Seasoned Government Contract Accounting
Navigating the complex world of government contracting is not easy. While competing in a highly competitive market, managing cash flow, and ensuring compliance with stringent regulations, maintaining accurate financials can feel overwhelming. That’s where we come in.
At Acclare Solutions, we have a deep understanding of government contract accounting services, empowering contractors to remain compliant, win new business, and stay ahead of competition.
Turning Pain Points Into Opportunities
Here are some of the top issues government contractors face
(and how we solve them):
Struggling with Compliance Regulations?
Understanding Federal Acquisition Regulation (FAR), Cost Accounting Standards (CAS), and Defense Federal Acquisition Regulation Supplement (DFARS) regulations is critical for contractors, yet these rules are often deeply technical and complex.
Our Solution: We bring decades of expertise to ensure your financial operations are compliant with government standards, mitigating risk, and protecting your business.
Anxious About DCAA Audits?
Audits for government contracts can be rigorous and time-consuming, creating significant stress if your financial records aren’t perfect.
Our Solution: From advising on audit-ready books to guiding you through every type of Defense Contract Audit Agency (DCAA) audit, we help you engage with government auditors confidently and successfully.
Unclear on Indirect Rate Structures?
Optimizing your overhead, General and Administrative expenses (G&A), and fringe rates can mean the difference between a profitable contract and a financial setback.
Our Solution: We assist in designing and optimizing indirect rate structures that comply with government requirements while maximizing your cost recovery and profitability.
Never Worry Again About
FAR
DFARS
CAS
Services Designed For Government Contractors
Government contractors face a unique and demanding accounting environment compared to commercial organizations. They must comply with a complex web of regulations requiring specialized accounting knowledge and services.
Here are the specialized services we offer for government contractors:
Compliance and Regulatory Support
- FAR and CAS Compliance: Ensuring adherence to government accounting standards and regulations.
- Cost Allowability and Allocability: Determining which costs qualify as an allowable cost under federal regulations and identifying unallowable costs that cannot be charged to contracts. Properly allocating direct and indirect costs is an essential cost principle, as cost allocability is a key factor in compliance and ensures that only the fair share of costs is reimbursed by the government.
- DCAA Audit Support: Preparing for and navigating audits conducted by the DCAA, including audit readiness assessments, mock audits, and responding to findings. We also provide guidance to clients throughout the audit process to ensure compliance and address any issues that arise.
- Internal Control Design and Implementation: Developing and maintaining robust internal controls to ensure data accuracy, prevent fraud, and meet government oversight requirements.
Our firm takes a proactive approach to compliance and regulatory support, helping clients anticipate and address challenges before they arise.
Cost Accounting Practices and Indirect Rate Management
- Job Costing: Tracking the expenses associated with specific projects or jobs, including labor, materials, and overhead. This involves accurately allocating contract costs to the appropriate cost pools and projects in compliance with CAS and FAR standards.
- Indirect Cost Rate Calculations: Developing and allocating indirect cost rates (e.g., Fringe, Overhead, G&A) which are crucial for pricing contracts and ensuring profitability. The calculation of these rates must be based on the appropriate cost accounting period to ensure consistency and compliance with generally accepted accounting principles (GAAP) and the FAR standards.
- Incurred Cost Submission: Preparing and submitting the Incurred Cost Submissions (ICS) annually to your contracting officer, detailing all incurred costs related to government contracts. Reporting is aligned with the contractor’s fiscal year to meet regulatory requirements.
General Accounting and Financial Reporting
Accounting System Setup and Implementation: Establishing and configuring accounting systems to meet DCAA and government contracting requirements.
Assist your Bookkeeping and Accounting Staff: We are here to help as a resource to Management and the accounting personnel in your organization. Managing day-to-day financial operations, including accounts payable, accounts receivable, and payroll.
Financial Reporting and Analysis: Preparing accurate and timely financial statements, as well as providing analysis of financial data for decision-making and planning.
Contract Management advisory services: We assist management with the accounting related provisions within the contracts when requested. Having an advisor on these provisions is often an essential teammate.
Tax Services
- State and Local Tax (SALT): Navigating complex state and local tax regulations and potential implications.
- Tax Preparation and planning: Identifying and leveraging tax credits, deductions, and deferral strategies specific to government contractors.
- Cash Flow Enhancement: Optimizing tax planning to improve cash flow management, ensuring the business can meet operational and contractual obligations.
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Why Work With Acclare Solutions?
Proven Track Record
With over 25 years of experience in government contract accounting, we have worked with dozens of government contractors ranging from startups to established businesses with $125M+ in annual revenue.
Trusted Expertise
We have developed deep expertise in addressing the complex financial and compliance challenges unique to government contractors.
Our team of certified public accountants (CPAs) is highly experienced with DCAA audits. We assist you in preparing for and navigating the entire process. To further enhance our services, we collaborate with a former DCAA auditor who brings a decade of firsthand experience auditing government contractors, ensuring you receive unparalleled value and insight.
Compliance with Confidence
We often can anticipate audit challenges before they happen, ensuring you’re always ready.
By proactively identifying potential risks and addressing them early, we help you avoid costly delays and penalties. Our approach combines thorough knowledge of government regulations with practical experience, enabling us to tailor strategies that fit your unique business needs.
We also keep up with the latest compliance requirements and best practices, which helps you stay ahead of regulatory changes.
Big-Firm Power with a Boutique-Firm Approach
Dan Wahlberg, CPA, brings 25+ years of experience from leading Baltimore’s assurance practice right to your doorstep with Acclare Solutions. Here’s what makes our approach different – you get the strategic advantage of big-firm resources but with the personalized touch you’d expect from a boutique service.
As an official BDO Alliance partner, we connect you to specialized expertise, proven practices, and hands-on support that’s backed by a global accounting network. The result? Exceptional value and real peace of mind for your mid-size business.
Tech-Focused for Affordability and Efficiency
We leverage cutting-edge software to keep your operations efficient and aligned with government standards. Our tech-first approach provides you faster, clearer answers and real-time insights without added added cost large CPA firms would have with many accountants.
Scale your GovCon business.
Don’t leave your contracts to chance. Whether you’re just getting started or managing multi-million-dollar contracts, our accounting for government contractors will help you thrive.
Stay compliant, protect your bottom line, and gain a competitive edge with Acclare Solutions. Let us show you the advantage of working with a leading Baltimore accounting firm helping business in Maryland, DC, Virginia and surrounding states.