Welcome to the mountain of Government Contracting, we are glad you made the decision to climb up these steep slopes. You’ll be trekking on a path only for the strong, the brave, and the immensely dedicated. Did you bring your hiking gear?
Before you go on any further on this trip, let me tell you something about the 6 Common Accounting Obstacles for Government Contractors. These are the slippery slopes, the crumbling stones you’ll encounter on this trip up the mountains of your new government contract.
1. Government requirements, regulations, and certifications are plenty and ever-changing. Like the many rocks on our track, there are tons of regulations. From FARs to DCAAs, to CAS, among others. Apart from being very strict, they also change out the rules from time to time. Staying current and “in the know” is a skill in itself. Always know the best path.
2. Changes are the nature of the contract. Not only do the regulations change, but your contract can also change as. Even the administrators of the Government Contract can change too. It’s the ever-changing weather of sun and rain that we also must deal with on this mountain trip. You need to make sure that you and your company are set up and capable of the ever-changing demands of Government Contracts. Always bring the right shoes and gear.
3. Surprise Audits. The mountain sends out its troops– leaves afloat, furry eyes gazing, to check on your progress. So will they. Are you on the right and narrow? Is every process you have planned for the Government task set up correctly?
4. Accustomed Tools and Software may not cut it. Once you make the trek, know that your street clothes and city shoes will not cut it. Government Contracting will need specialized tools and software, it may not be the same as what you are using now, or it may require an upgrade on your software, even your hardware.
5. Accounting teams may need to be trained. It’s a different world out here in the mountains, rocks, trees, animals, weird smells, and puddles. Government Contracting can end up shocking your accounting team, there is a large difference between what they currently do as opposed to what accounting Government Contracts need and require. Everyone’s mileage may vary.
6. Data and Information must be meticulous. A wrong knot, a faulty hook, slipped on a rock, dropped a packet of gum. You need to be careful out here in the mountains. Government Contracts need to be done right. There are no two ways about it. Every information they entrust to you is glass. It needs to be handled with utmost care, as well as protected and secured to the best of your abilities. You can earn their trust if you handle their information well.
Hopefully, if you prepared right and took into consideration these 6 Common Accounting Obstacles for Government Contractors, you would be close to the peak of the mountain now. If you are stumbling along the way and find that the accounting hurdles are too much, always remember that there are people around you who can lend a hand in your travels, especially when it comes to Government Contract Accounting. We’ll see you at the top, and perhaps, other mountains too!
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