Redstone-If you Outsource your Tax Return, Why Not Outsource your Incurred Cost Proposal-.jpg

As a business owner or executive, it is highly likely that you are not preparing and submitting your business tax return. After all, tax rules are complicated and submission requirements can be a little unnerving. So, for those reasons and for peace of mind knowing that your tax return is prepared correctly, a savvy business owner or executive will outsource their tax preparation to a trusted firm that specializes in taxes.

Consider the Complexity of your ICP

So why not take the same approach with a contractor’s incurred cost proposal (ICP or ICE)? Why does the same philosophy not hold true with your ICP that does with your tax return? Some may think that preparing an ICP is simple, but that’s not necessarily the case. Every year changes occur that ultimately add to the complexity of the ICP preparation, whether it be the federal regulation (FAR 52.216-7(d)(2)(iii)), the adequacy checklist, the format of the presentation or the government auditor (DCAA) focus/expectation. Not to mention, the ICP can be time consuming for those that only prepare the ICP once a year while trying to balance their daily full-time job responsibilities.

Hire a Professional

For peace of mind knowing that your ICP is prepared adequately and possibly resulting in limited to no audit, why would one risk preparing an ICP internally when it can be outsourced to professionals that specialize and study government contract cost and federal regulation and who have prepared hundreds of ICPs? Don’t risk rejection, or worse, increased DCAA scrutiny and oversight by preparing your ICP internally. Consider reaching out to a professional.

At Redstone Government Consulting, we work with contractors, large and small, to timely and adequately prepare the annual incurred cost proposal, using professionals that have prepared hundreds of ICPs and who interact with DCAA on daily basis. We understand not only the regulatory requirements for preparation, but we also know and keep abreast of auditor expectations as well as the elements of the ICP schedules which can cause issues or increase risks. Let us help you to submit a compliant, adequate ICP and take the pressure off you and your staff.

White paper: DCAA Rejection of Incurred Cost Proposal Download Now

Written by Courtney Edmonson

Courtney Edmonson Courtney has extensive experience with Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS) compliance, evaluation and preparation of Cost Presentations, cost accounting systems setup and reviews, and policy and procedure preparation. Prior to joining Redstone Government Consulting, Courtney served as a financial statement auditor for large and mid-tier government contractors. Courtney works with small and large contractors in pro-actively preparing contractors for government contracts challenges as well as resolving complex DCAA and government procurement issues. Courtney’s expertise includes establishing and/or evaluating job cost accounting structures; management and preparation of complex incurred cost and forward pricing rate proposals; evaluation of internal controls most often evaluated by DCAA to include billing and estimating systems; preparation/evaluation of policies and procedures; development of cost allowability evaluation programs, and; preparation of corrective action plans for overcoming DCAA audit findings. Courtney is a lead instructor for the Federal Publication Seminars course, “Government Contractor Accounting System Compliance”, and provides class instruction for other compliance courses and webinars such as “Preparation of Incurred Cost Submissions”, “Cost Accounting Standards”, and “Cost and Price Analysis”. Education Ms. Edmonson earned a Bachelor of Science Degree from Jacksonville State University and obtained her Master of Accountancy Degree from the University of Alabama in Huntsville, Alabama.

About Redstone GCI

Redstone Government Consultants are a team of the most senior industry veterans and the brightest new talent in the industry. Many have held senior government positions including leadership roles in the DCAA. Our new talents bring significant accounting and software experience along with fresh perspectives, inspiration and energy to our team. Through our leadership and combined experience, we provide a unique perspective, bringing both government and contractor proficiencies to bear and ensuring rock-solid government compliance for our clients.

Topics: Cost and Pricing and Budgeting, Incurred Cost Proposals