Entering the world of federal contracting is no easy feat. The Government has numerous requirements, regulations, and inspections in place. Moreover, established contractors may already have a stronghold on bidding opportunities.

To help you navigate this challenging landscape, here are 5 essential tips for successfully selling your products and services to the Government while ensuring effective accounting practices.

  1. Understand the Market: Evaluate if your product or service aligns with the needs and priorities of the federal Government. Visit websites like www.usaspending.gov to explore how and where the Government is allocating its funds. Additionally, the GSA forecast tool (https://hallways.cap.gsa.gov/app/#/x/forecast-of-contracting-opportunities) can provide insights into potential opportunities.
  2. Learn the Federal Acquisition Regulation (FAR): Familiarize yourself with the FAR, which serves as the guiding handbook for federal contracts. Knowledge of the FAR is not just beneficial but essential for success in government contracting.
  3. Invest in Training and Upskilling: Government contracting is a dynamic industry that continually evolves. It is crucial to equip your team with the necessary skills to stay current and relevant. Explore licenses and certificates relevant to the Government’s requirements and ensure your team is well-trained.
  4. Study the North American Industry Classification System (NAICS) Code: The NAICS codes are used by contracting officers to understand your business and industry. Visit the official NAICS website (https://www.census.gov/naics/) to identify the most appropriate code for your company. If your business has multiple facets, you may need more than one NAICS code.
  5. Register on Sam.gov: To apply for federal awards as a prime awardee, register your company on Sam.gov. Follow this link (https://sam.gov/content/entity-registration) to complete the registration process.
  6. Gain Comprehensive Knowledge or Seek Professional Help: Government contracting involves multiple intricacies. While it’s important to prepare and educate yourself, certain aspects may require expertise that is both time-consuming and expensive to acquire independently. Government contract accounting, in particular, differs significantly from private accounting practices. Consider partnering with Peter Witts, CPA PC, an experienced firm specializing in government accounting for over 20 years. Their expertise can provide a cost-effective solution to support your government contracting bids.

By following these tips and leveraging expert guidance, you can enhance your chances of succeeding in the competitive world of government contracting while ensuring proper accounting practices throughout the process.

Government Contract Accounting is very tedious as it differs from private accounting of your business. It’s something to consider when you are entering federal contracting. Peter Witts, CPA PC, has more than 20 years of experience in government accounting and would be a cost-effective help in your government contracting bids.