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.
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.