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…
Read MoreGetting Away from ‘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 or habit…
Read MoreAllowable 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 expenses in the…
Read MoreCan 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 rules. The examples…
Read MoreShould Internally Developed Software Costs be 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 treated. …
Read MoreAre 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…
Read MoreWorking Capital
Working Capital What is Working Capital? Working capital measures a business’ ability to pay its short term liabilities. This is measured by subtracting the total current assets from the total current liabilities. Current assets include cash, inventory, receivables, and other assets which…
Read MoreTop 5 Failures in a Preaward Survey – 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…
Read MoreCommon Problems for the Incurred Cost Submission
Common Problems for the Incurred Cost Submission Besides of failing to submit an incurred cost submission (ICS) when required by the contract (“Who needs an Incurred Cost Submission?”), some of the most common ICS problems are found within the recording…
Read MoreTop 5 Failures in a Preaward Survey – part 1
Top 5 failures in a Preaward Survey (Part 1 of 2-part series) The preaward accounting system survey or audit (better known as preaward survey) is an evaluation on the prospective contractor’s accounting system. It is documented on SF 1408. This evaluation…
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