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
Financial Reporting
Tip # 6: Year End – Review Contract Status Reports & Submit Data to Tax/Audit Teams
GovCon Wednesdays Estimated Read Time: 5 minutes After reviewing your accounting system, reconciling accounts, and confirming compliance under ASC 606 and ASC 842, it’s time to close the loop by reviewing your contract status reports and submitting final data to your tax professionals and auditors. This step connects your operational data to your financial statements, ensuring everything aligns before filings or audits begin. Why It Matters For government contractors, accurate… Read More
Tip # 4: Year End – Validate Revenue & Lease Entries
GovCon Wednesdays Estimated Read Time: 5 minutes Revenue recognition and lease accounting are two of the most complex and most audited areas for government contractors. Getting these entries right ensures your financial statements comply with GAAP, meet DCAA standards, and present an accurate picture of your 2025 performance before year-end. Why It Matters When auditors or contracting officers review your financials, they look closely at how you recognize revenue and account for leases. Revenue recorded… Read More
Tip # 2: Year End – Communicate Early with Tax Professionals & Auditors
GovCon Wednesdays Estimated Read Time: 5 minutes Closing out the year successfully requires more than accurate books it requires clear communication with the professionals who depend on your data. For government contractors, early coordination with tax advisors and auditors is one of the simplest ways to avoid filing delays, audit issues, and missed compliance deadlines. When your accountant or auditor has what they need when they need it your close becomes faster,… 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