Professional
How 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 MoreCOVID-19 and Trade Associations: The Impact So Far
Summary of Keypoints COVID-19 has caused significant financial losses for trade associations, primarily due to cancellations of in-person conferences and events, which typically account for about 35% of annual association revenue. Membership dues revenue has also declined as member organizations reduce expenses, compounding the financial strain caused by event cancellations. Survey data from the American…
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 MoreCapitol Hill Speaking Engagement
Summary of Keypoints Event: Capitol Hill speaking engagement involving Jennifer Eubanks. Date: June 11. Participants: Jennifer Eubanks attended meetings with members of Congress alongside a group of Goldman Sachs 10,000 Small Businesses (10KSB) graduates. Purpose: To share real-world stories and perspectives of small businesses directly with congressional representatives. Policy focus: Advocacy in support of Paycheck…
Read MoreSBA Issues New Interim Rule – Temporary Changes Impacting Self-Employed and Partnership Access to PPP Loans
Summary of Keypoints New SBA interim rule: The SBA issued temporary changes clarifying PPP loan eligibility and calculation methods for self-employed individuals, sole proprietors filing Schedule C, and partnerships. Self-employed with no employees: PPP loan amounts are based on 2019 Schedule C net profit (line 31), capped at $100,000, averaged monthly, multiplied by 2.5, with…
Read MoreStep by Step Guidance and Application Forms – A Small Business Owner’s Guide to the CARES Act
Summary of Keypoints Primary resource provided: The post directs readers to a U.S. Chamber of Commerce CARES Act step-by-step guide for detailed instructions on how small business owners can access federal assistance. PPP application support materials: It includes downloadable documents to help business owners understand and complete the Paycheck Protection Program (PPP) process. Included PPP…
Read MoreFor Small Businesses: New COVID-19 Federal Assistance – CARES Act
Summary of Keypoints Overview of CARES Act relief for small businesses: The CARES Act, enacted March 27, 2020, provides payroll, rent, and cash-flow relief for small businesses, including loan forgiveness for eligible expenses and the option to defer employer Social Security tax payments over two years. Paycheck Protection Program (PPP) and loan forgiveness: The Act…
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