CPA Practice
OCTOBER 17, 2024
State and local governments are being squeezed by a shortage of accounting professionals, making it difficult at times to find staff CPAs who can prepare critical financial information or outside firms to conduct audits. But accountants who do government work face unique challenges that require more specialized solutions.
SMBAccountant
OCTOBER 21, 2020
There are certain expenses that a business incurs that the federal government does not reimburse. While these costs may be legitimate business expenses, the federal government may disallow a cost which means it cannot be reimbursed using the incurred costs rates calculated to reimburse costs for cost contracts.
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SMBAccountant
DECEMBER 16, 2020
These programs are offered by the government to encourage innovation with the potential for commercialization. These programs often result in technology or products that begin with government use and then become commercial items. Typically it is recorded when the expense is incurred in an R&D expense account.
SMBAccountant
NOVEMBER 4, 2020
Quality management and accounting systems go hand in hand, especially when it comes to managing government contracts. Accurate indirect rates and a quality accounting system are also valued by the customer. Certifications such as ISO:9001, can signal to future buyers that your company is committed to continuous improvement.
SMBAccountant
JULY 14, 2020
This is the simplest form as your books match your bank account. The accrual basis of accounting matches income and expenses in the same time frame, regardless of when the money came into or left the bank account. Using cash basis accounting, Doe Co. Using cash basis accounting, Doe Co. For example: Doe Co.
SMBAccountant
NOVEMBER 19, 2020
Indirect rates are not exclusive to government contractors. As part of any cost accounting management system, rates are determined in order to apply costs that are not directly related to a product or service. The contractor now owes the government back $37,500. The company had $750,000 in labor for the year.
SMBAccountant
FEBRUARY 19, 2024
Understanding the basics of government contracts is essential when engaging in contractual agreements with government entities. Attention to detail, alignment with legal requirements, and effective communication are crucial aspects of navigating government contracts, contributing to successful and compliant contractual engagements.
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