Government Contractors
Compliance Readiness for Government Contractors: A Strategic Guide to Building Audit-Proof Systems for SF1408, ICE, and CAS
Summary of Keypoints Compliance readiness is a proactive operating state, not a one-time audit event, requiring embedded financial controls, FAR-aligned policies, consistent accounting practices, and systems that are always prepared for DCAA, DCMA, or IRS review. SF1408, ICE, and CAS are interconnected pillars of audit readiness, relying on the same core foundations: job costing by…
Read MoreHow 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 MoreMaximizing Cash Flow Management for Government Contractors
Summary of Keypoints Cash flow challenges in government contracting stem from timing mismatches, including long payment cycles, provisional billing rates, cost-reimbursement structures, and approval delays, making proactive cash management essential even for profitable contractors. Strong receivables management is critical to liquidity, requiring prompt invoicing, weekly tracking of invoice status, early escalation of delays, and timely…
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 MoreThe GovCon’s Guide to DCAA Incurred Cost Submissions
Summary of Keypoints An Incurred Cost Submission (ICS) is a mandatory annual requirement for contractors with cost-reimbursable or T&M contracts, used by DCAA to reconcile provisional indirect rates with actual costs and establish final allowable rates under FAR 52.216-7. Timely and accurate ICS filing protects cash flow and credibility, while late or inadequate submissions can…
Read MoreWhy You Need a Government Contracts Advisor to Work on Your Government Contracting Business Taxes
Summary of Keypoints Government contracting taxes require specialized expertise: Government contractors face added complexity from FAR, DFARS, CAS, and federal tax rules, making general tax preparation insufficient for compliance and profitability. A Government Contracts Advisor goes beyond tax filing: These advisors integrate tax strategy with cost accounting standards, indirect cost allocation, audit readiness, and tax-advantaged…
Read MoreWhy is Using a Government Contracts Accountant Important?
Summary of Keypoints Government contracting requires specialized accounting expertise: Compliance with CAS, FAR, DFARS, and agency-specific rules creates financial complexity that traditional accounting alone cannot manage effectively. A Government Contracts Accountant (GCA) focuses on compliance and cost recovery: GCAs specialize in indirect rate structures, audit preparation, forward pricing rate proposals, and maintaining systems that meet…
Read More