Tag Archives: Level-3 line item detail
With FSSI in full swing and many contractors trying to fit the pieces together, one area that is often forgotten but most important is getting paid. While FSSI is requiring that contractors provide Level III line item detail, the benefit that this can provide to the contractor is often overlooked. By providing Level III data, the contractor can save a significant amount of money and reduce the amount they pay to the card companies. This by itself has tremendous value… Read More »
In an earlier article, I wrote about how the cost of processing a credit card (the interchange) is dependent on multiple factors such as the type of card issued, how it is processed, and the type of business that it is used in. Taking the data that is required a step farther, below is a summary of the required data elements that make up all levels of processing:
LINE ITEM DATA
The Chief Visionary at ASBC, Guy Timberlake, recently wrote an article regarding the Simplified Acquisition program of the Federal Government in the state of Virginia. The article points out that 1790 funding offices account for the FY12 simplified spending in the state. Over $11 million was spent via Smart Pay Purchase Cards.
The article also notes that the TSA, Federal Prison Systems, Navy, VA and the Army are the top five contracting agencies issuing simplified acquisition payments via the purchase… Read More »
With the challenges that many government contractors face today, it is no wonder that they rely on their banks to set up their credit card processing.
The unfortunate downside for relying on banks however, is that they are not in business to make sure that contractors are properly set up to accept credit cards in the most efficient and economical matter. If they were, then merchants would be able to submit purchases electronically to a government buyer with detailed transaction information…. Read More »
A recent article in the Federal Times discussed some troubling concerns with the Defense Contract Audit Agency (DCAA) and its rising backlog of audits that can result in billions of dollars in un-audited defense contract costs.
From the article:
“The number of audits performed by the Defense Contract Audit Agency, which ensures that costs charged to the government by contractors are allowable and reasonable, has plummeted in recent years. Last year, the agency performed roughly a quarter the number of audits… Read More »