Blog
FAR: Government Contracting Mystery
Government Contracting Mystery The world of government contracting is often a mystery for those looking in from the civilian world. Many wonder what DCAA and FAR are. To clear up some of the mystery, here are answers to some common questions. What Is DCAA and FAR? A...
More Unallowable Costs
More Unallowable Costs Government contractors must adhere to the Federal Acquisition Regulation (FAR), which provides businesses the guidelines on contract procurement. Under FAR, there are costs that are not billable to the government, such as, organizational costs,...
Allowable or Unallowable?
Allowable or Unallowable? Most business owners try to avoid nondeductible expenses for tax purposes per the Internal Revenue Service (IRS) rules. Government contractors take this a step further by avoiding unallowable costs as per Federal Acquisition Regulations...
How Can the HUBZone Help?
How Can the HUBZone Help? The world of government contracting can be a difficult world to establish a new business, especially a small business. This has been addressed through the ‘Small Business Reauthorization Act of 1997’. As a result, the Small Business...
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...