GSA Sales Reporting is a compliance requirement. Accurately tracking and reporting GSA Contract sales is particularly important because the Industrial Funding Fee (IFF) owed to GSA each quarter is calculated based upon sales.
Contractors should implement a compliance program that:
- Establishes a system for tracking items that impact compliance (GSA Sales, BOA, etc..)
- Educates staff on procedures required to maintain the established tracking system
- Sets internal controls for ensuring the effectiveness of the compliance program
There are many options to track GSA Sales, and no one way is the right way. The best method is usually to evaluate your current sales procedures, and isolate a way to reliably “tag” GSA sales. Then, when it comes time to report sales, you will quickly and easily search that “tag” in your system to locate all GS sales for the period.
Contractors who follow these recommendations can confidently focus on achieving sales and growth, knowing they have a solid system in place for maintaining GSA Schedule Contract compliance.