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Government Contract Accounting

Why January is the Best Time to Begin Preparing the Incurred Cost Proposal

A new year presents new opportunities for working more efficiently and effectively. When dealing with federal contracts, the Incurred Cost Proposal (ICP) presents one of the biggest opportunities. You’re closing 2016 and preparing for taxes anyway. What better time to gather information and documents for the ICP? Not sure what an Incurred Cost Proposal is…

Allowable Rental Costs

We often receive questions regarding the amount of allowable rental costs between related parties. Rental costs are normally allowable to the extent they are reasonable and allocable. In an effort to reduce operating costs, small business owners often purchase a building under a separate entity and lease it back to the government contracting entity at…

SF1408 Accounting System Review

Has your prime or contracting officer told you that you need an approved or adequate accounting system before your next award? What exactly is an approved or adequate accounting system? In the world of government contracting, most people think of DCAA-approved accounting systems. There are a few misnomers in that statement: DCAA does not approve…

Increased Profit Margins On Government Contracts

What are your current profit margins on government contracts? Are you still bidding a fee of 6% to 10%? Many contractors think they must accept low profit margins on government contracts. Not true! FAR 15.404-4(a)(3) clearly states, “Both the Government and contractors should be concerned with profit as a motivator of efficient and effective contract…

Indirect Rate Calculator

Do you want to know how to calculate indirect rates for government contracts? Are you looking for an indirect rate calculator to verify your current rate structure? Check out our indirect rate calculator – an Excel tool designed for ease of use. Simply enter totals from your existing GL reports (Income Statement or Statement of…