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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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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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IG gives DCAA a bad report card - again

In a recent report to the Director, Defense Contract Audit Ageny the Inspector General wrote in its memorandum, "We found that the Defense Contract Audit Agency (DCAA) did not exercise professional judgment in performing 37 (74 percent) of the 50 FY 2010 assignments reviewed."

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Using Add-Ons for DCAA Compliance

If you do a Web search on DCAA compliant accounting software - among the search results - you will probably notice advertisements for add-ons to QuickBooks and other non-industry specific accounting software. These will (in theory) take your existing non-compliant software and make it DCAA ready through the use of a...

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DCAA Audit Backlog

With a heavy emphasis on pre-award surveys, ostensibly to ensure that a government contractor has a compliant cost accounting system in place, the DCAA has become seriously backlogged in trying to keep up with its review of Incurred Cost Submissions.

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More on "flexible" accounting software

As we previously discussed, there is a fine line between providing flexibility in cost accounting software while maintaining tight internal controls. You need both, and at first blush it might present a challenge in identifying a system that lends itself to easily correcting mistakes or performing what should be a routine...

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