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…
Read MoreThe 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…
Read MoreFederal Contractors 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…
Read MoreMaintaining 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…
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…
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