Government Contracting Accounting System Assessment Tool

About 5-8 minutes to complete assessment questions.

Question 1

Does your company currently or intend to have cost-reimbursable contracts (typically intentionally vague scope, research, and development related)?

Yes, we currently have one or more cost reimbursable contract and likely will bid on more.

Yes, we intend to bid on cost reimbursable contracts but don't have any now.

No, we do not have any cost reimbursable contracts and we are not sure if we will bid on cost reimbursable contracts in the future.

No, we do not have any cost reimbursable contracts nor do we foresee going after one.

Question 2

Do you only intend to sell goods and services at commercial prices to the federal government?

No, we do not foresee any of our goods/services being deemed commercial.

We sell/will sell a mix of commercially priced goods and/or services and non-commercially priced goods and/or services.

Yes, we only intend to sell commercial goods and/or services to the federal government.

Question 3

Do you want to propose under an RFP that requires or offers points for having an acceptable accounting system?

Yes

No

Question 4

Are you using an accounting software especially designed for GovCon? (Deltek Costpoint, Unanet, Jamis, MS Dynamics)

Yes, and we have worked to customize it to be ready to account for cost reimbursable contracts.

Yes, but we have not implemented any processes to account for costs under cost reimbursable contracts.

No, but we think what we have should work for cost reimbursable contracts.

No and we're not sure, or don't think, the software will help us perform under cost reimbursable contracts.

Question 5

Do you have a timekeeping system by which your employees record all hours worked?

Yes, and this is a rigid requirement throughout our organization for all/almost all employees.

Yes, but our timesheets are often late in being submitted, frequently have errors, and/or are not completed by most employees.

We have timesheets, but we do not require all of our employees to record all hours worked and/or we do not record time on specific projects.

Our organization does not utilize timesheets except for hourly employees and/or only for recording leave.

Question 6

Do you have formally documented accounting policies and procedures?

Yes, they address a wide variety of government contracting compliance requirements such as allowable/unallowable and direct/indirect costs. They also address proper timekeeping and project accounting.

Yes, but they are primarily focused on ensuring timely, accurate financial statements are able to be produced.

No, but we have some desktop procedures to ensure proper accounting in certain circumstances like expense reports, journal entries and/or accounts payable vouchers.

No, nor do we have any desktop procedures and/or we have a very small accounting department.

Question 7

Does your chart of accounts segregate direct and indirect costs and unallowable costs?

Yes, we are able to do all of the above.

We segregate direct and indirect costs but not unallowable costs or vice versa.

We segregate direct and indirect cost and/or our unallowable costs outside our accounting system.

What's an unallowable cost?

Question 8

Has your firm established a formal indirect rate structure that will be used for pricing/billing on federal contracts?

Yes and we are consistent with this rate structure and our accounting software is readily able to calculate our indirect rates.

Yes but we sometimes make changes to the structure depending on the contract determination and/or it takes signficant effort to calculate our indirect rates.

While we keep a close eye on our project gross margins, we do not fully understand what drives our indirect costs.

No, we based our pricing mostly on the market and not as much on costs.

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Government Contracting Accounting System Assessment ToolAbout 5-8 minutes to complete assessment questions.

Government Contracting Accounting System Assessment Tool

Government Contracting Accounting System Assessment Tool
About 5-8 minutes to complete assessment questions.