Pre-Award Survey Failures As a government contractor, you are all too familiar with the importance of being compliant. One of the many requirements, you face is to have an accounting system that complies with Federal Acquisition Regulation (FAR). This is…
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Common Problems for the Incurred Cost Submissions The Federal Acquisition Regulations (FAR) requires government contractors with certain contracts to submit an incurred cost submission (ICS). FAR 52.216-7 requires contractors who have time and material (T&M) or cost-reimbursable contracts to…
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Allowability of Meals and Entertainment As a government contractor, understanding the allowability of meals and entertainment is imperative to your business. You can recuperate costs from the government if they are allowable. How do you know though, which costs are…
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Government Contract Accounting FAQ There are government contract accounting questions that frequently come up during the course of recording transactions or bookkeeping. These questions seems to be popular among our clients and potential clients, no matter what the tenure. 1….
Read MoreQuickBooks Online Still Not for Government Contracts Technology is moving at warp speed and this holds true for accounting software as well. For the last 20+ years, QuickBooks Desktop has been the go-to accounting software for small businesses, including government…
Read MoreUncompensated OT Hours Government contractors with salaried employees could potentially have uncompensated overtime (OT). Uncompensated OT affects Incurred Cost Submissions, Proposed Budget Rates, Indirect Rates, and billing the government. Improper handling of uncompensated OT can result in the contractor most…
Read MoreHow to Keep A Positive Cash Flow Up While Waiting for a Payment Congratulations! Your company has just been awarded a government contract. You have accomplished the first step toward a successful business. Now the company needs to deliver the…
Read MoreICS Schedules Explained Have you seen all the schedules on an Incurred Cost Submission (ICS)?! The ICS seems to never end. Why are there so many schedules and what do they do? Before explaining all these schedules, a quick review…
Read MoreIndirect Costs and Billing Rates For government contractors there is a considerable amount of emphasis on indirect costs. The Federal Acquisition Regulations (FAR) provides the parameters for grouping these costs. Per FAR 31.203(c), “logical cost groupings” are for indirect costs….
Read MoreHow to Maintain FAR Compliance in QB One of the areas of concern to government contractors is meeting the requirements for bookkeeping under Federal Acquisition Regulations (FAR). While the Defense Contract Audit Agency (DCAA) does NOT approve or recommend any…
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