To this extent, you should also look into how well the accounting system enables your team to collaborate and view data effectively. These help you track all the details, users, events, transaction amounts, and any other data associated with the account. Key accounting features you should also look for in a system are audit trail and drill-down functionalities.

Here are the specific DCAA time tracking requirements : Auditors need to be able to track and view all activities, dates, and amounts surrounding the time card. Non-approved staff cannot have access to individual time cards and when changes are made, this information must be approved and all these details recorded alongside the actual time stamps. Your time tracking has to be totally accurate, which is why process visibility is a major requirement in the software you choose.

Time Tracking Requirements for Government Contractors You just need an accounting/time-tracking system that can accommodate these requirements.

However, these time tracking requirements will also help you organize your contract’s accounting and help you improve your financial management going forward. Operations will be delayed and your business could face other scrutinies that could hamper future bids for projects. During this time, you and your staff are not getting paid. If the time cards aren’t recorded properly, federal auditors will shut down your operation in order to uncover and validate financial information. If the hours and costs are not aligned with these terms, the contract is breached and your company becomes open to serious repercussions. You need a streamlined system for recording and monitoring work hours to ensure funds are being paid accordingly and work is done within contract terms. Therefore, timekeeping is a central component of DCAA compliance. One of the spending factors of the contract itself involves work hours and the amount of time applied to contract tasks. Time card tracking and management are essential for government projects. Why Time Tracking is Required for Government Compliance

Time tracking for contractors