Post by Veronica Eyenga, contributing Women On Business writer
DCAA requires that a contractors’ timekeeping process, collectively including policies, manual procedures and tools be compliant. To be compliant, the software must allow:
- Employees to charge time to authorized, open projects
- Employee to access time through a secure password
- Employee to records viewable and auditable comments for any timesheet change
- Supervisors to approve the entire timesheet
- All time must be reported (total time accounting)
- Administrators monitor delinquent timesheets
While the DCAA does not endorse any one software for this daunting task, it is up to the contractor to ensure that the system they use meet the minimum stated features.
All in all, timekeeping is important because the information generated from them is used for payroll, billing, project planning, cost accounting and pricing purposes. Efficient timekeeping can maximize revenue by minimizing disallowed or disputed charges, and accurate data can save companies a fortune in misreported cost information.