Estimated read time: 6 minutes 🚀 Key Takeaways Point 1: Contract value is not the same as available funding. Options, future task orders, and incremental funding can make the headline award value much larger than the amount currently available for performance. Point 2: Backlog needs clear categories. Separate funded backlog, unfunded contractual backlog, options, and pipeline so leadership understands the certainty behind the forecast. Point 3: Burn must include the… Read More
Government Contractors
Federal Fiscal Year-End Checklist for Government Contractors | GovCon Wednesday
Estimated read time: 6 minutes 🚀 Key Takeaways Point 1: September 30 is a checkpoint—not automatically your accounting year-end. The federal fiscal year runs from October 1 through September 30, but a contractor may use a calendar year or another fiscal year for its accounting records and applicable indirect-cost submissions. Point 2: Review contracts and accounting together. Funding, billing, labor, indirect rates, and unallowable costs should be reviewed as… Read More
GovCon Audit Readiness: System Setup Checklist | GovCon Wednesday
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
Timekeeping Setup for DCAA Compliance | GovCon Wednesday
Estimated read time: 6 minutes For government contractors, timekeeping is one of the most important parts of accounting system setup. Labor is often the largest cost on a contract, and the way employees record time can affect billing, indirect rates, contract profitability, and audit readiness. A commercial business may only need time records for payroll. A government contractor usually needs more detail. The company must show which hours were worked… Read More
Direct vs. Indirect Costs: GovCon System Setup | GovCon Wednesday
Estimated read time: 6 minutes Key Takeaways Point 1: The Immediate Fix. Consistency is an absolute legal mandate under FAR Part 31. You cannot classify an expense as a direct cost on one contract and an indirect cost on another when the underlying circumstances are identical. Point 2: The Compliance Risk. Treating direct vs. indirect classifications as a casual data-entry task creates immediate exposure. Under DFARS 252.242-7005, system deficiencies in cost structural accounting can… Read More
Jury Duty Leave Explained: Pay, PTO, and Compliance for Employers
GovCon Wednesdays – Estimated Read Time: 6 minutes Jury duty is one of those areas where compliance, payroll, and employee expectations all intersect—and where many companies unintentionally get it wrong. At first glance, it seems simple: an employee is called to serve, and the company adjusts. But once you factor in salary rules, PTO policies, and state-specific requirements, the situation becomes far more nuanced. For government contractors especially, how you… Read More