Preparing the Pre-award Survey of Prospective Contractor Accounting System
To win and keep certain federal government contracts, you must meet specific standards for recording and tracking expenses.
It all starts with your accounting system. Under FAR Subpart 16.3, cost reimbursable contracts require an “adequate” accounting system that has been approved by the government. DFARS 242.7502(a) implies that an "approved" system is required for cost-reimbursement, incentive-type, time-and-materials, and labor-hour contracts.
Agency contracting officers and DCAA auditors use SF1408, Pre-award Survey of Prospective Contractor Accounting System, to determine if your accounting system meets 15 different FAR and/or DFARs requirements. Key standards include segregation of direct and indirect cost and logical and consistent methods for allocation of indirect costs, timekeeping, and labor distribution.
How we can help
Left Brain Professionals designs and implements DCAA-compliant accounting systems to maximize opportunity and minimize risk for federal contractors. We can help by:
- Teaching you and your team about federal government accounting standards.
- Evaluating your accounting system for compliance with FAR & DFARS standards.
- Recommending and installing an “adequate” or “approved” accounting system.
- Assisting with preparation of SF1408.
- Aiding in DCAA audit preparation and defense.
- From the Answers Blog
- Federal Government Resources
Ready to get more information?
Contact us now or schedule one-on-one time to discuss how Left Brain Professionals can help you ensure your accounting system meets or exceeds SF1408 standards.