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Are you going to be hiring a CFO?

CEO's who want to demonstrate more control over the incoming CFO should keep these 7 items in mind

1) Start with a Basic Understanding of the Company's Chart of Accounts

Your company chart of accounts is the basis of recording, filing, and measuring the effect of financial transactions on your business. The CEO should have...

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When Communicating with an Auditor, be careful what you say

Not long ago, we were told of a CEO of a company who opined with a bank auditor about a particular aspect of the company's financial statements. The CEO's opinion led to a line of questioning by the auditor that resulted in the bank to declining a major line of credit facility for his company.  You should understand that...

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DCAA FAR 31.205 Cost Principals Guidebook

From time to time given the nature of our business, we receive inquiries about whether a specific cost is allowable (billable/recoverable) under a federal contract. While it makes sense for contractors to familiarize themselves with the Federal Acquisition Regulations Part 31.205, it sometimes is just easier to ask around...

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Accounting Treatment for your Government Sales Activities

In today's super competitive government contracting business environment with its emphasis on low price, building a government sales “pipeline” is essential in increasing your odds of winning. Tracking the sales function should be done using cost accounting data to measure sales expenses and to give visibility and...

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Evaluating Cost Accounting Software for DCAA Compliance

According to the Website Findaccountingsoftware.com there are 700+ Commercial off-the-shelf (COTS) accounting packages available today. How many of these do you suppose can likely be configured to be DCAA compliant with proper setup? You might be surprised to learn that the correct answer is the vast majority of them! Upon...

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Getting Ready for your First Encounter with DCAA

When you contract with the federal government, you will likely encounter the Defense Contract Audit Agency, but your experience doesn't have to be stressful. With preparation and planning, your company can turn the challenge of a DCAA audit into an opportunity to refine your systems and processes.

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6 Questions to Determine Whether You've Outgrown Your Accounting Software

Growing companies should realize when it's time to move on from their current accounting software. Your software is crucial for sustaining success through a company's expansion. Few areas of your business understand this better than the accounting department, where even a small uptick in business activity can result in an...

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Checking Your CPA Firm's Independence

Independence is the hallmark of the public accounting and auditing profession; a necessary part of the statutory corporate reporting process, and the cornerstone for creating value from an audited financial statement. Simply put, without independence and objectivity, auditing practices quickly slip into a gray ethical...

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Does your Accounting Software give you the End-of-Year Blues?

Blues music reflects the trials and tribulations of  life. End-of-Year for the accounting profession is a time of high stress.  If your accounting software imposes year end closing procedure deadlines on you, then it too is contributing to your blue mood.

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Business Systems and the Importance of Customer Support

Cost accounting software designed to meet the needs of government contractors is complex. Your vendor’s customer support staff needs to understand not just the underlying purpose of the program, but also to understand what can go wrong from a user standpoint.

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