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Laying a Foundation for Government Contract Accounting

Accounting systems, policies and procedures make up a critical component of government contract management. To win and keep profitable federal contracts, businesses must show compliance with federal accounting regulations. Effective government contract accounting rests on a foundation of Generally Accepted Accounting Principles used by almost every business. Starting with a solid GAAP framework makes compliance…

Understanding NIST 800-171 and what it means for Government Contractors

What is NIST 800-171? The NIST (National Institute of Standards and Technology) 800-171 is a federal regulation that was issued Dec 1, 2016 to help control the safety and security of CUI that resides in nonfederal systems. What is CUI? Controlled unclassified information, also known as CUI, is federally released, non-military data including personally identifying…

The Struggle with Success

I know many of you struggled (or are struggling) with growing pains in your business – it’s often one of the many reasons we are called, to help our clients get to things they don’t have time to do. Recently, we’ve experienced that pain ourselves. The pain of becoming successful. The positive side: new clients,…

The Impact of Lease Changes on Government Contractors

The Financial Accounting Standards Board (FASB) identified leases as an item of concern on financial statements. Until recently, companies were not required to report most leases on their balance sheet which resulted in “off-balance sheet financing.” The long-term nature of leases and their use as a financing tool meant that companies have long-term commitments (liabilities),…

Everything You Need to Know About Incurred Cost Proposals

Many government contractors will need to submit an Incurred Cost Proposal. It is up to your business to make sure you do one and you do it right. Here are some common questions businesses have when it comes to preparing a proposal. Do I need to submit an Incurred Cost Proposal? You will need to…

Why You Need A Budget

“Nah, we make enough money. Thanks, but no thanks.”  “We never worry about making our payments.”  “Our employees are dedicated to the mission of the business. They’re okay with lower compensation.”  If any of these scenarios sound familiar, stop reading now; this article will not be of interest to you. However, if you want to…