Are Legal Costs Allowable or Unallowable for Government Contractors? One of the most ambiguous things that a government contractor or their accountant has to deal with when making accounting entries is the allowability of legal fees and costs. The rules regarding…
Read MorePublic Relations & Advertising Costs – Allowable or Unallowable?
Many companies incur advertising and public relations costs. For the government contractor, the complication comes in determining whether these costs are allowable under the Federal Acquisition Regulations (FAR). The basic rule of thumb is if it is related to benefiting the government,…
Read MoreGovernment Contract Accounting
In order to be successful it is highly recommended, government contractors must work closely with their accounting firm in order to verify reports, procedures, policies, and timekeeping to make sure they are compliant with contract requirements. It is essential for your organization to…
Read MoreDCAA Compliant Timekeeping
DCAA Compliant Timekeeping One would think, timekeeping would be a simple process. An employee is paid for 40 hours a week, so how difficult can it be? Not so fast. The Defense Contract Audit Agency (DCAA) focuses on the labor charges process…
Read MoreGovernment Contract Audits and How to Survive Them
Ensure your accounting practices are ready for a contract audit With the US Government spending billions of dollars on contracted expenditures, such as DCAA assessed defense contract with businesses, audits by government entities are commonplace to justify those expenditures. It…
Read MoreWhat’s Going on with GSA Schedule Contracts?
Some of the Latest on GSA & VA Schedule Contracts GSA manages forty different schedules including ones specific to the Veteran Administration (VA) as well as a few that allow purchases from multiple schedules at once. Both the GSA and…
Read MoreHUBZone Program
What is the HUBZone? The Historically Underutilized Business Zones (HUBZone) is a program offered by the Small Business Administration (SBA). The HUBZone is the result of the ‘Small Business Reauthorization Act of 1997’ [1] and its purpose is to help…
Read More8(a) Revenue
Why participation in the 8(a) program may be right for your business… The government has many programs to help socially and economically disadvantaged business owners. One specific area, is called the 8(a) Business Development Program(8(a) Program). The purpose of…
Read MoreWhere Does My QuickBooks Data Go?
Where Does My QuickBooks Data Go? Do you really know how your QuickBooks data entry processes affect your financial information and reports? QuickBooks transactions are not static images. The correct set up of the customer names, service items, and payroll…
Read MoreDCAA Compliance Checklist
This is the typical process that federal contractors adhere to in order to become and remain DCAA compliant. 1. Complete the Pre-award Survey of Prospective Contractor Accounting System Checklist. a. This survey is a checklist of the DCAA requirements of…
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