Government Contract Accounting

BOOST makes sure that your recording transactions government contract organization has the information you need readily available to make fast, informed business decisions. Investment advisory services are offered through Aprio Wealth Management, LLC, an independent Securities and Exchange Commission Registered Investment Advisor. Securities are offered through Purshe Kaplan Sterling (“PKS”) Investments, Inc., member of FINRA/SIPC. Aprio Wealth Management, LLC and Purshe Kaplan Sterling Investments, Inc. are separate and unaffiliated. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities, and past performance is not indicative of future results. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.

Cloud-based Solutions

Find out more about our outsourced accounting, CFO, and Project Management Office solutions and their benefits. bookkeeping firms Preview our 7-course training for free today, and gain the knowledge and skills you need to succeed in government contracting. Partnering with SN, you gain unparallelled insider insights to alleviate the burdens of back-office accounting. From comprehensive bookkeeping to strategic controller and CFO services, we equip you with the tools needed to propel your business forward.

Financial consulting and accounting outsourcing for government contractors

• Traditional cost accountingallocates overhead on volume-related bases such as direct labor dollars,direct labor hours, machine hours, or material dollars.
• By examining the components of GAAP financial statements and the FAR’s directives on cost allocation, we aim to furnish contractors with the knowledge and examples to develop a chart of accounts.
• This guide offers an overview of its advantages, outlines what the process entails, and provides steps for getting started.
• With over 185 full-time employees, AccountingDepartment.com is the premier GovCon accounting services firm that provides DCAA compliant outsourced bookkeeping, advisory, and implementation to government contractors.
• Senior-level financial consulting is going beyond the processing of transactions to provide our clients with transparency and understanding of their financial results.
• By trusting your accounting and record-keeping to a team of expert bookkeepers, you can empower your internal team to focus on strategic initiatives that truly move the needle for your business.

As a result, remote accounting services—especially remote bookkeeping—have emerged as a strategic choice for businesses of all sizes, from fast-growing startups to well-established enterprises. By hiring remote, external professionals, companies can access a global pool of experts, reduce costs, and gain the flexibility they need to scale their accounting functions as they grow. Warren Averett is a top accounting firm providing audit, tax, accounting and consulting services to companies across the Southeast. Our firm has expertise in industries including manufacturing, construction, real estate, financial services, healthcare, government, education and retail. By providing detailed financial reports and insights, they help contractors make informed decisions to support contract negotiations, project management, and business growth. They ensure accurate financial records, compliance with government regulations, efficient contract management, and support strategic decision-making.

• As a government contractor, any day-to-day operational inefficiencies can ultimately affect profitability.
• For established GovCons, moving to a new accounting system may seem daunting, but with BOOST, the transition is seamless.
• An informal survey of several contractors was made to see what theywere doing in the area of ABC.
• It simplifies bank reconciliation, tracks expenses, and provides insightful financial reports to help you understand your business’s performance.
• Free from the time-consuming and error-prone aspects of bookkeeping, your employees can make a more meaningful contribution to your core business.
• It’s no surprise that a complex set of accounting and bookkeeping requirements are attached to doing business with the federal government.

Aprio helps government contractors thrive from startup to exit

• Bookkeepers play a vital role in business operations, ensuring accurate and detailed financial records.
• BOOST works with different GovCon ERP providers to ensure the right system is selected for each of our customers’ needs based on their service offerings.
• Drive profitability and competitive advantage across the government contracting lifecycle with Aprio.
• While small businesses might find it difficult to justify the cost of hiring an experienced professional, fast-growing startups can benefit from the flexibility and scalability that outsourced bookkeeping offers.
• Our deep understanding of the federal contracting industry and its challenges enables us to deliver compliant, cost-effective solutions.

For larger companies that already have an accounting staff, our experts can train your current accountant or bookkeeper to perform the basic bookkeeping function (they can also continue to run payroll and handle some other functions). This process can take months in most cases, and involves reviewing the books, cleaning up any erroneous journal entries, discussing errors and solutions. We follow compliance-first accounting practices with strict adherence to regional laws and accounting standards. We also ensure customer delight through timely delivery, the highest level of security, and efficient operations. With AI-powered technology and human judgment, we ensure you get accuracy in the services, with the highest attention to detail. The future of ABC in the defense industry https://www.facebook.com/BooksTimeInc is being worked out in thetrenches at the large defense contractors.

GovCon accounting systems are different than commercial accounting systems, so you need a firm that knows the ins and outs of GovCon compliance and can offer peace of mind. In the complex and regulatory-intensive environment of federal contracting, understanding the intricacies of cost accounting, and the proper handling of unallowable costs, is critical for ensuring compliance and optimizing financial performance. The stringent guidelines of the FAR and the principles of GAAP provide a strategic blueprint for financial management. Also, the critical differentiation and segregation of unallowable costs underscore the importance of meticulous accounting practices in upholding the integrity of financial reporting and contract compliance.