In the world of government accounting having a compliant accounting system is critical. Small firms that are dealing the government and keep their accounting in-house spend far too much money in percentage to gross revenue on in-house accounting. Take a look at the detail in just pure dollars.Read More
DCAA Compliance Blog
Your Source for DCAA & FAR Compliance News and Discussion
ReliAscent® LLC is the only government contract accounting firm that specializes in all aspects of government contracting compliance. From our DCAA compliant accounting services, to monthly government contract accounting for all government agency awards, contract management & administration, and financial services & planning, our goal is to ensure the success of our clients, and all small business government contractors and grantees.
In our DCAA Blog, we discuss the latest government contracting news from the Federal Government, the DCAA, and DCMA, as well as promotions offered by ReliAscent, and helpful tools and resources for contractors.
We hope you will visit and take part in the discussions on our blog on a regular basis. If you ever have any questions or would like to discuss how our experts can help, do not hesitate to contact us at any time!
I talk to a lot of small business people. It is surprising to me how many of these people would rather do their accounting themselves to try to save money. I understand where they are coming from (I am in a small business too) but the logic doesn't hold up in all cases, especially if you examine it carefully. Often small business owners tend to under value their time. They can often misplace their priorities in growing their business, which can save expenses from the bottom line in the short-run but limit the growth of the business, and therefore the bottom line, in the long-run.
When you receive a contract or a grant from the Federal Government, there are always lots of terms and conditions attached to these relationships. One of the most onerous is related to how you do your accounting so the government can make sure it is getting the most favorable customer status (the best pricing). In dealing with the Federal Government it is always pointed out that all of the terms, conditions, regulations and other items are publicly available. This is very true. What may not be obvious is that these terms, conditions and regulations are very intertwined and difficult to fully understand and therefore difficult for a small business to comply with. When you compound this with the issue that a small business needs to focus on the core competencies to make the business successful, it becomes obvious that it might be not only a good idea but it could be financially proven to be the best decision to outsource routine tasks like compliance and accounting. So what are the top 10 reasons that you should outsource your accounting? This is our list, you may notice others: