Blog
The Balance Sheet
The Balance Sheet The balance sheet is important because it's essentially a company's statement of financial position at a specific date. Investors, creditors, and other businesses use it to: calculate financial ratios, determine how much money the company has and...
DCAA Compliance Checklist
DCAA Compliance Checklist For government contractors, it is extremely important to be Defense Contract Audit Agency (DCAA) compliant. Now that tax season is almost over, government contractors should take some time to make sure they are DCAA compliant. Below is a...
Maintaining Payroll
Maintaining Payroll The beginning of the year is behind us, but we still have a lot to look forward to. For one thing it means learning from last year’s mistakes and starting fresh. Chiefly, the payroll process is one area every business owner should focus on. These...
Shoebox Accounting: Reasons to Computerize
Getting Away from ‘Shoebox Accounting’ (Reasons to Computerize) In the business world, time means money. Accounting systems, or lack there of, can be extremely costly especially for businesses that use 'shoebox accounting'. The colloquial term refers to the practice...
Allowable Travel Costs
Allowable Travel Costs Federal Acquisition Regulations (FAR) If a government contractor incurs business travel costs, then all the costs should be fully allowable, right? Not necessarily, the Defense Contract Audit Agency (DCAA) provides guidance on allowable travel...
Can a Business Fully Deduct a “Luxury” Vehicle?
Can a Business Fully Deduct a "Luxury" Vehicle? The Internal Revenue Service provides criterion and regularly updated tables as guides for business vehicle deductions. The deductibility of a vehicle used for business purposes is subject to various limitations and...
Are Software Costs Expensed or Capitalized?
Should Internally Developed Software Costs be Expensed or Capitalized? This appears to be a simple question, however, the answer is more complicated than one would expect. There are many factors that affect how internally developed software costs should be...
Are CPA’s Solely Tax Gurus?
Are CPA's Solely Tax Gurus? The simple answer is no. Certified Public Accountants (CPA) are much more than just tax gurus. These professional accountants are trusted business advisors whose services are only limited by the expertise and experience of each individual...
Preaward Survey Failures– Part 2
Top 5 failures in a Preaward Survey Part 2 of 2-part series In part 1 of this series, we identified the top 5 epic fails of the preaward survey as involving the labor distribution, policies and procedures, generally accepted accounting principles (GAAP), segregation...