PWCPA Blog
Allowable and Unallowable Costs in Government Accounting
Government contract accounting involves distinguishing between allowable and unallowable costs. Effectively managing these costs is essential for compliance, cost control, and financial accuracy.
Navigating Government Contract Financial Assessments
Government contract financial assessments are pivotal for transparency and compliance. To succeed in these assessments, maintaining accurate records, adhering to contractual obligations, and implementing sound accounting practices are key. Our guide offers step-by-step strategies for effective preparation, ensuring credibility, contract continuity, reduced legal risks, and operational efficiency.
Subcontractor Management and Accounting in Government Contracts with Peter Witts CPA
Government contracts often involve intricate networks of subcontractors who play a crucial role in the successful execution of projects and services. Managing subcontractors and their associated financial transactions is a complex endeavor that requires careful...
Benefits of ERP Systems in Government Accounting
In an era of increasing complexity in government contract management, the integration of technology has become a crucial driving force for efficiency, accuracy, and transparency. Enterprise Resource Planning (ERP) systems have emerged as powerful tools that offer a...
Ethical Considerations in Government Contract Financial Reporting
Government contracts play a significant role in shaping economies and societies by fostering collaboration between public entities and businesses. However, the financial reporting associated with these contracts is not only about numbers and data—it also raises...
Lessons Learned from Notable Government Contract Accounting Errors
Government contracts play a pivotal role in the economy, enabling businesses to collaborate with public entities on various projects and services. However, the intricate nature of government contract accounting can sometimes lead to errors with far-reaching...
Exploring Government Contract Cost Principles with Peter Witts CPA
Dive into the world of Government Contract Cost Principles with a focus on insights from the esteemed CPA, Peter Witts. These principles play a vital role in ensuring transparency, efficiency, and fairness in government contracts. Let's explore how Peter Witts sheds...
The BIG Importance of Budget Plan in Businesses
The foundation of every successful business is a well-thought-out plan, and a budget is an integral part of that plan. When starting a business, you need to determine various aspects such as office location, equipment purchases, sales/service strategies, and, of...
What is Quickbooks and its Importance for DCAA Compliance?
Quickbooks is an immensely popular accounting tool among small-business owners for its affordability, user-friendliness, and comprehensive functionalities. However, government contractors face more specialized accounting requirements due to DCAA's compliance...