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Common Accounting Mistakes: Government Edition - Issue #8 Unallowable Expenses

SMBAccountant

There are certain expenses that a business incurs that the federal government does not reimburse. These costs may be considered unreasonable, or not is support of the government mission.

Common Accounting Mistakes: Government Edition - Issue #12 R&D

SMBAccountant

These programs are offered by the government to encourage innovation with the potential for commercialization. These programs often result in technology or products that begin with government use and then become commercial items.

Mandatory COVID Vaccination Policy Template

The federal government is developing a rule requiring employers with more than 100 employees ensure their workers are vaccinated or produce a negative COVID test weekly before entering the workplace. So, what can your organization do to prepare? Get Paycor’s COVID Vaccination Policy Template to help communicate important details to your employees.

FASB weighs standard on accounting for government grants

Accounting Today

FASB Accounting Government accounting Accounting standards Financial reporting

DCAA Compliant Accounting Services for Government Contractors

AccountingDepartment

dcaa government accounting dcaa compliant accounting accounting systems government subcontractor accounting government contractor accounting

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).

Why DCAA Compliance is Important for Your Government Contracted Business

AccountingDepartment

When you are a contractor for the government, it is very important that you follow various federal rules and regulations. DCAA compliant accounting is a widely used term in the contracting industry.

Hoping Everyone Has Forgotten About All the Scandals, KPMG UK Is Bidding for Government Contracts Again

Going Concern

Late last year KPMG UK decided to stop bidding for government contracts for a bit while they worked out some scandals, p**s poor audit quality, and client collapses. KPMG News Government KPMG UK

Government announce change to promised tax cuts.

Inform Accounting

It is clear that the Conservative government is in turmoil right now. Help to grow - Government funded business support programmes. On Friday afternoon the UK Prime Minister, Liz Truss held a press conference.

How Businesses are Managing the New Reality of Work: A Paycor Survey

We wanted to know how COVID-19 impacted businesses and their workforces. Did they need government funds? How many workers did they layoff or furlough? Are employees working from home now? How’s team morale? And perhaps most importantly, what are their plans for the future? This guide offers a pretty good idea of how business leaders are feeling, what keeps them up at night, and what approaches they’re taking to solve problems. Download the guide to see all the survey results and where your organization might stand comparatively.

Common Accounting Mistakes: Government Edition - Issue #2: Budgeting

SMBAccountant

Government contractors have an even harder and more dire concern when it comes to cost plus contracts. Large variances between the budget and actual expenses can result in money owed to the contractor, or worse, money owed back to the government. Budgets are an internal control that can be useful in avoiding fraud, waste, and abuse which is important at all times, but under even more scrutiny when government (taxpayer) dollars are spent.

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. Written policies and procedures are a core part of business management, regardless of government contracts. Policies and procedures are a formalized way of defining how a company chooses to run their business.

Common Accounting Mistakes: Government Edition - Issue #10 Indirect Rate Calculations and Associated Risks

SMBAccountant

Indirect rates are not exclusive to government contractors. Government contractors are required to do the same in order to determine the full cost associated with a contract and be reimbursed that full cost amount. The contractor now owes the government back $37,500.

Common Accounting Mistakes: Government Edition - Issue #9 How Quality Management Effects Accounting

SMBAccountant

Quality management and accounting systems go hand in hand, especially when it comes to managing government contracts.

Common Accounting Mistakes: Government Edition - Issue #1: Am I Accrual or Cash Basis?

SMBAccountant

If you are submitting proposals for a government contract, the government prefers the accrual basis of accounting because it gives a more accurate picture of the company’s profit or loss.

Common Accounting Mistakes: Government Edition - Issue #6 Fixed Assets

SMBAccountant

Nearly all businesses have some kind of fixed assets. A fixed asset is something purchased or assembled that is intended for long-term use. It is not a liquid asset and cannot be converted quickly to cash. The useful life, or amount of time the asset should be useful to the company, must be greater than one year and be greater than the established corporate limit. Most companies set a threshold in their accounting policies to avoid wasted time and effort on immaterial or low cost items.

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

SMBAccountant

For small businesses working to attain contracts through the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs, the first phase of the project is typically a firm fixed price (FFP) contract.

Helping Government Agency Finance Departments Do More With Less

LSLCPAs

Introduction In a recent survey of our city and county government clients, a full 70% cited staffing issues as the number one challenge currently facing their organization. But in the case of government. Government

cpas 52

How Government Agencies Can Find A Disbursement Method Middle Ground

PYMNTS

Government agencies can struggle to move funds to waiting recipients with the necessary speed. We need to push the government to do more to reach those places where neither of those is an option.”.

New bill would increase state and local government financial transparency

Accounting Today

Munis Financial reporting Technology Finance, investment and tax-related legislation SEC

COVID Audit Options Local Government Agencies Should Know

LSLCPAs

This supplement includes all the COVID-19 related grant revenues, which covers the billions of dollars distributed from various programs such as CSLFRF, The post COVID Audit Options Local Government Agencies Should Know appeared first on LSL CPAs. Government

cpas 52

Credit Unions Step Up During Government Shutdown

PYMNTS

There is no shortage of headlines about the partial government shutdown that is now on its 27th day, and no shortage of articles speculating how long it will go on, what will be affected and (most often) what it will take to finally bring it to an end. While that can — and hopefully will — change any day now, the reality is that the longer the government remains partially closed for business, the longer 800,000 federal workers hit by the shutdown will not be receiving paychecks.

