No 2 snowflakes are ever the same. The person who proved that took 5,000 pictures of snowflakes. He was looking on the outside. Today’s science tells us that there is an element in the air that makes his statement a fact. These scientists were looking from the inside.
Just like snowflakes, no 2 accountants are ever alike. It would be up to you to determine which accountant would do best for your Government Contract. By looking from the outside and inside, and knowing what skills they should possess.
Here are the 4 qualities your government contract accountant should have.
1. Understands the industry standards. Your accountant should know what the industry standards are for government contracting. There are a ton of requirements, regulations, and compliance that needs to be addressed without fail. Your accountant should know what these are, know where your company stands and is able to give you a plan on how to meet these requirements in the best possible timeframe. When it comes to these regulations, there is very little wiggle room for error.
2. Has solid experience with the task at hand. Your accounting partner should not only have the knowledge of the rules and requirements, but also has been able to apply such knowledge before– experience. It is always a big help when your accountant has done this before. Knowledge and experience are the best 1 – 2 punch for you.
3. Knows the best Government Contract Accounting Software to use. Technology is no longer a choice, your accountant should know that. Not only should there be knowledge of what software to use, but also skill on how to use that software to match your needs as well. This technology should not only be appropriate, but it should also be portable, taking advantage of the cloud and the internet. Of course, as your accountant will be dealing with government contracts, this software and tools should be very secure. Your account should also be able to teach this level of security to all concerned parties.
4. Helps the company to turn a profit. Maximizing what the company earns from the government contract is priority #2 for your accounting partner. There should be the ability to maximize what can be earned in the long run and what can be saved. Knowing how to minimize tax liabilities, understanding indirect costs as well as fixed and variable costs will be a great help. This means that your accountant should also be able to layout long term plans for Government contracts, most of which run for a few years.
These are traits that your accounting partner should have above the usual traits that a great accountant should have. Government Contract Accounting is a stricter world of compliance and rules. Your run-of-the-mill accountant simply will not do. Make the right choice.
Before you make that decision, go ahead and schedule a virtual meet and greet below. We would love for you to meet us so we can talk about your needs and plans for your business and how we can help your goals!