Posts Tagged ‘government contractors’
Understanding How to Bid on Government Contracts: A Guide for Government Contractors
The process of bidding on government contracts can be both challenging and rewarding for contractors. With the potential for lucrative and stable revenue streams, understanding the intricacies of government contracting is essential. Successful government contractors follow key steps and strategies to submit winning bids on government contracts. Why Bid on Government Contracts? Bidding on government…
Read MoreList of the Best DCAA Approved and Compliant Accounting Software Systems
Government contracting success requires more than just industry knowledge and competitive bidding. To remain compliant and thrive, government contractors need a robust accounting system that meets the stringent standards set by the Defense Contract Audit Agency (DCAA). Selecting the right accounting software ensures compliance, manages costs, and positions your business for long-term success in securing…
Read MoreA Complete Government Contract Compliance Checklist: A Guideline for Success
In the government contracting sector, compliance is not just a requirement but a competitive advantage. Adhering to the complex web of regulations, standards, and requirements is essential for securing and maintaining lucrative contracts. Government contractors must be vigilant, ensuring every aspect of their operations aligns with regulatory expectations. This comprehensive checklist will help government contractors…
Read MoreWhat 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 MoreWhat 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 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 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 MoreUnderstanding Incurred Cost Proposals: Avoiding the Top 5 Audit Issues
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 MoreUnderstanding Allowable Costs Speeds Reimbursement: 6 Best Practices for 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 MoreGovCon 101: What Contractors Need To Know About Indirect Rates
Jennifer Eubanks recently authored the council post, GovCon 101: What Contractors Need To Know About Indirect Rates In the first article of this series of articles related to selling to the federal government, I discussed federal acquisition regulations (FAR), cost accounting standards (CAS) and the types of contracts issued by government agencies. In the second article, I expanded…
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