Accounting software that complies with DCAA regulations is becoming more and more popular among small and medium-sized businesses. There has been a lot of debate as to who should be responsible for the accounting functions of a business. This article will cover both perspectives on this topic and current software being offered to comply with these regulations.
Our Top 5 DCAA Compliant Accounting Software
Best DCAA Compliant Accounting Software Reviews
1. Best Overall: Procas
Procas is accounting software that you can use to store all your expenses and create financial reports to make sure you’re running a profitable business.
Procas is cloud-based accounting software that lets you store and maintain all your financial data online. It’s fully automated, which means it will automatically calculate the balance of your bank accounts and generate financial reports to help you stay on top of your finances.
With Procas, you can also create invoices and purchase orders to issue payments for the products and services you offer — it’s as easy as filling out a form, entering some information into Procas, and clicking “Apply.”
Procas Features
- Fully integrable with Quicken and Quickbooks.
- Create invoices, pay bills, keep your inventory records up-to-date and monitor your finances in real-time.
- It’s free for the first 30 days. After that, you can use it if you purchase a license.
- Easy to set up on your server or using a cloud service like Amazon Web Services (AWS). If you install it on AWS, they provide an instance size for free and make it easy to get started.
2. Best For Project & Resource Planning: Jamis Prime ERP
Jamis Prime ERP was designed to be easy to learn, easy to use, and highly customizable. Some of the main features are detail accounting with accrual-basis or cash-basis, product costing, rounding accounts receivable transactions up or down by any amount you choose, and forecasting for month-end dates that you set based on your company’s fiscal year.
There are also many collaboration tools to let you share data with other employees and export it in pdf, xlsx, or gif formats.
Jamis Prime ERP Features
- General ledger with accrual basis or cash basis accounting, creating a single ledger that includes revenues, expenses, and balance sheet accounts.
- The product costing module allows you to track the standard costs of your inventory by product.
- The accounts receivable module also uses the product cost as the default discount rate when using the rounding feature. It tracks sales price and profit and loss using each products’ retail price, cost, and profit margin.
- The rounding feature allows you to round transactions up or down by any amount you choose (e.g., round dollar amounts up to the nearest penny).
3. Best Modern Interface: Wrkplan
DCAA stands for Defense Contract Audit Agency, which is the auditing arm of the US Department of Defense. DCAA compliance is a requirement for most defense contractors and their subcontracts, which means they must have an approved accounting software system. Wrkplan has been approved as both an accounting and scheduling system to meet these guidelines and standards.
The software allows for the administration of vendor and subcontractor payments, interfacing with the Defense Finance and Accounting Service (DFAS). In addition, it is integrated with Microsoft Office applications to allow for check writing and calendar functions. These office applications are also available in Wrkplan’s online version, making it a fully functional web-based system.
Wrkplan’s architecture was developed using object-oriented development principles. A SQL database is used to store all accounting data and information. Individual files are created for each company to hold all relevant information; files can easily be renamed or moved if needed.
4. Best Value: GCAS (Government Cost Accounting System)
For small or startup businesses, DCAA-compliant accounting software is vital to ensuring accuracy as creating accurate estimates, revenue forecasts, and budgets. Government Cost Accounting System or GCAS will help you to manage your accounting, track your taxes and create reports you need.
No matter how much money you make or lose in your business venture – business owners should always be aware of how their books are doing. This is doubly true for those who hold federal contracts – which may not be known to the public but are often required for verification purposes by third parties like banks and credit card companies.
5. Best For Streamline Workflows: Unanet
If you’re looking for an accounting software package that can handle your company’s needs, Unanet is an excellent solution. It has robust features to help manage inventory, labor, expense reports, and more.
Its DCAA compliance is guaranteed to keep your business safe and your taxes low. It also has plenty of support features to make sure you never feel alone or abandoned in the process.
Unanet is easy to learn and use, yet it’s powerful enough to keep your business running efficiently. If you’d like to learn more about Unanet or its features, click here.
Buyer’s Guide
DCAA-compliant accounting software must-have for a directly or indirectly related business to the US Military. The Defense Contract Audit Agency (DCAA) audits military contractors and government agencies.
These companies spend an average of $1 billion each year on research and development for equipment and supplies used by the military. According to military auditing regulations, DCAA compliant accounting software must be used by contractors performing large-scale projects of more than $7 million.
Contractors are held accountable for the accuracy of their records. The DCAA uses a systematic approach to check the adequacy of contractor recordkeeping procedures. A report is submitted to Defense Contract Audit Agency after each month’s audit period. The report is used as a forecast and planning document with future audits in mind. This gives contractors an opportunity to make improvements before future audits.
FAQ
What Is DCAA Compliant Accounting Software?
If you’re going to do business with the US Military, you should use DCAA-approved accounting software. This agency usually audits military contractors. The requirements stipulated a set of guidelines for keeping financial records and using special forms to track revenue and expenses. Because these changes were expensive, they tended only to apply to companies doing business with the federal government on large contracts.
What Is The Best DCAA Compliant Accounting Software?
Many DCAA compliant accounting software is on the market today, but most companies use Procas as a default DCAA compliant accounting system.
Is Quickbooks DCAA Compliant?
The answer to this question is yes. QuickBooks software by Intuit is compliant with the Defense Contract Audit Agency standards.
