Redstone Government Consulting Blog | Compliant Accounting Infrastructure

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.

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.

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.

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.

In government contracting, three critical sets of guidelines govern the recognition of expenses for financial reporting and cost accounting practices: Generally Accepted Accounting Principles (GAAP) govern financial reporting, and Federal contracts require Federal Acquisition Regulations (FAR) part 31 and Cost Accounting Standards (CAS). While both frameworks are focused on assigning expenses to the appropriate accounting period, they have distinct roles and implications for government contractors. This article explores the key differences between CAS and GAAP, focusing on their significance and application in government contracting.

When contracting with the Federal Government on a cost reimbursement basis, the Government will need to ensure that your accounting system will support the complexity of this type of government contract. To achieve this, the U.S. Government has established various regulations and procedures to assess the accounting systems of prospective contractors. The main instrument is the SF1408: Pre-Award Survey of Prospective Contractor Accounting System. This article provides a comprehensive overview and explanation of the SF1408, its purpose, and its significance in the pre-award process.

There are many circumstances where a Unanet customer might manage multiple legal entities in the same Unanet system. There are many benefits as well:

The DCAA imposes strict requirements on government contractors when it comes to timekeeping. Make sure to utilize some of the key features in QuickBooks Time to help your business remain DCAA compliant.

While it may be tempting to change the Project Account Group (PAG) in Deltek Costpoint, revenue and billing formulas, revenue and billing formula levels, or a combination of both, you must consider the risks and consequences accompanying this decision.

2 Code of Federal Regulations (CFR) 200 lays out the Procurement Standards (i.e., purchasing system requirements) in section 317 to 327. 2 CFR 200.317 (Procurement by States) requires State Governments making purchases under Federal awards to use the same policies and procedures it uses for placing purchases when it spends State funds. 2 CFR 200.318 (General Procurement Standards) relates to non-Federal entities[1] other than State Governments. This section requires the non-Federal entity to have and use documented procurement procedures, consistent with laws and regulations and conform to the procurement standards identified in §§ 200.317 through 200.327.