Symptom Checker

Common Ailments & Solutions for Government Contractors

Just as you wouldn't ignore the signs that your own health is in jeopardy; it is important you watch out for symptoms that the financial health of your business is in peril.  All Federal Contractors, at one time or another, are going to have these common symptoms of possibly much larger, systemic problems.  Knowing how to properly identify these symptoms and their solutions, is what sets apart successful contractors, from the rest of the pack. (Mike, add in your thoughts / wordsmith this)...

 

Don't know if my accounting system is DCAA compliant
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Timekeeping systems has too many errors / takes too long
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Don't know how to complete the Cost Portion of my proposal
tell me how to fix this.
Not getting the 7% profit our contract allows
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Cashflow Problems
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Having trouble getting paid by the US Government
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Don't know what my actual Overhead Rate is
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Concerned when signing the Federal Financial Form SF 425
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Concerned about my existing Financial Team
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What is an Indirect rate or how do I calculate it?
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My timekeeping is ok, we just allocate all or a fixed percent of people regularly working on the project
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We use Excel Spreadsheets for timekeeping
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Don't know if there any potential fines and/or criminal penalties with our contract, are there?
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We know what our indirect rates are but always bid less than this to win the business
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We don’t make any money on government work
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We don’t know how to find out if we are compliant with Government regulations before we get audited
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We calculated an indirect rate but bid less than this as a “loss leader” to win the work
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I’m not sure what an “unallowable” cost is or where to put it
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My cash flow suffers from slow payments from the government
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What do you mean by cost pool?
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I enter everything as it hits my bank
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I put all payroll line items on my Profit and Loss
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What defines a purchasing system/accounting system/voucher audit
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What are safe rates/how do I apply them?
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