Accounting and Contract Billing & Compliance Specialist

Description Position Summary The Accounting/Contract Billing & Compliance Specialist is responsible for managing contract billing, ensuring regulatory compliance, and supporting financial operations in accordance with federal, state, and client-specific requirements. This role plays a critical function in maintaining accurate invoicing, supporting audits, and ensuring adherence to contract terms, cost principles, and internal controls. Contract Billing & Revenue Management • Oversight to ensure invoices are prepared, reviewed, and submitted inaccordance with contract terms (FFP, T&M, LH, Cost-Reimbursable) • Ensure billing aligns with contract funding, CLIN structures, and period of performance • Track billed vs. funded amounts and monitor burn rates • Reconcile billed amounts to general ledger and supporting documentation Compliance & Regulatory Oversight • Ensure compliance with FAR, DFARS, and agency-specific requirements • Apply cost principles under FAR Part 31 (allowable, allocable, reasonable costs) • Review labor, subcontractor, and ODC charges for compliance prior to billing • Maintain audit-ready documentation (timekeeping, payroll, invoices, receipts) • Support DCAA/DCMA audits and client financial reviews • Monitor contract types for proper billing treatment (FFP vs LH vs T&M) Accounting & Financial Operations • Record journal entries related to contract revenue, labor distribution, and accruals • Support month-end and year-end close processes • Assist in indirect rate tracking (G&A, fringe, overhead) • Ensure alignment between accounting system and billing system Labor & Timekeeping Validation • Validate employee and subcontractor time for accuracy and compliance • Ensure labor categories, rates, and hours align with contract terms • Identify and resolve discrepancies in labor charging and billing Subcontractor & Vendor Oversight • Review subcontractor invoices for accuracy and compliance • Ensure proper flow-down of contract terms (rates, ceilings, billing requirements) • Track subcontractor funding and invoicing status • Coordinate approvals and documentation prior to payment Audit & Internal Controls • Maintain strong internal controls over billing and revenue recognition • Support internal audits and compliance reviews • Assist in preparing audit responses and documentation • Identify risk areas and recommend process improvements Reporting & Analysis • Generate contract-level financial reports (revenue, costs, margin, burn rate) • Support program managers with financial insights and forecasts • Track key metrics: utilization, backlog, funding status • Assist in financial reporting for leadership and external stakeholders Qualifications Education Bachelor’s degree in Accounting, Finance, Business, or related field Experience 3–7+ years of experience in government contracting accounting/billing Experience with contract types: FFP, T&M, LH, Cost-Reimbursable Familiarity with federal/state contracting environments Key Skills • Strong attention to detail and accuracy • Analytical and problem-solving mindset • Ability to interpret contract language and billing terms • Strong organizational and documentation skills • Ability to manage multiple contracts and deadlines • Effective communication with finance, contracts, and program teams Preferred Qualifications • Experience supporting DCAA audits • Knowledge of indirect rate structures and provisional billing rates • Familiarity with WAWF, IPP, or state billing systems Requirements Contract management, subcontract management, contract oversight, billing, audit, budget, internal controls