Posts by Jennifer Eubanks
How a Government Contracts Accounting Expert Can Help You Get Your Proposal Across the Finish Line
Summary of Keypoints A Government Contracts Accounting Expert strengthens proposals before the RFP is released, by establishing DCAA-compliant accounting systems, defensible indirect rates, and charts of accounts aligned with FAR Part 31, allowing contractors to respond quickly and credibly when opportunities arise. During proposal development, the Advisor ensures financial compliance and clarity, interpreting Sections L…
Read MoreAudit Readiness: Essential Practices to Ensure Your Business is DCAA or IRS Audit-Ready
Summary of Keypoints Audit readiness is an ongoing discipline, not a one-time task, because both DCAA and IRS audits are inevitable for government contractors and require consistent documentation, internal controls, and compliance with FAR and tax regulations. Core audit documentation must be continuously maintained, including compliant timekeeping records, indirect rate support tied to the general…
Read MoreWhy a Government Contracting Advisor Is an Important Partner for Your Business
Summary of Keypoints Government contracting requires specialized financial expertise beyond GAAP, because FAR Part 31, CAS requirements, and DCAA audit standards govern cost allowability, rate structures, and system adequacy, making generalist accounting insufficient. A Government Contracting Advisor builds proactive compliance into daily operations, aligning accounting systems, timekeeping, indirect rates, and documentation with federal requirements to…
Read MoreWhat You Need to Prepare for GovCon Incurred Cost: A Guide from a Government Contracts Advisor
When it comes to government contracting, one of the most misunderstood and anxiety-inducing responsibilities is the preparation and submission of the Incurred Cost Submission (ICS). Required by FAR 52.216-7, this detailed package must be submitted annually by contractors with cost-reimbursement contracts, and it forms the basis for settling final indirect rates and contract costs with…
Read MoreTax Implications of Government Contract Types: Choosing the Right Fit for Your Business
Summary of Keypoints Government contract type directly affects tax timing, reporting, and audit exposure, influencing when income is recognized, how expenses are deducted, and how closely your records are scrutinized by agencies like the IRS and DCAA. Fixed-price contracts offer revenue predictability but can accelerate taxable income, requiring careful use of percentage-of-completion revenue recognition and…
Read MoreAccounting for Nonprofits vs For-Profits: An Advisor’s Perspective
Summary of Keypoints Nonprofit and for-profit organizations differ fundamentally in purpose and taxation, with nonprofits operating for public or social benefit and generally exempt from income tax, while for-profits exist to generate profit for owners and are subject to income taxes. Financial statement structures differ significantly: Nonprofits use a statement of financial position, statement of…
Read More10 Benefits of Outsourced DCAA Accounting Services
Summary of Keypoints Outsourced DCAA accounting services help government contractors maintain strict compliance with Defense Contract Audit Agency requirements, reducing audit risk while supporting long-term growth and competitiveness. Access to specialized, on-demand expertise allows companies to leverage deep government contracting knowledge without the cost and rigidity of hiring full-time in-house DCAA specialists. Outsourcing improves efficiency,…
Read MoreWhat Does It Take to be DCAA Compliant? 5 Things You Need to Know
Summary of Keypoints DCAA compliance exists to protect taxpayer funds and ensure accountability in Department of Defense contracts, requiring contractors to maintain accurate, transparent, and well-documented financial systems and reports. A DCAA-compliant accounting system is foundational, including proper segregation of direct and indirect costs, compliant timekeeping, consistent cost accumulation and allocation methods, and identification and…
Read MoreStrategic Vigilance: Monitoring Subcontracts in Government Contracting
Summary of Keypoints Prime contractors are responsible for active subcontractor oversight, making subcontract monitoring a strategic necessity to ensure compliance, performance, quality, cost control, and protection of company reputation in government contracting. Key monitoring areas include compliance, performance, cost, quality, and security, as subcontractor failures in any of these areas can lead to penalties, audit…
Read MoreIncurred Cost Submissions: A Strategic Tool for Government Contracting Success
Summary of Keypoints Incurred Cost Submissions (ICS) are both a compliance requirement and a strategic tool, serving as a financial report card that demonstrates how well a contractor manages, allocates, and controls costs on cost-reimbursable government contracts. ICS directly impact compliance, cash flow, credibility, and profitability, ensuring adherence to FAR and CAS, accelerating reimbursements, strengthening…
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