Pre-Award Survey Failures

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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Advertising & Public Relations Costs

Advertising and Public Relations Costs The investment in advertising and public relations costs is one many business owners are willing to make. These costs often provide a return on investment, ultimately helping to grow your business. As a government contractor…

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5 Reasons to Outsource Your Accounting

5 Reasons to Outsource Your Accounting As a business owner, working long hours is something you are all too familiar with. You are responsible for managing the day-to-day activities, while simultaneously growing your business. You feel there are just not…

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Indirect Costs: Overhead vs G&A

Indirect Costs: Overhead vs G&A As a government contractor, have you ever sat there and thought to yourself, ‘Gee it would be so much easier not having to worry about the allocation of all my business’ costs?’ Surely, you are…

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Incurred Cost Submission Common Problems

  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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Why Budgets are Important for Businesses

  Mention the word budget to most business owners, and instantly their hands become clammy. Budgets often get a bad rap because planning one can be a tedious task. However, the benefits of a budget, far out-weigh, the dread many…

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Working Capital & Liabilities

Working capital is the difference between a company’s current assets and its current liabilities.  Current assets include cash, inventory, receivables, and other assets which are expected to be turned into cash within one (1) year. Current liabilities include accounts payable, loans…

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Payroll Expenses & Job Cost Allocations

  Payroll allocation is important for government contractors because government contractors must follow special FAR guidelines in their accounting. The Federal Acquisition Regulation, or FAR, are regulations that set the rules that the Government and Government Contractors must follow when government contracts are offered. The purpose of the FAR are to set policies when conducting procurement process. The results of these rules provide a transparent, fair, efficient and impartial contract which provides best value…

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The New Lease Standard

The New FASB Lease Standard Year-end finally feels like a distant memory, and you can breathe again. Do not get too comfortable though. As one door closes, another opens… the new lease standards. You remember hearing about the new lease…

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Year End Financial Check 2021

It’s that time of year again, and no, I’m not talking about holidays. It’s that time of year when you need to start thinking about closing the books, preparing annual financial statements, and filing tax returns. Year end is when…

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