GovCon Wednesdays Estimated Read Time: 5 minutes If your business has flexibly priced contracts, cost-reimbursable or certain T&M agreements, you are required to submit an Incurred Cost Submission (ICS) each year under FAR 52.216-7. An ICS ensures that every cost billed to the government is reasonable, allowable, and allocable, and that final contract costs reflect what your business actually incurred during the fiscal year. This first installment of the ICS… Read More
Indirect Rates
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 # 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 # 3: Year End – Reconcile and Analyze Accounts — The Core of a Clean Year-End Close
GovCon Wednesdays Estimated Read Time: 5 minutes Once your accounting system is ready and your team has connected with auditors and tax professionals, it’s time for one of the most critical parts of year-end closing: reconciling and analyzing your accounts. Reconciliation is more than a bookkeeping task it’s how you prove that your financials are accurate, your records are complete, and your company is audit-ready under DCAA and GAAP standards. Why… 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
Can I Update My PBR During the Year?
GovCon Wednesday’s A Guide for Government Contractors Managing ChangeEstimated Read Time: 8 minutes If you’re a government contractor working under cost-type or T&M contracts, your indirect costs rarely stay the same from January to December. New hires, infrastructure upgrades, and evolving fringe benefits can all disrupt your original cost assumptions. The good news? Your Provisional Billing Rate (PBR) isn’t set in stone. In this article Part 9 of VSINGH CPA’s… Read More