DCAA compliance can be an overwhelming task for some small contractors. Some may feel the cost to maintain a compliant accounting system outweigh the benefits. However when a contract award is up for grabs, having an existing DCAA compliant system is like having an insurance policy when you need it most.
Despite being aware of the benefits of hiring an accountant, most small businesses fail to afford one. Although there are many owners with solid knowledge on bookkeeping and accounting, yet they rely more on the expertise of a professional accountant in order to steer clear of problems during the tax season.
While simple tools such as spreadsheets may have been enough to get your business rolling in the beginning, it fails in manipulating information that allows small businesses to see the "big picture." Implementing a proper BI tool can help small businesses analyze high volumes of data across multiple sources, and more easily identify how they're all connected.