How can you invoice government contracts accurately?

2 Track your costs and time

To invoice government contracts accurately, you need to track your costs and time diligently and consistently. You should use a reliable and compliant accounting system that can capture and allocate your direct and indirect costs, labor hours, materials, travel expenses, and other relevant data. You should also use a timekeeping system that can record and verify your employees' hours worked, tasks performed, and project codes assigned. You should ensure that your costs and time are properly documented, supported, and approved according to the contract and government standards.

3 Prepare your invoices

To prepare your invoices, you need to follow the contract and government invoicing formats, templates, and instructions. You should use the correct invoice type, such as fixed-price, cost-reimbursement, time-and-materials, or performance-based, depending on your contract. You should also include the required information, such as the contract number, invoice number, invoice date, period of performance, description of services, amount due, payment terms, and supporting documents. You should ensure that your invoices are accurate, complete, and consistent with your accounting records and reports.

4 Submit your invoices

To submit your invoices, you need to follow the contract and government submission methods, channels, and deadlines. You should use the appropriate electronic invoicing system, such as the Wide Area Workflow (WAWF), the Invoice Processing Platform (IPP), or the System for Award Management (SAM), depending on your contract and agency. You should also comply with the security and authentication requirements, such as digital signatures, encryption, and certificates. You should ensure that your invoices are submitted on time, received, and acknowledged by the government.

5 Monitor your payments

To monitor your payments, you need to follow up with the government and resolve any issues or discrepancies that may arise. You should use the available online tools, such as the Vendor Inquiry System (VIS), the Contract Payment Reporting System (CPRS), or the Payment Information Repository (PIR), to check the status and details of your payments. You should also communicate with the government contracting officer, contracting officer's representative, or payment office if you have any questions or concerns. You should ensure that your payments are processed and received according to the contract and government terms.

Invoicing government contracts accurately is not easy, but it is possible if you follow these best practices and tips. By doing so, you can avoid invoicing errors, improve your cash flow, and maintain good relationships with your government clients.