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.
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.
Intuit is constantly developing and improving QuickBooks, particularly the online version. And while it’s still not nearly as robust as some of the more complex accounting software solutions that are geared specifically toward government contractors (nor should we expect it to be with the price point difference), it will still get the job done, particularly for small to mid-size contractors that don’t have a bunch of overly complex contracts.
In my last blog post, I discussed whether you could have a DCAA Approved Accounting System with QuickBooks. If you read it, then you know the answer is definitely – yes. This begs the next question though: QuickBooks Online (QBO) or QuickBooks Desktop? One might think that they’re essentially the same with one just being a cloud version and the other a local install. That could not be further from the truth. The two products are actually very different in terms of functionality and capabilities. A couple of years ago, I would have told you that QBO was just not an option for a government contractor. Appropriate job costing just couldn’t be done. In recent years though, Intuit has focused a lot of their internal development on QBO, and the product has come a long way. In this article we’ll go over some of the key differences between the two QB options, and hopefully help you decide which is right for you. Note that this is NOT a fully comprehensive comparison of all the different features, but rather a focus on some of the primary differences that are most relevant for government contractors.
I talk with business owners all the time that are either just starting their business, or just getting their existing business into government contracting, and one of the questions we address almost weekly is – Which accounting software built for government contractors should I go with? The answer is, maybe none of them. While the popular govcon accounting software solutions are a really good option for many government contractors, you certainly aren’t limited to those. If you’re a relatively small government contractor, then other products such as QuickBooks might be a better software solution.
For most small businesses - and especially for those in the early stages of their life cycle - Quickbooks is an excellent option and an almost fundamental starting point when considering an accounting software from which to grow your company. It is cost effective, easy to use, and given its popularity and presence in the market, training resources are readily available. But is it a viable option for Government Contractors?
Over the past few months Redstone GCI has made several significant investments in our software services practice. For many years we have supported our clients with Deltek solutions, as well as many of our small business clients with QuickBooks assistance. In July, we added a new staff member to our ranks to better support our Deltek clients. Jimmy Baker will be leading our Costpoint and GCS support services, and we are excited to introduce him to our existing clients. Jimmy has been working with Costpoint for over 20 years decades, and has a great deal of experience working with larger system implementations, as well as new implementation and design for smaller companies utilizing Costpoint. He most recently assisted a very large government contractor with worldwide integration and conversion to Deltek Costpoint.