What is an Adequate Accounting System for Contract Proposals?

What is an Adequate Accounting System for Contract Proposals?

An adequate accounting system is not just a helpful asset—it is the cornerstone of your financial strategy. This system is the backbone that ensures compliance with stringent regulations, manages costs with precision, and significantly boosts your chances of securing lucrative government contracts. Grasping the essentials of an adequate accounting system for proposals is crucial, as…

Read More

What is a Forward Pricing Rate Proposal and Why is it Important?

What is a Forward Pricing Rate Proposal and Why is it Important?

A crucial factor that can determine your government contracting success is the Forward Pricing Rate Proposal (FPRP). Imagine having a tool that not only boosts your chances of winning contracts but also streamlines cost management, ensuring both efficiency and profitability. Mastering the art and science of the FPRP can transform your approach to government contracts,…

Read More

Contract Briefs & Provisional Billing Rates: Paving the Way for Financial Success in Government Contracting

Contract Briefs & Provisional Billing Rates

For government contractors, mastering the nuances of Contract Briefs and Provisional Billing Rates is not just about staying compliant; it is a strategic move towards ensuring financial success. These elements, often overlooked, are the bedrock of effective contract management, balancing the fine line between profitability and adherence to stringent government standards. These critical components, when…

Read More

The Cornerstone of Winning Bids: Understanding Proposal Adequacy for Government Contractors

proposal-adequacy-checklist

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 More

What is Uncompensated Overtime? Understanding DCAA Timekeeping Requirements

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 More

Understanding Incurred Cost Proposals: Avoiding the Top 5 Audit Issues

understanding-incurred-cost-proposal

All federal contractors with cost-type or time and materials (T&M) contracts with cost-type contract line items (CLINS) are required to submit an Incurred Cost Proposal regardless of agency customer.  All contracts requiring an Incurred Cost Proposal will include the Federal Acquisition Regulations Allowable Cost & Payment Clause and/or the T&M Payment Clause. What is an…

Read More

Understanding Allowable Costs Speeds Reimbursement: 6 Best Practices for Avoiding Unallowable Costs

avoiding-unallowable-costs

Understanding which costs may be allocated to a direct or indirect project, and billed to the government as an allowable cost speeds reimbursement of expenses, and helps avoid potential government penalties. The Federal Acquisition Regulations  (FAR) provides official guidance and numerous examples of allowable and unallowable costs. Here we will discuss what is and is…

Read More

GovCon 101: What Contractors Should Know About Accounting For Government Contracts

GovCon 101: What Contractors Should Know About Accounting For Government Contracts

Jennifer Eubanks recently authored the council post, GovCon 101: What Contractors Should Know About Accounting For Government Contracts In a prior article, I wrote about the appeal of counting the Federal Government as a customer, because of the size of the government’s budget, as well as its creditworthiness. In that article, I discussed Federal Acquisition Regulations…

Read More