GOVERNMENT CONTRACT ACCOUNTING & CONSULTING SERVICES

Government Contract Accounting refers to the accounting practices, policies, and procedures required by the United States Federal Government. However, this encompasses a wide range of different requirements depending on factors like the type of contract or grant your business receives, the size of the award, and even the size of your business.

While most Federal Government contracts are Firm Fixed Price (FFP) or Time & Material (T&M) and do not require a specialized accounting system (meaning any commercial accounting or bookkeeping system and firm will be sufficient for your small business), Cost type contracts (Cost Plus and Reimbursable), or certain grants that are treated like Cost type contracts (SBIR Phase II awards, for example), will require a DCAA compliant accounting system. This means the system is compliant with the requirements outlined in FAR Part 31, meets each of the requirements listed in the SF1408 Preaward Accounting System Adequacy Checklist, and is set up and maintained in accordance with the guidance provided in the DCAA’s Contract Audit Manual (DCAM).

More specifically, per FAR 16.3, if your business has a Cost type contract, you must prove your actual costs of doing business and have the ability to project your future costs (including direct costs, overhead, G&A, and fringe). The government requires this because they must be assured they are paying their fair share of your indirect/overhead costs (and not a penny more), and that you can properly track and adjust for changes in these indirect rates throughout the period of performance. The only way to do this is to implement and properly maintain a DCAA compliant accounting system.

ReliAscent provides government contractors and grantees with outsourced job cost accounting systems and services that can be tailored to meet the complex accounting requirements for nearly any award from the Federal Government. With our unique, team-based approach, we offer small businesses the accounting expertise, and the fractional CFO & Contract Management services they will require to not only remain compliant, but succeed and grow in the highly competitive government contracting industry.

 

YOUR BUSINESS DESERVES A TEAM OF GOVCON EXPERTS

A "DCAA bookkeeping firm" that simply performs data entry provides no real value other than to (hopefully) keep your business from failing an audit.  If you are serious about wanting your business to succeed and grow in the highly competitive government contracting industry, you also need to have expertise in: financial strategy, government contract management, administration, and negotiation, business management, IP rights, legal support, and even cybersecurity.  That's a lot of expertise and positions to fill in a company with only a few or few dozen employees.

That's where ReliAscent® comes in. Our accounting teams include a Bookkeeper, Senior Accountant, (optional) Controller, and the Account Executive (your very own CFO and Contracts Manager, who runs the accounting team and provides additional services on an as-needed basis).  This approach is entirely unique in our industry, but purposefully structured to strengthen your business. 

We also provide clients with an extensive Partnership Network of CPA's, Law Firms, Proposal Writers, Subject Matter Experts (to support SBIR/STTR awards), Business Development Consultants, and Software Companies, so they have instant access to the other specialized services they need (from taxes, to Uniform Guidance or A133 Audits, to SBIR proposal writing, commercialization support, and legal representation, to name a few). 

To learn more about our team-based approach to serving our clients, visit our popular blog, "Why Does a Team Matter? How the Account Executive Positions Your Business for Success": 

 

Government Contract Accounting - Team based appraoch