Posts Tagged ‘government contractors’
The 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…
Read MoreGovCon 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 MoreThe Complete Guide to DCAA Pre Award Audits: An 8 Point Readiness Checklist
What Exactly is a DCAA Pre Award Audit? A DCAA pre-award audit is a mandatory requirement for all defense contractors awarded cost reimbursable contracts. It is designed to assess the contractor’s ability to properly account for contract costs, and it is conducted before any contract funding has been released. A pre-award audit is not a…
Read MoreWhat is an Adequate Accounting System? 10 Questions to Determine if Your Accounting System is Adequate for Government Contracts
In many cases, having an “adequate accounting system” is an integral part of successfully winning and performing on Federal contracts. Many companies find it challenging to determine when accounting system requirements are triggered and how to navigate obtaining a determination of adequacy. Our clients and prospects unanimously have the same questions. Since these questions are…
Read MoreWhat Are the 5 Most Common DCAA Post-Award Audits for DoD Government Contractors?
Contractors that have been awarded a contract with the federal government may be subject to a number of post-award audits. These audits are often conducted by the Defense Contract Audit Agency (DCAA) and commonly include, but are not limited to, audits of costs incurred during contract performance to validate that these charges comply with Federal…
Read MoreKey DCAA Terms to Understand for Contractors
The Defense Contract Audit Agency (DCAA), part of the United States Department of Defense (DoD), performs audits of DoD contractors to ensure the best value for money the agency spends on defense contracting. As part of its auditing services, DCAA will review a contractor’s accounting and business systems to ensure the contractor is able to…
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