Your Internal Controls: Speed Bumps, Guardrails and Stop Signs

Several years ago, I asked a co-worker about what he understood about financial internal controls.  He looked at me for a moment and then provided a few internal control metaphors that spoke to driver safety.

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What is an Indirect Rate?

For those of you who are new to government contracting, and in particular cost reimbursable government contracting, the jargon can sound as strange as an unfamiliar foreign language.

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Tips for Reducing Audit Costs

Is your business seeking ways to reduce expenses? Use these tips to save money by reducing audit costs.

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What is a Wrap Rate?

For many companies who have the federal government as a customer, a key business statistic is the “wrap rate”.

A wrap rate is normally attributed to the pricing of the labor component of a contractor’s revenue model. The wrap rate provides a shortcut method of determining the cost of a unit of labor before profit is...

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Trust but Verify - Double Check Your ERP/Financial Software Output

Sophisticated and seasoned accounting software users understand the need to verify key calculations generated by their automated accounting software. Those users who do not could eventually end up wishing that they had before a crisis arose.

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Tips to Get Past the Flashy User Interface: Things to Consider with Project Cost Accounting Software

Flashy accounting software may be visually appealing, but for government contractors it's far more important that your software be comprehensive and compliant. When it comes to managing your company's finances correctly and efficiently, your accounting software can make or break you. It can mean the difference between a...

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Batch Versus Real-Time Accounting--Which is Right for You?

In accounting software design, there are two primary methods with respect to how systems should operate. There is batch-based entry and there is real-time entry. This article will provide a synopsis of each method and suggest the one that is most suitable for companies that contract with the government.

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GovCons: Are You an Inch Deep and a Mile Wide?

Often times, you will see companies in the government contracting space that list a large array of NAICS codes under which they are qualified to perform services or sell products.

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Inter-company Transactions – Know the FAR and IRS Rules that Govern these Transactions

A word of advice - be sure you know the rules promulgated by the Federal Acquisition Regulations and Cost Accounting Standards (CAS) when you are a government contractor that conducts transactions between related companies.

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Key Financial Indicators -- Your Business's EKG

Is your company financially healthy? Just as an EKG measures your heart's performance, indicating overall health, key financial indicators measure your company's financial well being. These indicators are tools that allow you to summarize your most important financial areas so you can understand how money moves in and...

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