Accounting and Contract Billing & Compliance Specialist

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