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.

Written by Courtney Edmonson

Courtney Edmonson Courtney is the Chief Executive Officer for Redstone Government Consulting, Inc. She is responsible for guiding the direction of the organization after spending several years as a vital member of the consulting and management team. Her entrepreneurial mindset and deep knowledge of the company and the government contracting industry have enabled Courtney to provide financial and operational leadership for Redstone while implementing a strategic vision for Redstone’s team and company growth. 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. This technical experience gives her the background needed to lead a high-performing managerial team and the leadership skills necessary to establish a growth mindset within the organization. Prior to her career in consulting, Courtney served as a financial statement auditor for large and mid-tier government contractors. This experience helped her to develop a deep knowledge of the markets and industry in which Redstone operates. Courtney was both an Advisory and Assurance Consultant and a Government Contracts Consultant with the CPA firm, Beason & Nalley, Inc., where she first provided services for various industries before focusing on risk assessments in the government contracting industry. Courtney is a lead instructor for the Federal Publication Seminars courses, “Government Contractor Accounting System Compliance,” and “Accounting Compliance – Training Academy” and provides class instruction for other compliance courses and webinars such as “Preparation of Incurred Cost Submissions,” “Cost Accounting Standards,” and “FAR Part 31, Cost Principles.” She is a CPA licensed in Alabama and holds a Master of Accountancy from the University of Alabama in Huntsville and a BS in Accounting from Jacksonville State University.

About Redstone GCI

Redstone GCI is a consulting firm focused on fulfilling the needs of government contractors in all areas of compliance. With a singular mission to help contractors through the multiple layers of “red tape,” we allow contractors to focus on what they do best – support their mission with the U.S. Government. We are home to a group of consultants made up of GovCon industry professionals, CPAs, attorneys, and retired government audit and acquisition professionals.

Our focus and knowledge of audit and compliance functions administered by DCAA and DCMA will always be at the heart of what we do. However, for the past decade, we’ve strategically grown to support other areas of the government contractor back-office with that same level of focus and expertise. We’ve added expertise in contracts management, subcontract administration, proposal pricing, various software systems, HR and employment law, property administration, manufacturing, data analytics/reporting, Grant specialists, M&A, and many other areas. When we see a trend in the needs of contractors, we act to ensure we can provide the best expertise in the market to fulfill those needs.

One thing our clients can be certain of is that with the Redstone GCI Team in your corner, there is no problem too big and no issue too technical for our team to tackle.

Topics: Proposal Cost Volume Development & Pricing, Incurred Cost Proposal Submission (ICP/ICE)