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 MoreLess Expensive CPAs Don’t Equate to Savings
CPAs often get a bad rap for their field being dull. But the truth is that a good CPA can help your business with financial strategy, reduce your tax obligations, and ensure your company is meeting audit requirements for your…
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…
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