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A Comprehensive Guide to Building an Optimal Accounting System

Basis 365

In the complex world of business, a robust accounting system supports the foundation of financial clarity and control. Whether you're a small startup or a seasoned enterprise, building an optimal accounting system requires careful planning, strategic technology integration, and unwavering commitment to financial discipline.

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Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

SMBAccountant

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. This type of contract requires detailed tracking of costs.

Account 246
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Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

SMBAccountant

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars. These are specialized areas with which many employees may have little to no familiarity.

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Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

SMBAccountant

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. This type of contract requires detailed tracking of costs.

Account 100
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Accountant Vs. Controller: What's the difference?

Basis 365

Structuring your accounting infrastructure can be daunting, no matter how big or successful your company is. Companies often ask about the differences between accountants and controllers. Although the roles are different, they are integral to any accounting team. What is an accountant? What is a Controller?

Account 97
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Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

SMBAccountant

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars. These are specialized areas with which many employees may have little to no familiarity.

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Key Accounting Challenges Facing Professional Services Businesses

Basis 365

Service-based businesses, such as marketing agencies or management consultants, face several accounting issues that are unique to their industry. The overall accounting issue revolves around the matching of project-related revenue with the corresponding costs. The number one question we receive is “Can I afford to hire?”.

Account 52