DCAA Outsourced Accounting & Financial Services
If you believe that it is best to stick with what you know and outsource what you don’t — Fidelis is ready to take over your accounting, financial and tax needs.
Our professionals can handle your Government Contract Accounting so that you can concentrate on bidding on new business and performing under existing contracts. We will keep your books up to date, prepare your government contract invoices, provide reports of your projects, and provide the insightful financial and business analytics that you need to drive business growth.
Our DCAA compliant outsourced accounting and financial services include:
- Accounts payable and receivable
- Preparation of forward pricing rates
- Preparation of billing rates
- Indirect cost allocations
- Job costing reports
- FAR compliance
- DCAA audit support
- Government financial reports
- Annual incurred cost submission
- Financial statements and bank reconciliations
- Journal entry and general ledger maintenance
- Tax preparation
- Strategic tax planning
- Financial and Profitability Analysis
- Technical Pricing Support
- KPI Development/Benchmarking
You have worked hard to be a specialist in your area of expertise. Why not outsource your accounting, financial, and tax needs to the Federal Contract Accounting experts at Fidelis? Our expert team has extensive experience in the accounting, business and tax requirements of Federal Government Contractors.
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Outsourced Payroll Services
You don’t trust just anyone with your wallet, so why would you trust “just anyone” with your payroll? There are many ways to outsource your payroll, but you want a company that can handle your employees’ wages with accuracy, dependability, and professionalism.
TIME & ATTENDANCE
Sometimes you just need help keeping track of everything. With Fidelis by your side, time management has never been easier. Whether you want to report hours by fax, the internet, or take advantage of time clock uploading, we have the solution for you.
- Job costing
- Labor distribution reports
- Time clocks
- Time reporting systems
- Track PTO/vacation time
- PTO reports
Looking for a payroll management company that handle your employee’s wages with accuracy, dependability & professionalism. Look no further. Fidelis can do it all.
- Certified payroll
- Direct deposit
- Online entry and report access
- Wage garnishments
- Employee online records access
- Check stubs, W2’s, and PTO balances
- Benefits withholdings
- Implement Work Opportunity Tax Credit
Having trouble keeping up with ever-changing state and federal regulations? Don’t worry. Let Fidelis manage your FICA (Social Security and Medicare), SUTA and FUTA taxes. Payroll tax management includes:
- W2 filing
- W2 reprints
- Check registers
- Tips deemed as wages reports
- 940 & 941 filing
- State unemployment quarterly reports
- Local, state and federal tax withholdings
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DCAA Accounting System Setup
Are you a contractor requiring a new accounting system that will require assessment for adequacy by the DCAA (Defense Contract Audit Agency)?
If so, we will establish a chart of accounts to segregate direct costs from indirect costs, set up a labor distribution system for you to track time and create accounts for expenses deemed unallowable per FAR 31.205. The system will also provide the ability to track the cost and profitability of your contracts. Typically a combination of Quickbooks and one of several integrable software applications offered by Fidelis will form the basis of your new accounting system. After your accounting system is up and running, a member of the Fidelis Team will provide you with training.
Do you have an existing accounting system needing improvement?
For contractors with systems already deemed adequate by the DCAA, our team of industry experts will conduct a comprehensive review of your current accounting system and then recommend any needed changes involving processes, procedures or systems in order to reduce the risk of non-compliance. We will ensure that your system runs effectively and provides you with the timely management and program reports you need to run your business. Re-structuring your chart of accounts, recommending changes to your indirect cost pools and setting up policies and procedures are all common activities performed by our seasoned team of professionals.
Can we assist you in processing your Government Contract billings?
Our government contract professionals will assist you in billing the Government or Prime Contractor. Many invoices will need to be processed through the government system WAWF (Wide Area Work Flow). Large Prime Contractors typically also utilize proprietary systems to process payments to subcontractors.
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DCAA Incurred Cost Proposals (ICE)
Your Incurred Cost Proposal will be prepared by members of the Fidelis Team.
We will prepare the proposal using a DCAA developed program called ICE (Incurred Costs Electronically). We will also leverage eFAACT–the QuickBooks Solution for Government Contractors–to deliver your Incurred Cost Proposal. You are required to submit your proposal 6 months after the end of your fiscal year per FAR 52.216-7. Incurred Cost Proposals need to be completed and submitted to the government if you performed on one or more Cost Reimbursable and/or Time and Materials contracts anytime during your fiscal year.
Our government industry professionals will complete the numerous pages of financial data required by performing the following steps:
- Preparing a Schedule of Cumulative Direct and Indirect Costs by Contract
- Reconciling your General Ledger to your Claimed Direct Costs
- Comparing your Actual costs to your Billings
- Assembling a List of Subcontractors and Closed Contracts
- Reconciling your 941 payroll reports to your labor distribution
- Briefing your Contracts
- Calculating your Indirect Cost Rates
- Providing you with a list of any material discrepancies identified
The Incurred Cost Proposal/Submission is a complex document and is very dependent on an effective accounting system to provide the necessary information to complete the government submittal.
Failure to provide an ICE may disqualify you from billing the government. If you depend heavily on the government for cash flow, disqualification from billing will create adverse results very quickly. You may also be subjected to Administrative, Civil and/or Criminal Penalties for not submitting your Incurred Cost Proposal to the government. For specifically unallowable costs included in your proposal, the government has the authority to not only disallow the costs but also to assess a penalty which can be up to two times the disallowed amount.
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DCAA Audit Support
If you receive notification that you are being audited by the Defense Contract Audit Agency (DCAA), our team of experts have the extensive knowledge and experience needed to successfully guide your audit.
We have represented our clients through numerous DCAA audits including:
- Accounting System Adequacy
- Pre-Award Audits
- Contract Proposal Audits
- Incurred Cost Audits
- Claims Audits/Termination Proposals
- Financial Capability Assessments (Performed by DCMA)
Our team of professionals will perform complete audit representation or simply work behind the scenes while you are being audited. We have an in-depth understanding of federal regulations which makes us an invaluable partner throughout the process. Fidelis will communicate with the DCAA during the audit and will prepare a response to their audit report identifying areas of disagreement and the reasons we do not concur with the government. Our industry experts have many years of experience in the audit process ensuring you the best possible outcome.
Not yet being audited? Mock audits by Fidelis will get you prepared for future audits. We use the same audit programs utilized by the DCAA and will find weaknesses in your system that would likely be identified by the DCAA.
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