GovCon 101: What Contractors Should Know About Accounting For Government Contracts
Summary of Keypoints
- The article introduces foundational accounting concepts for government contractors, building on prior discussions of Federal Acquisition Regulations (FAR) and government contract types.
- It is designed for contractors new to government accounting requirements, explaining how accounting practices differ when the federal government is the customer.
- The piece highlights why proper accounting is critical for GovCon success, given the size, oversight, and creditworthiness of federal agencies.
- The article is authored by Jennifer Eubanks, Founder and Managing Partner of Eubanks Accounting & Advisory, and published as a Forbes Council feature.
- The GovCon 101 series provides step-by-step education for small businesses, helping them understand compliance and financial management expectations when working with the U.S. government.
Jennifer Eubanks recently authored the council post, GovCon 101: What Contractors Should Know About Accounting For Government Contracts
In a prior article, I wrote about the appeal of counting the Federal Government as a customer, because of the size of the government’s budget, as well as its creditworthiness. In that article, I discussed Federal Acquisition Regulations and contract types. Building upon that base, this article begins a discussion of accounting for government contracts for those new to these concepts.
Read on as Jennifer Eubanks, Founder and Managing Partner of Eubanks Accounting & Advisory, shares tips about growing and leading small businesses in this Forbes feature article.