Sunday, August 18, 2019

DCAA Approved Accounting System

Space Vector has a DCAA-approved Accounting System in accordance to DFARS 252.242-7006, which defines a “Contractor’s system or systems for accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for reporting in compliance with applicable laws, regulations, and management decisions.” This may include subsystems for specific areas such as billing and labor.