After over three years of waiting, on September 24th, 2019 the Department of Labor released its long-awaited final overtime rule, increasing the standard salary threshold for exempt status to $684 per week (up from the current $455 per week floor), or $35,568 per year on an annual basis. The new rule takes effect on January 1st, 2020, providing the first overtime salary adjustment in more than 10 years.
GSA establishes the per diem rates for the lower 48 Continental United States (CONUS), which are the maximum allowances that federal employees are reimbursed for expenses incurred while on official travel.
Have you ever considered the power of the Pay Code function in Unanet? Pay Codes are the earnings and leave categories your organization uses to track and classify reported hours on employees’/subcontractors’ timesheets.
As a follow-up to our recent blog post, My CPA Audited My Financial Statements. Does That Mean My Accounting System is Adequate? where we covered some differences between a financial statement audit and an adequate accounting system, we received several great questions from our readers. We thought it might be beneficial to address them via a new blog post for the benefit of all our readers. We welcome discussion on our blogs, though we do so in private via email. In this case, though, these questions are ones we see frequently and impact all companies doing business with the U.S. Government.
The topic of accounting system adequacy seems to be a recurring issue for many in the government contracting community. Earlier this month in the ongoing “process of elimination”, GAO weighed in again on what is NOT considered a determination of accounting system adequacy. In Shivoy B-413104.36, GAO rightfully denied a protest for unequal treatment in eliminating a proposed offeror due to lack of verification of a proposed subcontractor’s accounting system as adequate.
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.
It’s everyone’s least favorite time of year. That’s right, tax season. For those of us who no longer work in public accounting, this time of year is now a welcome reprieve; although for us, it also marks the start of incurred cost season. If you’re not sure what an Incurred Cost Submission is or have questions about that topic, visit our website for a variety of resources.
You now understand a little bit more about provisional billing rates from our first of this two-part series. In this second part of our coverage of provisional billing rates, we delve a little deeper into the purpose behind provisional billing rates as well as how to prepare them and the differences between provisional billing rates and proposal bid rates. Knowing these details will enable you to prepare an accurate DCAA submission.
For our 12/31 year-end contractors, this is a busy time of year. Year-end books are ending and 2019 budgets are being formed. This is also the time of year for submitting provisional billing rates or PBRs for contractors that have cost reimbursable type contracts such as cost-type and time and material contracts.
If your unbilled receivables account has you searching for a solution as simple as waving a Harry Potter wand and reciting “Evanesco!” you are not alone. The everyday life of an accountant is chock-full of number-crunching, and then you suddenly realize the “deathly hollows” of year-end is quickly approaching. Whether you are new to the tracking of unbilled receivables or the account has been covered in cobwebs, understanding the creation process to this “chamber of secrets” is where your journey out of the “dark forest” can begin.