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

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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.

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

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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.

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DCAA Compliant Accounting Services for Government Contractors

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

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Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR).

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.

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

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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

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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 #9 How Quality Management Effects Accounting

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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?

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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

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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.

Microsoft Teams Governance – Lifecycle Management

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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 #7 Accounting for Fixed Price vs Cost Contracts

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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.

Government Could Require Companies To Report Cyberattacks

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A new piece of legislation would require some companies to inform the federal government if they’ve become the victim of a cyberattack.

Google Warns Government-Backed Hackers Are on the Rise

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Google’s Threat Analysis Group (TAG) is warning high-risk groups that there has been a surge in activity by government-backed hacking campaigns, up 33% so far this year over the same time period in 2020, according to a blog post.

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

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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.

JPMorgan’s Jamie Dimon Urges Cryptocurrency Governance

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Jamie Dimon , chairman and CEO of J.P. Morgan Chase , said he believes that it’s time for cryptocurrency oversight and told the Investment Company Institute (ICI) that a managerial framework should be instituted, etf.com reported.

CMMC Explained: An Overview for Government Contractors

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How Government Agencies Can Find A Disbursement Method Middle Ground

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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.”.

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 #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.

Cardano Partners With Ethiopia Government On National ID Blockchain System

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Input Output (IOHK), the company behind the Cardano cryptocurrency, plans to build a national ID blockchain system in Ethiopia.

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

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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 #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.

How Governments Navigate ACH Payments Innovation

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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.

Microsoft: Nobelium Cyberattackers Targeting Governments, NGOs

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Microsoft said this week that the group behind the cyberattacks on SolarWinds customers last year has turned its focus on government agencies, think tanks and NGOs.

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.

US Government Aid Lessened Bankruptcies In 2020, Study Finds

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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.

Uber And Lyft Win Government Transportation Contract

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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.

Billions of Government Contracts for Small Businesses

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Today, we want to share some breaking news with you regarding government contracts. According to the SBA , the federal government just handed out over $145 billion dollars in government contracts for small businesses. For example, in 2020 the government spent over $6.5

Cellulant, Gainde 2000 Team on Digital Payments for Businesses, Governments

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The tie-up means Gainde’s e-government solutions are now paired with Cellulant’s payments solutions.

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

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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.

Government Regulations Spark Fall Of China’s Tech Moguls

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Ma isn't the only Chinese billionaire losing money due to government policies.

Late Invoices Challenge Vendors, But Governments Aim To Speed Payments

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With suppliers worried about the financial risk that late payments pose, governments are implementing regulations to ensure prompt payments as software companies are building software to help firms chase invoices.

Credit Unions Step Up During Government Shutdown

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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.

Hollywood Joins Corporate America, Government Leaders On COVID-19 Vax Watch

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It’s no different than what’s happening across corporate America , in government offices and with professional sports teams — as well as at the 2020 Winter Olympics in Tokyo. Not even Hollywood magic is enough to keep the COVID-19 pandemic from shutting down TV and movie sets.

Biden’s Executive Order Brings ‘Zero Trust’ Policy To Government Agencies

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The Federal Government must improve its efforts to identify, deter, protect against, detect, and respond to these actions and actors,” reads the Monday (May 17) order. As part of those efforts, “minimum standards” for testing software code used by government agencies would be developed.

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. When operating a small business, sometimes it is easy to avoid administrative tasks that seem unnecessary for a business of your size, such as implementing a total quality management plan. Though it may feel excessive in the beginning, that is exactly when you want to start! It is much easier to build a program as you grow rather than try to implement one later.

Wirecard Probe Pushes German Government To Release Talks With CEO

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Common Accounting Mistakes: Government Edition - Issue #4 Documentation to Prove It!

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When a small business enters the world of government contracting, the risk associated with maintaining supporting documentation increases significantly. In addition, government contracts will not reimburse alcohol, so the itemized receipt is needed to show what was bought and alcohol must be recorded separately. Since many government contracts reimburse labor, timecards are the area where fraud can be most prevalent.

Common Accounting Mistakes: Government Edition - Issue #4 Documentation to Prove It!

SMBAccountant

When a small business enters the world of government contracting, the risk associated with maintaining supporting documentation increases significantly. In addition, government contracts will not reimburse alcohol, so the itemized receipt is needed to show what was bought and alcohol must be recorded separately. Since many government contracts reimburse labor, timecards are the area where fraud can be most prevalent.