Paul, is there a template or guide for starting the process of developing Policies and Procedures for Government Contract Cost and Pricing that addresses the requirements of the FAR, DCAA, and DCMA?
This "Template" is designed for those who want something in hand to start them on their way. Also for those who indicated they wanted to have something to compare with what they already have. With thousands of policies, many ways to apply them, and even more ways to interpret them, one has to start somewhere!
That is where we come in. We will help you get you started. Here is what the Table of Contents looks like:
- Purpose and Scope
- Management Overview
- Internal Controls
- Financial Management
- Assets, Liabilities and Capital
- Revenue Recognition
- Cost Accounting
- Labor and Timekeeping
- Cost Estimating
- Reference Reports to Include
There are numerous opinions on what should and should not be included and there are many books and products written on the subject. We chose to provide a Simple Template outlining some areas to begin the process that are basic and that include areas that address FAR, DCAA, and DCMA requirements.
Go ahead, ask around. It would take quite some time and expense, that is if you know how to start and structure the document.
Here are 2 important excerpts we include in the "Introduction" of the Policy Manual Template. These statements set the pace and thought process for anyone reviewing your policies:
"Smaller entities with active management involvement may not need extensive descriptions of accounting procedures, sophisticated accounting records, or written policies. Communications may be less formal and easier to achieve in a small or midsize company than in a larger enterprise due to the smaller organization's size and fewer levels as well as management's greater visibility and availability. However, when small or midsize entities are involved in complex transactions or are subject to the same legal and regulatory requirements as larger entities, more formal means of ensuring that internal control objectives are achieved may be necessary."
Although our company is small, with management playing an active role and communication being less formal, we have determined that it is good business practice to have "Formal" policies and procedures. They are important to our managed growth, protection of company assets, safeguarding our commercial and government client's interest, and our overall success. Formal policies and procedures are a critical part of our ability to compete in a fair and open competitive market environment.
The Common Response of those who obtained the Policy Manual Template: If only I had known earlier!
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