Small and mid-sized government contractors often find they need help with their accounting to ensure costs are properly charged to contracts. Frequently, CPAs and internal bookkeepers and accountants have limited experience handling government contracts, which places organizations at risk for improper accounting, and penalties under audit.
We help solve this problem. We are fluent in many different popular programs and can help you set up your system correctly the first time.
For some clients, this is all that is needed. Others choose to outsource management of the accounting function, or their entire contract accounting function to CPA firms like ours to make sure their compliance with DCAA and DMCA requirements remains in place throughout the term of the contract.
Complete Outsourced Accounting Services – Outsource your accounting function to us completely and minimize internal staffing. We’ll handle everything from start to finish, while keeping you informed of important changes or issues that arise, as they happen. Full, weekly and monthly reports are generated for your management and accounting staff, and all required reports and submissions to your contracting agency are included in this complete, all-in-one servicing arrangement.
Outsourced Accounting Department Management or Controller Service – If your internal staff is handling the day to day processing of your transactions, but need oversight and guidance, we can help manage the monthly reconciliation and closing process, as well as provide direction and management to your team.
Month-end and Year-end Closings – If your team is struggling to close your accounting records and prepare financial statements in a timely fashion each month and at year end, we can help. We’ll guide your staff through the process and put systems in place to produce financial reports monthly, and to prepare for your audit, review or compilation at year end.
Government Contract Accounting Support – If your internal staff is handling the accounting for your contract, but your executive team and staff need occasional guidance and help, we can give suggestions and advice as needed. This support service has great appeal to many of our clients who just want to be sure they are doing everything right whether their questions are related to their accounting software, indirect rate management, incurred cost proposals, or other DCAA requirement.
Incurred Cost Submission Preparation and Review – Many government contracts require that you submit an Incurred Cost Proposal (ICP), within six months of the close of each fiscal year. This allows the contracting agency to adjust funds paid by using your actual costs instead of using previously provided Proposed Billing Rates. The format provided by the DCAA, known as the “ICE,” is actually quite complex, with a series of complex, interlocked spreadsheets. As experts in various GovCon areas, we can complete your ICE correctly or review your internally produced ICE for accuracy. We can also help you determine what costs are allowable and make sure your submission is correct – reducing the risk of an ICE audit. However, should you be selected for audit, we can support you throughout the process.
Contract Closeouts – Government contracts should be closed out properly, and all billings and payments reconciled or else the contractor is subject to future repercussions and even loss of final payments. We are experts on this process and finding the issues that have resulted in “open items” that need to be cleaned up before final payments can be received. We can also determine if and how you might receive payments faster using “quick closeouts,” if agreeable to the contracting officer, which uses current billing rates rather than waiting for final actual cost figures.
Accounting System Selection and Implementation – Government contractors that need to install a DCAA compliant accounting software program for the first time will find a dizzying array of choices on the market. While some accounting firms specialize in only one or two different programs for their clients, we are fluent in a large number of them – so our advice is particularly helpful to new contractors or those looking to upgrade their accounting capabilities or efficiency. Here are just some of the programs for which we are qualified to advise you:
QuickBooks | Deltek | Jamis | Procas | Unanet | Xero | Sage | Microsoft Dynamics | Microsoft Nav
Audit Readiness – Nothing makes government contractors more nervous than being selected for a DCAA or DCMA audit. We can reduce the anxiety you’ll feel should this happen to you. We have experience helping dozens of different government contractors through complex and contentious audits, so we can help you, too. Please call on us to review your systems and procedures before you receive notice of an audit, or to represent you once you receive notice of an upcoming audit.
Indirect Rate Management and Reporting – Understanding your indirect rates, and how they are impacted by increases and decreases in staffing, unproductive bench time, and business decisions, is critical as you manage your business and prepare proposals for new business. If rates are misunderstood, billings to the government will be incorrect. Over billing the government will require repayment once costs and billings are reconciled through preparation and submission of the incurred cost proposal. Under billing on government contracts may result in uncollectible reimbursements, which negatively impact your profits and cash flow. Monitoring and managing these rates is critically important to managing your overall profitability.
Staff Augmentation – We offer staff augmentation services to supplement your current accounting team year-round or during peak periods. This service augments your internal staff with our professionals on an as-needed basis, preventing the need to search for and hire full-time staff accountants – for either short-term or long-term duty, caused by contract or seasonal work demands. Our experts can be embedded at your site and take constant direction from your management, allowing you to use their time most efficiently throughout their tenure.
Outsourced Controller or CFO – For many clients, we supply them with part-time Controller and/or CFO staffing – to satisfy the requirements of contracts and to give them peace of mind during periods of a vacancy in these critical positions. With outside support at this level, we will oversee all the key decisions and processes required to keep your back office and accounting support running smoothly and efficiently. If you have a temporary (or permanent) need for a Controller or CFO, please call us for a free consultation on how we might help.
"Jennifer was excellent and very knowledgeable on GovCon accounting. Highly recommend."
"We have worked with CPA's for our businesses for many years. Jennifer Eubanks is awesome."
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"Best CPA firm! They are efficient and always on top of tax regulations and laws. I used them for the last four years and have been extremely pleased with their customer service and professionalism."
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"My firm started using CPA Department from day one. I can attest that they have reduced the risk of many pitfalls we faced during our first few years. They continuously provide executable solutions to ensure our books and processes are inline and compliant. All this expertise at reasonable costs and great customer service."
"CPA Department helped me out of a very sticky tax problem created by the neglect of a former accounting firm. I have nothing but the highest praise for this firm and the people working there. My ongoing experience is just as positive."
"Great, personal service - a trusted partner"
"We could not be more pleased with the service we have received from CPA Department. It is our one-stop shop for all of our financial business needs. Jennifer leads her team to provide ethical and timely financial and regulatory compliance guidance for our government focused practice and we have recommended her firm widely. Thank you for all that you do! Your dedication to helping us remain compliant, set and meet our goals, and scale for growth is directly correlated with our continued success."
"Jennifer is a trusted accountant and adviser. Her work ethics is second only to her expertise. Jennifer’s sense of resolve is perhaps the most telling… meticulous, persistent, and assertive comes quickly to mind. CPA Department has my highest recommendation."
"The CPA Department provides meaningful and actionable expertise related to preparing for DCAA audits, prepares winning pricing proposals, and provides overall strategies for small government contracting businesses to succeed."
"This firm is terrific, I have worked with Jennifer Eubanks several times, and her firm provides first-class accounting support at very reasonable rates."