial consultation online to find out how we can support your financial goals in government contracting.