Do you struggle to complete your incurred cost proposal? You’re not alone – most organizations do. This can be a daunting task if you have several government contracts exacerbated by multiple contract types. The number one issue we see is lack of planning and preparation in system design.
Ever watch a cooking show on TV? The chef tells you what they are preparing and has all of the ingredients lined up. Cooking shows would not work if the chef had not reviewed the recipe, purchased all of the ingredients, and pre-measured or prepped the ingredients. So, why would you tackle the incurred cost proposal without preparing?
How do you prepare for the incurred cost proposal? Start by reviewing the submission requirements in DCAA’s Model ICE. Setup your system to capture all of the required data in the proper format throughout the year so you are not scrambling at year-end. Required data includes direct costs by contract by type (labor, travel, material, ODC), indirect costs by pool, job/order number, contract number, subcontract number, and contract type.
For contractors with a fiscal year end of September 30, your incurred cost proposal is due March 31. For contractors with a fiscal year end of December 31, your incurred cost proposal is due June 30. In both cases, there’s plenty of time to work on your incurred cost proposal process for this year and future years.
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