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Understanding the FAQs Related to Overhead Rate Audits for Growing A&E Firms

Cherry Bekaert

For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. Q: What is an overhead rate audit? Q: What are the benefits of an overhead rate audit?

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Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP?

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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.

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

SMBAccountant

Whether the SBIR/STTR that’s being worked is a grant through the National Science Foundation (NSF) or a federal contract, there is an oversight agency, such as the Defense Contract Audit Agency (DCAA) for Department of Defense (DOD) contracts, that will review the adequacy of a contractor’s accounting system prior to a phase II award.

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An Essential Guide to Accounting and Basic Accounting Principles for Beginners

Snyder

What are basic accounting principles? What is accounting software? Basic accounting and its secrets. The Fantastic Four of accounting. Accounting principles: Why are they so important for any business? Basic accounting principles. Accrual principle. Basic accounting principles.

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Navigating GASB 100: Accounting Changes and Error Corrections

Cherry Bekaert

One of the challenges with the prior period adjustment guidance in GASB 62 was that financial statement preparers were unsure how to apply the guidance in certain situations, which led to a lack of consistency across governments. This category also includes the implementation of new accounting pronouncements. GASB Statement No.

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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.