Posts by Jennifer Eubanks
Accounting for Nonprofits vs For-Profits: A CPA’s Perspective
As a certified public accountant (CPA), I have worked with both nonprofit and for-profit organizations and have seen the differences in how they account for their financial activities. Here, I will explain three of the main differences between accounting for nonprofits and for-profits, and why they matter. What is a Nonprofit Organization? A nonprofit organization…
Read More10 Benefits of Outsourced DCAA Accounting Services
In government contracting, staying compliant with Defense Contract Audit Agency (DCAA) guidelines is not just a regulatory requirement but a strategic advantage. As businesses strive to balance the increasingly demanding aspects of contract compliance with their growth goals, many are turning to outsourced specialized DCAA accounting services. These services not only ensure adherence to stringent…
Read MoreWhat Does It Take to be DCAA Compliant? 5 Things You Need to Know
As a government contractor, maintaining compliance with the Defense Contract Audit Agency (DCAA) is crucial for the success of your business. The DCAA is responsible for auditing and evaluating government contracts, and ensuring that contractors are adhering to strict regulations and accounting principles. Non-compliance can result in serious consequences, including contract termination and financial penalties.…
Read MoreStrategic Vigilance: Monitoring Subcontracts in Government Contracting
In the realm of government contracting, where the stakes are high and the scrutiny intense, the role of a prime contractor extends far beyond merely fulfilling contractual obligations. It encompasses a broader responsibility that includes the meticulous oversight of subcontractors, a task as critical as it is complex. This process is not just a measure…
Read MoreIncurred Cost Submissions: A Strategic Tool for Government Contracting Success
To successful government contractors, Incurred Cost Submissions (ICS) are not just a regulatory requirement; they are a strategic tool that, when mastered, can lead to more profitable contracts, enhanced credibility, and a stronger financial foundation for your organization. In simplest terms, Incurred Cost Submissions are your organization’s financial report card, showcasing how well you have…
Read MoreThe Cornerstone of Winning Bids: Understanding Proposal Adequacy for Government Contractors
In the competitive realm of government contracting, the difference between securing a contract or facing rejection often hinges on a straightforward but critical factor: proposal adequacy. Even contractors adept at demonstrating their capabilities and strengths find ensuring a proposal meets every nuance and stipulation of a Request for Proposal (RFP) to be a complex challenge.…
Read MoreAccrual vs Cash Accounting for Small Businesses: Which is Right for You?
As a small business owner, you regularly make decisions directly affecting your finances and taxes. One of your most important decisions is choosing the right accounting method for your business: accrual or cash. Both methods have advantages and disadvantages. The best one for you depends on your business type, size, goals, and preferences. What is…
Read MoreCloud Migration Consulting: Why does your business need it?
Adoption of cloud-based technologies help businesses become more efficient, scalable, and cost-effective. However, migrating to the cloud can be a complex and challenging process, requiring specialized knowledge and expertise. That’s where a cloud migration consultant can help. Here we discuss why cloud migration consulting is important for your business and provide tips on how to…
Read MoreWhat is Uncompensated Overtime? Understanding DCAA Timekeeping Requirements
Government contractors are required to track uncompensated overtime worked by employees. This is often confusing for contractors, since there’s no additional cost associated with salaried employees who work more than forty (40) hours per week. In this article, we explore uncompensated overtime, and why it’s important when working with the Federal Government. What is uncompensated…
Read MoreWhat is the DCAA? All You Need To Know as a Government Contractor
The DCAA, or Defense Contract Audit Agency, provides audit and financial advisory services to the DoD and other federal entities responsible for acquisition and contract administration to ensure the government gets the best value for every dollar it spends on defense contracting. DCAA operates under the authority, direction, and control of the Secretary of Defense…
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