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...
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...
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...
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...
Facing an IRS audit can be a daunting experience, evoking feelings of apprehension and uncertainty. However, the process may not be as overwhelming as it initially seems. If you’re a government contractor, you’ve likely encountered more rigorous audits...