QuickBooks® for Government Contractors
Many small and mid-sized businesses grow and manage successful operations with QuickBooks as their accounting system backbone. QuickBooks is powerful and scalable, and provides the functionality that enables businesses to effectively manage their finances.
As the government contractor's business grows, so do the requirements for functionality and compliance in their accounting system. QuickBooks on its own does not offer the capabilities required of a government contractor subject to the Federal Acquisition Regulation (FAR) 16.301-3(a)(3) requirement for an adequate accounting system and the criteria enumerated in Defense Federal Acquisition Regulation Supplement (DFARS) 252.242-7006. That's where ICAT comes in.
ICAT and QuickBooks together enable your Accounting System to:
- Calcuate Indirect Rates
- Allocate Indirect Cost to Contracts
- Generate a variety of Contract Cost Reports
- Year to date
- Inception to date
- Track against job cost budgets
- Produce the Incurred Cost Proposal
- Develop Budgets for future periods
- Support Provisional Rate Development
- Allow for Indirect Rate Pricing Analysis on Cost Proposals
Accounting system compliance is a top priority for government contractors and contracting officers alike. A compliant cost accounting system offers contractors more opportunities to develop new business, positions businesses to team with prime contractors, and sets the business up for growth.
DFARS section 252.242-7006 lists all elements required of an acceptable accounting system. Standard Form 1408, the Preaward Accounting System Adequacy Checklist, was devised as a checklist for contractors and auditors to document how the contractor's accounting system is designed to meet the required criteria. Our on-demand course, Make QuickBooks DCAA Compliant for Government Contracts, guides you through the set up and configuration of QuickBooks to satisfy the SF1408 criteria.
Pass Your Accounting System Review
Using ICAT with QuickBooks, together with proper policies and procedures, and compliant timekeeping practices, hundreds of companies have passed their DCAA accounting system review to qualify for cost-reimbursement type contracts, SBIR awards, and subcontracting and teaming opportunties.
ICAT's cost accounting and real-time reporting capabilities not only enable a government contractor using QuickBooks to have a DCAA compliant system. ICAT provides the financial insights necessary to effectively manage a government contractor's growing business.
Get Started Today
Start your free 30-day Trial of ICAT today, and see for yourself why ICAT is the smart solution for DCAA compliance.