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 seeking a bank loan, and wanted me to review  the projections before submitting it to a lender. It predicted staggering growth for a company with questionable financial capability in a market where growth is stagnant .

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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 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 if 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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