Quickbooks is an incredibly popular accounting tool for small-business owners. It’s affordable, user friendly, easy to learn, and provides all of the functionalities that most businesses would need. But government contractors have much more specialized accounting...
Expanding your small business through government contracts can be a lucrative endeavor, offering a stable income source backed by the reliability and financial capacity of the US government. However, breaking into the government contracting game can be challenging. If...
In order to work on government contracts, your accounting system must measure up to the Cost Accounting Standards (CAS) of Federal Acquisition Regulation (FAR). These regulations often differ from basic accounting methods, and it’s important you’re using an accounting...
If you intend to contract for any government agency, you should expect to face many DCAA audits during the course of your career. Unlike IRS audits, which usually only occur when something in your records is called into question, DCAA audits occur virtually every time...
All businesses must have some form of accounting. For some small companies, business owners are comfortable maintaining their own books. For others, an in-house accounting department handles the finances. But for government contractors, a professional accountant that...
One of the biggest issues in Government Contract Accounting is the identification and segregation of costs. It’s a make or break separation that is at the core of Government Contracting. These are fairly simple but can get rather confusing and must be as natural to...
