To comply with the regulations regarding proper financial management, government contractors must satisfy the Defense Contract Audit Agency (DCAA), which is responsible for performing all audits for the DoD, and for providing accounting and financial advisory services to DoD components responsible for procurement and contract administration. DCAA also provides contract audit services for many other government agencies as well.
Government contractors have found there's no 'silver bullet' solution certified to guarantee compliance with DCAA's regulatory audits. Instead, contractors must invest in the proper processes and reporting tools to help them achieve and maintain compliance with DCAA's various financial audits. When it comes to compliance, DCAA auditors most want to see a 'traceability of documentation.
For all of these reasons, government contracting organizations are increasingly turning away from basic accounting software or services, instead seeking broader and integrated enterprise resource planning (ERP) and document management solutions, such as those offered by Microsoft. Government Contractor customers have found the Microsoft Dynamics solutions are fully FAR, CAS and DCAA compliant. Relevant experiences with DCAA are shared from both industry experts and contractors utilizing Microsoft Dynamics for financial and operations management. Available for Download - this whitepaper can be found here.