The Importance of Daily Timekeeping

Oh, yay… Timesheets… everyone’s favorite topic!

But it’s important to remember that as a government contractor one of the critical compliance items for Odyssey as a company relates to the prompt and accurate recording of time as part of a government approved, project-based accounting system.

To ensure the accuracy and appropriateness of recorded time against the proper charge numbers / projects and compliance with our approved accounting system: 

• All employees are required to complete their timecard daily to accurately reflect their hours worked that day—record your time while your recollection of the projects you supported is fresh
• All timecards should be signed / certified by each employee by close-of-business (COB) on Friday of each week and approved by supervisors no later than COB the following Monday.
• Except for time-off charge numbers / projects (e.g., holiday, PTO, etc.), timecards cannot be completed in advance.

Please note: Odyssey is subject to routine Defense Contract Audit Agency (DCAA) floor check audits to ensure time keeping practices are being followed, so compliance with our policies and practices is paramount. These DCAA floor check audits can and will happen at random. Refer to Odyssey’s timekeeping practices and governing policies in the employee handbook at UKG for more information.

Flexible Spending Account / Dependent Care Spending Account

A Flexible Spending Account (FSA) is a special account to which you can deposit funds that are earmarked to pay for certain out-of-pocket healthcare costs. You do not pay taxes on money deposited to an FSA. An FSA account can be used to pay expenses such as:

• Prescription drug co-payments
• Non-covered dentist or other provider fees
• Health plan deductibles and coinsurance
• Doctor and emergency room co-payments
• Contact lenses, eyeglasses, and LASIK surgery
• Mail service and online prescription co-payments and deductibles
• Various over-the-counter items (per current regulations)

A Dependent Spending Account (DSA) is an account to which you can deposit funds that are earmarked to pay for dependent care costs. You do not pay taxes on money deposited to a DSA.

The difference between a Medical FSA and Dependent Care FSA:

A Flexible Savings Account (FSA)
Saves you taxes on money contributed which you can then use to pay for eligible health care expenses (medical, dental, and vision) not covered or only partially covered by our plans.

A Dependent Care Account (DCA)
Is an account that you fund to pay for childcare expense (such as a daycare provider, nanny, preschool, after school program, etc.) up to age 13 and for dependent adults.

Odyssey Mugs

Are you a long-time Odyssey employee? Have you been eyeing the mugs that new hires have received? Good news—you can now order one for yourself!

Please reach out directly to the vendor, LaseredGifts4U (a veteran-owned small business):

laseredgifts4u@gmail.com
843.425.6132

Looking for other cool Odyssey swag…?