PWCPA Blog
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...
7 Ways to make your Accounting System DCAA Compliant!
DCAA compliance is an essential requirement for all government contractors. However, for those new to government contracting, navigating DCAA compliance, particularly in accounting methods, can be quite challenging. Proper accounting is already a complex task for any...
Financial Management and Compliance with PWCPA
In the dynamic landscape of business operations, maintaining impeccable financial management and compliance with stringent regulations are paramount to success. For companies navigating the intricate waters of government contracting, adhering to the Defense Contract...
What is the Difference Between Direct and Indirect Costs in Government Contract Accounting?
Mastering Government Contract Accounting requires understanding the crucial distinction and segregation of costs, which lies at the heart of Government Contracting. While this may initially seem daunting, let's simplify the concepts with a fun example to make them...
Simplify Tax Season with Expert in Dracut, MA
Tax season is daunting due to complex laws and the need for accuracy. Enlisting a seasoned professional can simplify this process. In Dracut, MA, one name stands out in the field of tax preparation services—Peter Witts, CPA. In this article, we will explore the...