In our article, Understanding your Lower-Tier Relationships with Subrecipient and Contractor Determinations under 2 CFR 200, we addressed the required determination as to whether the lower-tier organization supporting your Awards or Subawards are classified as subrecipients or contractors. Now that the determination is made and documented is that all that needs to be done? Well no.
As the Government approaches yet another potential shutdown, we wanted to bring our reader’s attention to the information we have previously provided on this topic and some just-in-case planning suggestions. While unfortunate, the shutdown battles have become a perennial occurrence for most of the last two decades. We began writing on the topic prior to 2010, and our blog archives go back to 2012. The advice from these older blogs is just as relevant to contractors now as when initially published. Below are a few blogs we’ve published on the government shutdown topic:
Suppose you are awarded a fixed-priced contract or a commercial FAR part 12 contract with the Federal Government with payment on delivery. In that case, you should not need to make any changes to your accounting practices based on U.S. Generally Accepted Accounting Practices (GAAP). Even a fixed-priced contract or a commercial FAR part 12 contract can become complex should the Government make changes, which they often do, during performance or terminate the contract for the Government's convenience.
As the fiscal year draws to a close, government contractors are gearing up to meet their year-end reporting requirements. Navigating the maze of regulations and clauses can be daunting, but with a clear understanding, the process becomes manageable. This article aims to shed light on the major contract reporting requirements for all government contracts.
The accounting function for a government contractor can be a tedious job at times. Be sure to utilize QuickBooks Online Workflows to its full potential to help simplify the process.
We have discussed recently how DoD has an increased interest in government property, especially the property that contractor’s control and maintain. RGCI has helped clients with government property issues more in the past four years than the previous ten years combined.
Many things can hamper the successful implementation of a new accounting and ERP system. Although our team specializes in Deltek Costpoint implementations, we believe the following six mistakes can create significant pitfalls for the implementation of any system.
Over the last few years, with the uber-competitive labor market and evolving landscape of remote and hybrid work arrangements, I've had many conversations (some feeling more like counseling sessions!) with clients who had become very tired and frustrated with the rising compensation and work-related demands of candidates. These conversations included questions like: When will we see the labor market settle? How can we be profitable when paying rates such as this? What makes sense? Is there any way this would be considered reasonable? Will that be fair to my long-term employees? What we found is those with established and well-structured compensation plans were able to respond to these questions and the challenging scenarios they faced much more efficiently and effectively than those who did not.
LaDonna Wotell, a Managing Consultant in our Unanet Consulting Group, attended the Unanet CRM Implementer Training in Dulles, VA. Redstone GCI was 1 of 4 partners in the United States to receive a special invite to this brand-new Unanet pilot program and receive CRM Implementer training at Unanet’s Headquarters. Only three attendees were certified in both CRM and ERP.
Being a government contractor, whether you’re a novice or a veteran, comes with its own unique set of challenges. One of the most significant is the constant need to optimize indirect rates. These rates can be the deciding factor between securing new contracts and expanding your business or remaining static and missing out on opportunities. As your business grows and evolves, your indirect rates should follow suit. Regularly evaluating your rates to ensure they align with your company’s strategic plan and maximize the recovery of your allowable costs is crucial to building a thriving company.