Working Capital & Liabilities

Working capital is the difference between a company’s current assets and its current liabilities.  Current assets include cash, inventory, receivables, and other assets which are expected to be turned into cash within one (1) year. Current liabilities include accounts payable, loans…

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QBO Still Not for Government Contracts

QuickBooks Online Still Not for Government Contracts Technology is moving at warp speed and this holds true for accounting software as well. For the last 20+ years, QuickBooks Desktop has been the go-to accounting software for small businesses, including government…

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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 uncompensated OT can result in the contractor most…

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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…

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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…

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FAR Compliance in QB

How to Maintain FAR Compliance in QB One of the areas of concern to government contractors is meeting the requirements for bookkeeping under Federal Acquisition Regulations (FAR). While the Defense Contract Audit Agency (DCAA) does NOT approve or recommend any…

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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…

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Overhead versus G&A Indirect Costs

Overhead versus G&A Indirect Costs Is there an important difference between a general and administrative (G&A) expense and an overhead (OH) expense?  Do these indirect costs really matter?  The answer is yes if you want to remain a government contractor…

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DCAA Compliance Checklist

This is the typical process that federal contractors adhere to in order to become and remain DCAA compliant. 1. Complete the Pre-award Survey of Prospective Contractor Accounting System Checklist. a. This survey is a checklist of the DCAA requirements of…

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