Government Contract Accounting Services
Compliance and Standards
Federal Acquisition Regulation (FAR)
The FAR includes clauses and compliance for many areas of operating a business. Every contract comes with a list of FAR clauses that apply to that contract. Potential contractors should read these carefully to understand what they must do to be compliant with all applicable clauses. Once a contract is awarded policies and procedures must be put in place to ensure compliance. SMB has knowledge of FAR clauses and can help set up compliance as part of the accounting system.
Cost Accounting Standards (CAS)
While small businesses are not bound by cost accounting standards, adhering to them enhances the reliability and compliance of their accounting systems. SMB aids in adopting practices that align with these standards, optimizing for the constraints of limited resources. This strategic approach not only prepares businesses for potential audits but also fortifies their financial management practices, ensuring a stronger foundation for growth and government contract readiness.
Accounting and Cost Management
Job Costing
We understand the importance of accurate job costing for businesses engaged in projects, contracts, or services. Job costing is a crucial aspect of financial management that allows businesses to track and allocate costs to specific jobs or projects, providing valuable insights into profitability and cost-effectiveness. Our expert team specializes in implementing job costing systems tailored to the unique needs of our clients, ensuring precise allocation of direct and indirect costs to each job. With our comprehensive job costing services, businesses can make informed decisions, optimize project profitability, and achieve greater financial control. Partner with us to streamline your job costing processes and maximize the success of your projects.
Cost Accounting
With our cost accounting and job costing services, businesses engaged in SBIR and STTR contracts can ensure accuracy, transparency, and compliance throughout the project lifecycle. We offer a range of services, including developing cost allocation methodologies, establishing project budgets, tracking expenses, and preparing detailed cost reports for government agencies. Our goal is to empower businesses to make informed financial decisions, maximize project profitability, and maintain compliance with government regulations. Partner with SMB Accounting & Consulting to streamline your cost accounting processes and achieve success in your SBIR and STTR endeavors
Incurred Cost Model and Rates (ICE)
SMB specializes in pre-award accounting system setup, ICE, CAS, and provisional rate assistance, crucial for contractors with CPFF contracts who must submit PBR and actual incurred cost rates annually, following DCAA guidelines. SMB offers expertise in navigating these complex requirements and can assist in preparing necessary documentation.
Contracting and Audits
Contract Reviews
Our experienced team meticulously examines contract terms and financial provisions to ensure compliance and mitigate risks. While not legal experts, we provide valuable accounting insights to navigate government contract complexities effectively. From analyzing cost allocation methodologies to assessing financial reporting requirements, our contract review services empower businesses to make informed decisions and maximize their success in government contracting endeavors. Our comprehensive approach also includes strategic financial planning and risk management advice, further enhancing our clients' preparedness and positioning them for future government contracting opportunities, thereby fostering long-term growth and stability in this competitive sector.
SBIR / STTR
At SMB Accounting & Consulting, we specialize in providing comprehensive cost accounting and job costing solutions tailored to the unique needs of businesses, including those engaged in Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) contracts. Our expert team understands the intricate requirements of government-funded research and development projects, and we excel in helping clients navigate the complexities of cost allocation, compliance, and reporting. Whether you're a small business seeking to win your first SBIR/STTR contract or a seasoned contractor looking to optimize your cost accounting practices, we have the expertise and resources to support your success.
DCAA Audit Support
Leveraging prior government experience, SMB offers comprehensive support in federal contract accounting, guiding businesses through proposal development, compliance with accounting standards, and preparation for DCAA and NSF audits. With expertise in navigating the myriad audits conducted by the DCAA, SMB is well-equipped to assist clients in audit preparation and response. This expertise extends to ensuring that every aspect of the financial management system meets the stringent requirements set forth by these agencies, further securing the client's position in government contracting.
Pre-award Accounting
Before awarding a cost-reimbursement contract, a pre-award audit by DCAA is often conducted to verify compliance with FAR and Cost Reimbursement Standards, making the audit's successful passage a prerequisite for contract approval. SMB's proficiency in establishing compliant accounting systems extends beyond meeting audit requirements, facilitating strategic management decisions. Their proactive stance in audit preparation mitigates compliance challenges, streamlining the audit process and enhancing the likelihood of favorable outcomes, thereby positioning clients advantageously in the competitive landscape of government contracting.
Project Management and Reporting
Project Record Maintenances
A comprehensive accounting system not only involves maintaining auditable records for all software entries but also requires establishing and upholding a rigorous record-keeping platform. We offer expertise in creating and managing this infrastructure, ensuring meticulous documentation is maintained, which is essential for audit success and meeting regulatory standards. Our support extends to implementing best practices in documentation management, further strengthening your financial compliance framework.
Performance Measurement and Analysis
Performance Measurement and Analysis entails a detailed examination of project metrics to ensure they align with strategic goals, highlighting areas for optimization. This process is instrumental in enhancing efficiency, guiding informed decision-making, and improving project outcomes. By employing this service, businesses can expect a thorough analysis that contributes to their success in government contracting, ensuring projects not only meet but exceed expectations.