Unless you have undergone a DCAA Accounting System audit under the criteria in DFARS 252.242-7006 (a.k.a. DFARS Accounting System Audit), you do not know what a comprehensive audit is. To start with there are eighteen criteria, some of which are as broad as “Accounting practices in accordance with standard promulgated by the Cost Accounting Standards Board, if applicable, otherwise, Generally Accepted Accounting Principles.” This leaves the door open to pretty much endless questions. But don’t worry, DCAA has narrowed it down to only 27 questions.
Unanet offers a streamlined platform which works for many small contractors and offers a host of benefits you should consider, including smooth integration and a single platform for most of your financial processes. For all of our current Unanet users and potential Unanet users; the Unanet Practice Group would like to give you a quick view of additional products available within Unanet:
Looking forward to closing 2018? It can be a daunting task, even when you have a trained team and an armload of checklists. To ensure you are fully prepared to tackle each of the processes you encounter at the end of the year and to start the new year right, we at Redstone GCI wanted to provide a check-list and some links to the Unanet Knowledge Center to help you through the Year-End Process:
The competition for that big contract you have been dying to win is underway. This is a great business opportunity for you. So, you begin the process of putting together the perfect proposal. As you go through that process, there are several pitfalls that could prevent you from having the best proposal. As a government attorney, I saw many of those pitfalls in every source selection I worked. So as one gift as you enter this new year, I want to go over some of the main pitfalls I have seen from the government’s perspective.
What better way to kick off 2019 than with a quick review of your Affordable Care Act (ACA) reporting requirements? Employers subject to the ACA must distribute reporting forms to employees and file with the IRS shortly after the new year, so now is the time to gather and review all required data.
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.
On August 14, 2018 the U.S. General Services Administration (GSA) released the Fiscal Year 2019 travel per diem rates, taking effect October 1, 2018. These represent the maximum reimbursable amounts allowed for expenses incurred by federal employees. Making adjustments based on the current economy is important, as well as taking into consideration local price variations in what is termed “Non-Standard Areas.”
Quite often, in practice, we see contractors classifying too much cost as IR&D or more commonly, B&P expense. In a proposal setting, experts from across your company support the development of a compliant proposal. The question we see frequently is: “Who should be charging to B&P Projects?” While a business may want to capture the total cost of a proposal effort, including administrative support from G&A staff, it is not wise to have these personnel charge to a B&P project where their labor will absorb overhead.
Organizational Conflicts of interest have increasingly gained attention from the Government and Government contractors. Organizational Conflicts of Interest (OCI) are discussed in the Federal Acquisition Regulation (FAR) subpart 9.5. OCI rules are meant to prevent conflicting roles or unfair competitive advantage in government contracting. Assessment of OCI is very fact specific, and mitigations should be sculpted to fit your contracts and situation.
We have received a number of inquiries from clients related to cost allowability for Employee Stock Ownership Plans (ESOPs). In this Part II, we focus on the cost allowability rules and regulations for government contractors (Part I provided a more general description of ESOPs).