Government Contractors
Jennifer Eubanks Forbes Feature Article: What Prospective Contractors Need To Know When Preparing To Bid For A US Federal Government Contract
Summary of Keypoints The Forbes feature explains why the U.S. federal government is an attractive customer, citing its large, reliable spending and counter-cycclical nature during economic downturns. The article emphasizes that government contracting differs significantly from commercial work, requiring contractors to understand the regulatory framework governing federal procurement and contract performance. Key preparation areas include…
Read MoreWhat is an Adequate Accounting System? 10 Questions to Determine if Your Accounting System is Adequate for Government Contracts
In many cases, having an “adequate accounting system” is an integral part of successfully winning and performing on Federal contracts. Many companies find it challenging to determine when accounting system requirements are triggered and how to navigate obtaining a determination of adequacy. Our clients and prospects unanimously have the same questions. Since these questions are…
Read MoreUnderstanding Direct Costs, Indirect Costs & Cost Pools
Summary of Keypoints Direct and indirect cost segregation is required by FAR and enforced by DCAA, ensuring that costs are consistently classified and properly charged to government contracts throughout the contract lifecycle. Direct costs are those clearly attributable to a specific contract, such as contract-specific labor or materials, while indirect costs support multiple contracts or…
Read MoreWhat Are the 5 Most Common DCAA Post-Award Audits for DoD Government Contractors?
Contractors that have been awarded a contract with the federal government may be subject to a number of post-award audits. These audits are often conducted by the Defense Contract Audit Agency (DCAA) and commonly include, but are not limited to, audits of costs incurred during contract performance to validate that these charges comply with Federal…
Read MoreKey DCAA Terms to Understand for Contractors
The Defense Contract Audit Agency (DCAA), part of the United States Department of Defense (DoD), performs audits of DoD contractors to ensure the best value for money the agency spends on defense contracting. As part of its auditing services, DCAA will review a contractor’s accounting and business systems to ensure the contractor is able to…
Read MoreWhat Happens During a Pre-Award Survey With DCAA?
If you’re a contractor who has submitted a proposal to work with the Department of Defense (DoD), you will have an audit done by the Defense Contract Audit Agency (DCAA) before the contract is awarded. A Pre-Award Audit typically includes the audit of the pricing in the proposal the contractor submitted as well as a…
Read MoreHow to Prepare for DCAA Pre-Award Survey
If you are new to government contracting, prior to being awarded a flexibly priced contract, your contracting officer will request that DCAA perform a Pre-Award Survey to ensure your accounting system is adequate to account for government contracts. As you’re bidding on contracts, you’ll frequently be asked to provide a copy of an audit by…
Read MoreGraduate Certificate in Accounting for Government Contracts Soon Available at George Mason University
At Eubanks Accounting & Advisory, we bring to the table over 30 years of experience in Government Contract Consulting. We have long partnered with government contracts in order to not only assist with financial decisions, audits, and taxes, but also to help fulfill the unique needs in the field. Since it is vital for government…
Read MoreTop 7 reasons companies Outsource Accounting and Back-office functions
By Jennifer Eubanks 1. Competent financial management, reporting, and guidance. Businesses need to have competent financial management, reporting, and guidance so the management team can focus on operations. 2. Businesses need the right people. Some 70 percent of KPMG survey respondents said they are outsourcing accounting to get access to better talent. This helps clients focus on their business instead…
Read MoreNavigating COVID-19 as Government Contractors
I invite you to read my first article on LinkedIn. This guide for government contractors answers many of the questions surrounding COVID-19 relief. Misinformation is everywhere. Get the facts here. https://www.linkedin.com/pulse/navigating-covid-19-government-contractors-eubanks-cpa-cgma-cma/ We are in this together. Find all business funding-related information from the US Government around COVID-19 here: Business Support Government Contracting Accounting System Assessment…
Read More