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A Few Important Aspects to Know About DCAA Trends & Compliance

After procuring a government contract, there are several aspects of the Defense Contract Audit Agency (DCAA) you need to be aware of. Most importantly, you need to focus your efforts on ensuring you stay compliant with DCAA rules. The following is a quick overview of DCAA trends and how you can stay in line with them to...

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5 Challenges to Know before Contracting with the Federal Government

Are you considering entering a contract with the federal government? Here are 5 reasons why you may need a “strong stomach” when doing business with the federal government.

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CEO's: Don't Just Hire an Accountant; Hire a Creative Accountant

You may not think of accounting as a creative endeavor, but great accountants are, indeed, creative. To fully leverage your company's potential, don't just hire an accountant; hire a creative accountant.

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The DCAA Incurred Cost Submission – Your Government Contract 1040

The DCAA Incurred Cost Submission is your Government Contractor “Form 1040”.  Like the well known IRS Form that summarizes your personal and family transactions to calculate your taxable Income and tax associated with that income, the DCAA Incurred Cost submission is used to calculate your final fiscal year claimed...

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How to Avoid a Denial Letter from DCAA

Recent changes from the Defense Contract Audit Agency are causing more companies to receive denial, or deficiency, letters. So, what do you do when you receive a letter, and how can you prevent one in the future?

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Don’t be a “Child”: How to Deal with DCAA Auditors

Undergoing an audit can be stressful and time consuming. While you may feel like the auditor has all the power, the fact is, you actually play a big role in how your audit unfolds.  

Certainly, contractors need to be prepared with the appropriate documentation, and it is important to be professional, respectful, and...

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Financial Capability Audits: Are You a Responsible Contractor?

Good news – your company just won a federal contract.

But don’t celebrate yet. Your business could be subjected to a second, “make sure” review of its financial health before the contract is actually awarded.

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Backlogs & Pipelines: How to Distinguish Reality from Fantasy

Recently, I received a sales forecast from a client who was looking for a bank loan. I opened it and quickly reviewed it. It predicted staggering growth in a market where growth is stale, for a company with questionable financial capability.

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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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