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
Year-End Closing
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 # 5: Year End – Prepare 1099s & Charitable Contributions
GovCon Wednesdays Estimated Read Time: 5 minutes As government contractors prepare to close out the year and transition into 2026, one of the most important steps is reviewing vendor payments, ensuring proper documentation, and preparing for updated IRS reporting requirements. This year is especially important because the One Big Beautiful Bill Act has introduced new reporting thresholds that will take effect for the 2026 tax year. If your business does not prepare now, next year’s… 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 # 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
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