Microsoft Teams Governance – Lifecycle Management

Withum

Blogs Microsoft Teams

Pool Allocation Considerations for Government Contractors

Withum

To best introduce the concept and importance of pooling cost and the most common categories related to government contracts, it is best to visualize an example that breaks down the components that define this niche industry.

Tips for Good Corporate Governance

Withum

Whether your company is large or small, good corporate governance can be critical in establishing a positive organizational culture. Good corporate governance is evident by responsibility, accountability, consistency, fairness and transparency. Document Governance principles.

How Governments Navigate ACH Payments Innovation

PYMNTS

As local- and state-level government entities continue to run, it’s not business as usual for the public sector — particularly in the way these entities make and receive payments. Business-To-Government Payments.

Common Accounting Mistakes: Government Edition - Issue #8 Unallowable Expenses

SMBAccountant

There are certain expenses that a business incurs that the federal government does not reimburse. While these costs may be legitimate business expenses, the federal government may disallow a cost which means it cannot be reimbursed using the incurred costs rates calculated to reimburse costs for cost contracts. These costs may be considered unreasonable, or not is support of the government mission.

Remaining Government COVID-19 Assistance for business

Generate Accounting

Wage subsidies are no longer in the mix of COVID-19 business assistance but with omicron now gaining a foothold in New Zealand, we thought it was a good idea to remind readers that there are still some government programmes available.

Cybersecurity Best Practices for Local Governments and Municipalities

LSLCPAs

The post Cybersecurity Best Practices for Local Governments and Municipalities appeared first on LSL CPAs. GovernmentHow much do your agency’s employees know about cybersecurity? Are they familiar with the concepts of ransomware or social engineering?

cpas 52

Report: Jack Ma Offered Part Of Ant Group To Chinese Government To Smooth Over IPO Fiasco

PYMNTS

Ma, who through Alibaba and other ventures became the wealthiest man in China, for years maintained a positive relationship with government authorities, but those relations have appeared to observers as strained of late.

For Government Agencies: 3 Tips for Consolidating Financial Report Footnotes

LSLCPAs

A number of new debt and lease standards have been added to government agencies’ financial reporting requirements. For this post, we are zeroing in on the condition that government agencies are being required to add additional footnotes to their financial statements.

Common Accounting Mistakes: Government Edition - Issue #2: Budgeting

SMBAccountant

Government contractors have an even harder and more dire concern when it comes to cost plus contracts. Large variances between the budget and actual expenses can result in money owed to the contractor, or worse, money owed back to the government. Budgets are an internal control that can be useful in avoiding fraud, waste, and abuse which is important at all times, but under even more scrutiny when government (taxpayer) dollars are spent.

CMMC 2.0 Update for Government Contractors

Withum

The impacts on the government contracting industry Requirements for small businesses and 8(a) contractors How to prepare for a level one self-assessment . My name is Wendy Terry and I am the practice leader for our government contracting practice here at Withum.

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. Written policies and procedures are a core part of business management, regardless of government contracts. Policies and procedures are a formalized way of defining how a company chooses to run their business.

GoFundMe Crowdfunds For Furloughed Government Workers

PYMNTS

It’s been 10 full days since government workers missed their paychecks due to the prolonged government shutdown, and one of the most recognizable crowdfunding companies is stepping in to help. GoFundMe has launched a fundraising campaign targeted specifically to furloughed government workers, according to reports , and it’s raised around $90,000 from more than 1,000 people in just two days.

Common Accounting Mistakes: Government Edition - Issue #5 Purchasing

SMBAccountant

These are very important questions whether a company has government contracts or not. The purchasing documentation and process helps keeps track of items to be charged but how does it all work?Who Who approves what money is spent in your company? What proof do you have that a purchase was approved? What project, if any, will this purchase be charged? Did you get the best value or price? Some companies have one person that handles all purchasing to ensure a centralized responsibility.

Common Accounting Mistakes: Government Edition - Issue #5 Purchasing

SMBAccountant

These are very important questions whether a company has government contracts or not. The purchasing documentation and process helps keeps track of items to be charged but how does it all work?Who Who approves what money is spent in your company? What proof do you have that a purchase was approved? What project, if any, will this purchase be charged? Did you get the best value or price? Some companies have one person that handles all purchasing to ensure a centralized responsibility.

Uber And Lyft Win Government Transportation Contract

PYMNTS

government is enlisting Uber and Lyft to help provide transportation services for public agencies and employees, Reuters reports. The deal is worth up to $810 million and will be able to assist over 4 million employees of the government nationwide. The U.S.

Withum Enhances Government Contractor Services with Boutique Expertise

Withum

On May 1, 2022, Leneé Lyte , founder and CEO of boutique firm LYRC CPA, joins Withum to bolster the Firm’s Government Contractors Services practice. Leneé Lyte Partner and Practice Leader, Government Contractors, Withum.

Federal Government Extends Deadlines for Hurricane Ian Victims, States Extensions Are Unclear

Withum

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian.

US Government Aid Lessened Bankruptcies In 2020, Study Finds

PYMNTS

Government pandemic aid helped bankruptcy filings hit a 35-year low in 2020, according to legal service firm Epiq. However, Epiq officials said in the release that recent government financial aid will help those numbers.