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Government Contract Accounting FAQ

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...

Uncompensated OT Hours

Uncompensated OT Hours Government contractors with salaried employees could potentially have uncompensated overtime (OT). Uncompensated OT affects Incurred Cost Submissions, Proposed Budget Rates, Indirect Rates, and billing the government. Improper handling of...

Cash Flow: Keeping It Positive

How to Keep A Positive Cash Flow Up While Waiting for a Payment Congratulations! Your company has just been awarded a government contract. You have accomplished the first step toward a successful business. Now the company needs to deliver the contract requirements....

ICS Schedules Explained

ICS Schedules Explained Have you seen all the schedules on an Incurred Cost Submission (ICS)?! The ICS seems to never end. Why are there so many schedules and what do they do? Before explaining all these schedules, a quick review of the ICS is in order. Quick Review...

Indirect Costs and Billing Rates

Indirect Costs and Billing Rates For government contractors there is a considerable amount of emphasis on indirect costs. The Federal Acquisition Regulations (FAR) provides the parameters for grouping these costs. Per FAR 31.203(c), “logical cost groupings” are for...