Budget variances, the difference between planned billing rates and planned forward pricing rates and actual performance, favorable and unfavorable, will happen. When they do, it is critical to profitability to understand what is causing the variance so it can be considered in your budgeting process going forward or operationally corrected.
In this blog post, we'll take a look at what types of research and development expenses can be considered allowable under the FAR, as well as some tips for ensuring that your expenses meet the criteria.
Budget variances will happen. When they do, it is critical to profitability to understand what is causing the variance so that it can be considered in your budgeting process going forward or operationally corrected.
One of the most important aspects of an adequate accounting system lies in the supporting policies and procedures. But where do you start when developing these policies and procedures?
Understanding the rules and laws governing PTETs and various state rules, as well as GAAP guidance, can help make sure government contractors remain compliant and efficient.
An accounting system for government contractors is composed of a general ledger, unallowable costs, job costing, labor collection, indirect cost allocation, and billing. An accounting system does not equate to accounting software; it is the process, including written policies and procedures.
Government contractors have to understand the fundamentals of strategic costing and strategic pricing in order to make correct decisions that determine their overall profitability on a job.
Learn more about these five types of government contracts presented in detail - including what they entail, their risks, and the pros and cons of each.
Government contractors should perform an internal assessment of their compliance before an audit is performed and participate in the audit process to ensure a favorable result.
The pandemic and the resulting changes in employee work routines and locations have created a potential cost-allowability issue that many government contractors have not previously encountered – potential idle facilities and/or idle capacity.
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