Redstone Government Consulting Blog | Compliant Accounting Infrastructure (4)

The Costpoint group at Redstone Governtment Consulting concluded a great event with Deltek in April during which DCAA representatives gave a keynote session on Accounting System Requirements (or SF1408). Just reading the SF1408 can be confusing or make the requirements seem complicated. However, if you understand the basics and know how Deltek Costpoint can achieve the requirements it can be easier to ensure you are ready for a DCAA review.

Topics: Compliant Accounting Infrastructure, DCAA Audit Support, Deltek Costpoint

Besides the potential tax benefits of an Employee Stock Ownership Plan (ESOP), the National Defense Authorization Act (NDAA) for Fiscal Years 2022 and 2024 has introduced an additional benefit for employee-owned businesses contracting with the Department of Defense (DoD). A pilot program that will allow for the award of follow-on contracts without competition.

Topics: Compliant Accounting Infrastructure, Employee & Contractor Compensation, Contracts & Subcontracts Administration, Government Regulations, Federal Acquisition Regulation (FAR)

For cost accounting under Federal government contracts, including your contracts that are not CAS covered, deferred compensation must be measured based on the requirements of CAS 415. FAR 31.205-6(k) requires that the cost of all deferred compensation, other than pension costs, be measured, assigned, and allocated in accordance with CAS 415, Accounting for the Cost of Deferred Compensation.

Topics: Compliant Accounting Infrastructure, Employee & Contractor Compensation, Human Resources, Government Regulations, Cost Accounting Standards (CAS)

Training and employee development, in our opinion, must be looked at as a necessary investment in the future of a business as well as the business’ key resource - its employees. That said, those businesses in the government contracting industry are also facing an ever-expanding list of required or at least expected training that is necessary to maintain compliance with their growing list of contract clauses.

Contract Requirements and Expectations for Training

Topics: Compliant Accounting Infrastructure, Small Business Compliance, Contracts & Subcontracts Administration, Government Compliance Training, DCAA Audit Support, Human Resources, Federal Acquisition Regulation (FAR), Organizational Change Management Consulting

With the latest point release, Unanet is improving the functionality of the roles assigned to users of the system. Hence, segregation of duties and access to information is easier for an organization to control.

Topics: Compliant Accounting Infrastructure, Unanet

If you want to provide cloud-based services to Federal Agencies, you will need to get your service approved through the Federal Risk and Authorization Management Program (FedRAMP) managed by the FedRAMP Program Management Office.

Topics: Compliant Accounting Infrastructure, DCAA Audit Support, Government Regulations, Cost Accounting Standards (CAS), Federal Acquisition Regulation (FAR)

The Costpoint team at Redstone GCI recently concluded a great event with Deltek, during which DCAA representatives gave a great keynote session on Accounting System Requirements (or SF1408), which was followed by another informative session by our group on how Costpoint meets those requirements. With this article, I wanted to review some of the key points from both presentations for those who missed the event. Now, I will warn you that this is written for those new to the idea of an approved accounting system and its associated requirements. It is not written for the hard-core government accounting system veteran. I will not cover every aspect or criteria related to the standard accounting system audit; instead, I will try to find a somewhat entertaining way to talk about accounting systems and the SF1408 requirements, in particular.

Topics: Compliant Accounting Infrastructure, DCAA Audit Support, Deltek Costpoint

QuickBooks Online and QuickBooks Desktop are great pieces of accounting software for small businesses. There is almost no accounting task that QuickBooks cannot handle, and the good news for those looking to calculate indirect rates is that it is considered a government-compliant accounting system when used correctly. This means you can use it to pass an SF1408 pre–award audit and can even use the system to handle your government contract accounting indefinitely.

Topics: Compliant Accounting Infrastructure, Small Business Compliance, Quickbooks

Unanet’s project management and general ledger budget features can be an asset when it comes time to develop provisional billing rates for the upcoming year. The information from the project budgets for the upcoming year can provide the data necessary to populate those areas of the general ledger budget so that billing rates can be calculated based on those same assumptions that project managers are using to maintain their project’s performance.

Topics: Compliant Accounting Infrastructure, Small Business Compliance, DCAA Audit Support, Unanet

Cost Accounting Standard (CAS) 408 was put in place to provide consistency in the measurement and allocation of vacation, sick leave, holiday, and other compensated personal absences. Today, many contractors refer to all paid time off as “PTO.”

Topics: Compliant Accounting Infrastructure, Contracts & Subcontracts Administration, DCAA Audit Support, Government Regulations, Cost Accounting Standards (CAS)