Estimated read time: 6 minutes Key Takeaways Point 1: The Immediate Fix. Stop treating audit prep as an annual fire drill. True compliance means embedding an automated, contract-level cost ledger structure into your monthly close routine—ensuring every direct transaction satisfies FAR 31.201-2 standards before an invoice is generated. Point 2: The Compliance Risk. Operating an un-reconciled or reactive accounting system invites immediate administrative disasters. Under DFARS 252.242-7005, significant deficiencies in your cost accounting internal controls allow… Read More
GovCon Audit Readiness
GovCon Chart of Accounts: Setup Guide | GovCon Wednesday
Estimated read time: 6 minutes Takeaways Point 1: The Immediate Fix. Do not make your general ledger accounts do all the tracking work. Keep your Chart of Accounts (COA) lean by using accounts strictly for cost type (e.g., Direct Labor) and mapping where it belongs using your software’s project, job, or cost center modules. Point 2: The Compliance Risk. Mixing unallowable expenses like business entertainment or penalties into standard operating accounts contaminates your indirect cost pools…. Read More