Contractor Purchasing System Review (CPSR)
Why should a small business care whether their purchasing practices, inter-departmental operations, and whole procurement function are in compliance with the FAR and applicable supplements …
Incurred Cost Submission
An incurred cost submission demonstrates that flexibly priced contracts with the Department of Defense and, often, other U.S. Government agencies are not over-billed. Contracts (encompassing …
FAR Compliance
Contracts funded by the U.S. Government are subject to the Federal Acquisition Regulations (FAR). Whether a prime contract, subcontract, or grant (or cooperative agreement), FAR compliance is …
DCAA Audit
The Defense Contract Audit Agency (DCAA) performs audits of prime contractor, subcontractor, and grantee (contractor) organizations. A DCAA audit does not negotiate or administer any contracts, but …
Time Cost Budgeting
What is Job Costing? A new-construction developer must distinguish the cost of developing Apple Orchard Place separate from Business Park West, separate from Commercial Office …
Internal Audits
What Does That CPA Firm’s Audit Report Really Mean? Most of us figure that a “clean” audit report from the CPA firm is sufficient to …
SF 1408
A contractor, and frequently, a subcontractor must submit a Standard Form (SF) 1408 with a proposal. The SF 1408 supports the potential customer’s conclusion that …
Profit and Loss 101
What is the P&L?When we refer to financial statements, we generally mean: The Balance Sheet The Income Statement, also known as the Profit and Loss …
Executive Compensation
Many small-to-medium size prime contractors, and large-company divisional Subcontract Administrators, dread the public disclosure of compensation for the five most-highly-compensated employees. The threshold for reporting …
Overhead versus G&A
Indirect rates (burden) and indirect pools often confuse the non-accountant. The bad news is: Your organization can make the indirect rate structure very complex. The …