Government Contracting

Preparing for a merger or acquisition for a government contractor often begins long before an offer is on the table. It actually starts when solutions and systems are selected to help run a business’ day-to-day operations. Learn how good investments can turn into great rewards for overall company value.

Finance and financial compliance leaders entered 2020 riding a wave of optimism, with healthy revenue growth and profit margins. A foundation that proved vital as the United States began to grappled with COVID-19. Keeping eyes on profitability and cash flow, many leaders made addressing disruptions in financial health their new benchmarks for success. See how they plan to run a tighter ship to navigate through uncertain waters into 2021.

With nearly $3 trillion in U.S. military assets audited in 2018 and 2019, the Department of Defense (DoD) has made it clear that defense audits should be classified as an annual exercise rather than an occasional review. Prepare with some basics of DCAA and DCMA audit readiness and valuable tips on compliant asset management.

Evaluating the capacity of internal systems generally isn’t the number one to-do item for government contractors while managing a period of dynamic growth. Often times it’s not number two or even number 10. However, if a firm is relying on generic, mass-market solutions, such as QuickBooks®, for accounting and overall business management, as workloads increase, likely so do the problems. The time to pop the hood and review how a solution is truly performing is now before the first “check engine” light comes on.

Generic, out-of-the-box solutions, like QuickBooks^®, are a common place to start for many small businesses managing government contracts. Though these solutions can hold small government contracting firms together initially, in the long run, vulnerabilities inevitably emerge that can put government contractors at significant risk. Specifically, what are the top accounting challenges that can impact a small firm’s day-to-day, and what are the answers they need to help keep the government as their client?

Government contractors are starting to see audit notifications from the Defense Contract Audit Agency (DCAA) as they enforce new accounting system compliance requirements. What can firms expect from these audits, when will they be informed and how can they best prepare? Partner expert Baker Tilly helps fill in a few blanks on the new rules of the road.

All Department of Defense (DoD) suppliers are impacted by the Financial Improvement Audit Readiness initiative (FIAR). Primarily, it has to do with the costs charged to the DoD and whether the internal systems used to manage the details for government contractors match agency standards.

Finance and financial compliance leaders have gone on the record with the 10th Annual Deltek Clarity Government Contracting Industry Study… they are feeling bullish about the market, organizational growth and audit preparedness. But, will the optimism last?

The Department of Defense seems inclined to make defense audits an annual exercise. What audit readiness tactics and solutions could smooth the path for DCAA and DCMA reviews?

Accountants today are playing a modern game using ancient rules. Review some of the top myths relating to accounting in manufacturing, and how holding tight to expired information can throw a business off balance.