GovCon Wednesdays – Estimated Read Time: 7 minutes In the world of government contracting, “payroll” and “reimbursements” are often lumped together because they both involve sending money to an employee. However, treating them the same way in your accounting system is a recipe for audit findings. For those using QuickBooks Online (QBO), handling reimbursements correctly is not just about convenience—it’s about protecting your indirect rates and maintaining an audit-ready labor distribution… Read More
Accounting Systems
Are Your Numbers Telling the Truth? Cash vs. Accrual Explained—Fast.
Prepared by VSINGH CPA LLC As we close out the year, now is the perfect time to make sure your accounting method is giving you the clarity, accuracy, and compliance support your GovCon business needs. The method you use—Cash Basis or Accrual—directly affects your indirect rates, invoicing, forecasting, and audit readiness. This guide breaks down the differences in a simple, GovCon-specific way so you can enter 2026 with confidence. Accrual… Read More
Tip # 7: Final Wrap-Up — Year-End Complete, What’s Next?
GovCon Wednesdays Estimated Read Time: 5 minutes Congratulations, you’ve made it through your GovCon year-end close! After weeks of reviewing invoices, reconciling accounts, validating entries, and preparing reports, it’s time to take a step back and look at the bigger picture: What’s next for 2026? This final tip in the GovCon Year-End Closing Series focuses on strengthening internal processes, refreshing compliance requirements, and setting a solid foundation for the new year. Reflect… Read More
Tip #1: Year End – Know Your Accounting System
GovCon WednesdaysEstimated Read Time: 5 minutes Year-end closing doesn’t start with numbers it starts with your accounting system. For government contractors, knowing how your ERP or accounting software handles closing steps is critical. Whether you use Unanet, Deltek, QuickBooks, or another system, each one has its own year-end process to ensure your financial data is accurate, complete, and DCAA-ready. A clean close begins with organization. When your system is set up and… Read More
Are You Audit-Ready? Supporting Your PBR with Documentation
GovCon Wednesday’s Best Practices for Meeting DCAA ExpectationsEstimated Read Time: 8 minutes Submitting your Provisional Billing Rate (PBR) is a big milestone for any government contractor. But what happens after you hit “submit”? For many GovCons, the real challenge begins when auditors request support long after the initial PBR has been sent. The Defense Contract Audit Agency (DCAA) doesn’t just want to see your numbers. They want to see the… Read More
GovCon Chart of Accounts
Using a Single Overhead Rate?Simplify Your Chart of Accounts: For easier tracking and reporting, consider structuring your general ledger accounts as follows: direct costs starting with 5, fringe with 6, overhead with 7, G&A with 8, and unallowable costs with 9. While you’re free to customize the numbering to suit your preferences, this sequence provides a clean, intuitive framework that keeps things simple and consistent.