For firms that want to do business with the Federal Government, it is a good idea to set up their cost accounting to be compliant with federal regulations from the start. The specific need for a compliant accounting system depends on the contractor’s circumstances and contract types. If a firm has or is contemplating bidding [...]
A business does not have to produce aircraft carriers to work with the federal government. Firms specializing in information technology, systems engineering, and testing and evaluation are good examples of businesses that are involved in federal contracting (without making aircraft carriers). Government contractors must follow complex rules and regulations to comply with awarded federal contracts, [...]
Federal defense contractors must adhere to strict guidelines to comply with their contracts. Watch as Tim Herndon explains the importance of DCAA compliance and Deltek software.
Pre-award audits are requested by Defense Contract Audit Agency (DCAA) auditors to gain knowledge of a contractor's current accounting system. Unlike an IRS audit, a DCAA audit looks for specific areas that track costs and billings to the government in an accurate manner. Watch Tim Herndon and Debbie Goode discuss the keys to [...]
The Small Business Administration (SBA) established the 8(a) Business Development Program to lend a helping hand to small businesses by providing them with access to federal and private procurement markets, management, technical, and financial assistance. Membership lasts nine years with a one-time eligibility restriction. Given this timeline, it is important for small businesses to understand SBA [...]
Which came first: the contract or the excluded expense? In the government contracting coop, it may not matter. Government contractors must segregate and allocate allowable direct and indirect costs charged to government contracts. However, certain expenses are excluded under Federal Acquisition Regulation (FAR 31). Contractors who do business with the U.S. government should be familiar [...]