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The budgeting process for any company can be a daunting process. But, like most things, hard work pays off, and establishing a detailed budget is a critical element to ensure a healthy and profitable company.
For Government Contractors, budgeting at the project level is generally the main focus. This is also a key attribute in the budgeting function within the Unanet accounting system. However, it is helpful to remember that budgeting at the company level for company-wide expenses is also available and equally as important.
Reports
Within the standard reports, income statements and balance sheets have a comparison column option so there is the ability to report on budget versus actual costs. The data integration with Unanet provides users with the ability to analyze and improve management and budgeting. GL budgets can be entered for both the balance sheet as well as the income statement accounts.
Company Budget Options
Another benefit of entering the company budget into Unanet is that you can run the indirect rate calculation based on budget for a time period to ensure that the cost pool setup is accurate, and the rates are calculating as designed. The rates can also be monitored on a monthly basis if fluctuation throughout the year is expected.
Multiple versions of a company budget can be entered into Unanet to provide for multiple scenarios. The budget is performed at the account level, but the company can decide how detailed the budget should be.
Creating GL budgets in Unanet is a quick and easy process that can be done within the User Interface or via import/export. Redstone GCI offers expertise to help you set up and utilize your Unanet platform effectively. Visit the Knowledge Center (kc.unanet.com) for more information or I’ll be happy to speak with you on this topic.
Katie is the Unanet Practice Lead at Redstone Government Consulting, Inc. based in our Huntsville, Alabama office. Her areas of expertise include supporting government contract businesses with a special focus in DCAA-compliant Unanet Time and Expense Tracking, Project Portfolio and Financials. QuickBooks, and Deltek GCS. Katie is a QuickBooks ProAdvisor, Certified Unanet Systems Implementer and has completed the Unanet Advanced Project Management training. Katie was one of the first Unanet Certified Implementers and was part of the initial pilot offering to non-Unanet consultants. As part of her certification process, Katie invested over 300-hours of instruction, out of class database development time and testing to obtain her certification. Since certification, Katie has assisted numerous Redstone GCI clients with implementation and post-implementation support services. Katie is frequently called upon by Unanet to join their implementation teams as an external resource and is considered a subject matter expert in the implementation of all Unanet software offerings. In her role with Redstone Government Consulting, Inc., Katie not only provides software systems expertise, but also frequently assists clients with preparation and support of DCAA audit activities including SF1408 pre-award accounting system audits, provisional billing rate submission, development of forward pricing rates for proposals, incurred cost submission preparation and development and design of policies and procedures necessary to support an adequate (DCAA-approved) accounting system. Katie serves as the primary point of contact for many small business clients in government cost accounting/compliance and assists monthly with the close of those contractor’s accounting systems and reporting to program management and executives. Her industry experience, software systems expertise and compliance knowledge provides a rare combination of knowledge to clients looking for a consultant to become an integral part of their team. Professional Experience Prior to joining Redstone Government Consulting, Inc., Katie worked in public accounting as well as small to mid-sized government contractors. She has prior operational experience with the many types of software such as Unanet, Deltek GCS, QuickBooks, SpringAhead, Deltek T&E, ADP, Paychex, and QB Payroll. Education Katie earned a Bachelor of Science degree in Accounting from The University of Alabama in Huntsville in 2010, where she was President of Beta Alpha Psi (an honor organization for finance and accounting students and professionals). She received her Master of Business Administration (MBA) from The University of North Alabama in 2014, graduating Cum Laude. Decades of Consulting, Training and Helping Government Contractors Succeed Redstone GCI offers a variety of services for large and small government contractors including evaluation, education and training, monitoring and DCAA audit preparation. Through our consulting and training programs, government contractors develop and learn to maintain compliance processes that help them succeed by mitigating risk and maximizing profitability. Our consulting team is comprised of senior leaders from government agencies and industry executives creating balance and an informed approach to our client services. Our services span the entire government contract lifecycle from proposal assistance, accounting, audit readiness, purchasing, project controls, contract administration, system implementation through to contract closeout. We specialize in preparing contractors for growth through our deep knowledge of common pitfalls companies face as they progress from small business in CAS, DFARS Business Systems and other common gates to contractor growth. In addition to almost 30 full-time consultants we also maintain a trusted network of independent contractors and other service providers who work with our team on specialized areas like ITAR, facility security, EVMS and other areas.