Blog
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...
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 associate with the word. A budget...
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...
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...
The New Lease Standard
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...
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 you have to think about all those...
Allowability of Meals and Entertainment
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...
Government Contract Accounting FAQ
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...
Cash Flow Statement
Money is essential to any business. Many decisions a business makes often includes the topic of money and funding. Whether a business wants to expand and hire more personnel, or it wants to develop a new product, money is involved. With money flowing quickly in and...