How important is an accurate, up-to-date accounting system in the world of government contracting? So important that your approach to financial management can give you an enormous advantage over your competition. The reason why can be summed up in one word: compliance. US government accounting standards for govcons are significantly ...

Despite ongoing clarification updates, the task of sorting allowable/unallowable costs continues to be a tricky navigation for government contractors subject to Defense Contract Audit Agency (DCAA) accounting rules under Federal Acquisition Regulation (FAR) 31. DCAA is responsible for reviewing govcon's accounting systems, policies, and procedures to ensure the government pays ...

It’s a scientific fact—the right visuals can enliven a discussion of otherwise dense financial data and increase audience comprehension. It’s simply hardwired into the human brain. Read on to learn how to identify your key performance indicators (KPIs) and match them with the right visualizations to convey their impact on ...

Now that you know how budget forecasting can help you answer your burning questions (see part 1 of this series). Here’s how to properly prepare to forecast.Budget forecasting uses your business’s existing information and reporting data to construct an annual financial forecast model.Budget forecasting models are custom-built for your business, ...

For a thousand years, the power players of ancient Greece consulted the Oracle of Delphi before devising strategies and making important decisions in politics and business. As a contemporary government contractor, you lack such privileged access to Apollo’s soothsayer. But you can take advantage of an effective process that works ...

In government proposals, contracts, and agency billing, G&A is typically applied as an indirect expense markup to direct billable non-labor costs such as Travel and Other Direct Costs (ODCs). Some customers, however, have begun disallowing G&A markups, citing the restriction as a cost-saving measure to avoid paying what the agency ...