FASB weighs standard on accounting for government grants

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DCAA Compliant Accounting Services for Government Contractors

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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.

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.

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 #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.

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 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.”.

Microsoft Teams Governance – Lifecycle Management

Withum

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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.

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.

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.

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.

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.

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 #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.

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.

cpas 52

Northern Ireland Protocol update – summary of issues document from the Government

Menzies

Last week, the Northern Ireland Protocol Bill was introduced to parliament and the Government published a document, setting out the issues facing Northern Ireland and how the Bill will seek to resolve them. Menzies LLP - A leading chartered accountancy firm.

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.

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.

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.

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.

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.

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.

Environmental, Social and Governance (ESG) strategy, why is it important for SMEs?

Menzies

Environmental, Social and Governance (ESG) strategy is becoming more important for the continued success of all companies, regardless of their size. The post Environmental, Social and Governance (ESG) strategy, why is it important for SMEs?

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.

WEF Forms Consortium For International Crypto Governance

PYMNTS

To create a framework for the international governance of cryptocurrencies, the World Economic Forum (WEF) has reportedly formed a worldwide consortium. Cryptocurrency cryptocurrency Davos Global Consortium for Digital Currency Governance News What's Hot World Economic Forum

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.

OneConnect Wields Government Data For SMB Lending

PYMNTS

The collaboration between the blockchain small business lender and the Guangdong government sees OneConnect utilizing the province’s “digital government” data resources, and reflects “the deep integration of digital government and FinTech,” the announcement said.

FBI Probe, Oracle Suit Eye Amazon’s Government Procurement Role

PYMNTS

Department of Defense (DoD), shining a spotlight on the challenges technology companies face as governments procure products and services to digitize their own operations. “Often, when it comes to government contracting investigations, the FBI will not take over the case, and they [will often] enlist other people who are experts,” he said. Amazon’s Government Contract Criticism.

GovQuote Links Government Suppliers To BlueVine Financing

PYMNTS

Small business financing platform BlueVine is teaming up with government procurement solutions portal GovQuote to connect government vendors with working capital solutions. A press release issued on Tuesday (April 23) said that GovQuote, which connects government agencies to potential contractors and vendors, is connecting those suppliers with BlueVine working capital financing to support their entrance and expansion in the public market.

Small Town Government, Big Time Cybercrime

PYMNTS

Last month, the city of Riviera Beach, Florida, was crippled by a ransomware attack that led to it paying a hefty sum to recover government systems. A city spokesperson confirmed earlier this month that the government had voted unanimously to pay the ransom on top of the costs of attempting to fix and replace the computers that were compromised in the cyberattack. . B2B Payments B2B B2B Data Digest bitcoin Cyberattack government cybersecurity News ransomware

Businesses Re-Evaluate Web Security After Attacks On US Government Sites 

PYMNTS

government agency websites have sent shockwaves throughout the country and the world, raising concerns about the ability of any institution to protect its vital and confidential data. Security & Fraud Cybersecurity FireEye Government News Security SolarWinds

What Governments Can Learn From Estonia

PYMNTS

Its ongoing efforts to make government more digital promise to guide similar pushes in other parts of the globe and lawmakers and regulators try to move away, as much as possible, from paper-based processes. Invisible Government. “In Estonia’s ongoing efforts to digitize government offer lessons on security. Making the move from analog to digital in governments around the world could save an estimated $3.5 s Government Digital Service, the report said.

Hackers Hit Local Government Payment Sites

PYMNTS

A security firm has revealed that a payment portal used for local government services, such as paying for utilities and permits, has been targeted by hackers. The self-hosted Click2Gov’s servers — operated by local governments across the U.S. — were breached, most likely, through a vulnerability in the portal’s web server. Security & Fraud Click2Gov credit cards Cybercrime data FireEye Government Hackers malware News oracle Superion What's Hot

Wirecard Probe Pushes German Government To Release Talks With CEO

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Security & Fraud angela merkel BaFin fraud Germany Government News transcripts What's Hot Wirecard

Government Entities Face An eProcurement Wake-Up Call

PYMNTS

economy has never seen a clearer picture of the consequences of friction in government procurement practices than it is witnessing right now. Unlike B2B trade, government procurement involves a complex web of interactions between public sector entities and private sector businesses.

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.

Aktis Platform Boosts Banks’ Corporate Governance Transparency

PYMNTS

22) that it is launching Governance.Direct, a platform that aggregates more than 800 governance data points from top global banks, including board size and composition, director expertise, gender diversity and committee structure. Aktis said it aims to make governance transparent for the banking industry. Bank clients can access detailed analysis reports of governance information based on that customer’s needs.

US Government Chooses Partners For Payroll Updates

PYMNTS

government is updating its payroll systems and has picked payroll partners to support the modernization process. The partnerships are part of the government’s NewPay blanket purchase agreement, which was developed to modernize the government’s payroll systems – itself an initiative that is part of the broader 2019 Management Agenda. The government will collaborate with payroll service providers and SaaS vendors, it noted. The U.S.

How Government Procurement Can Foster Private Sector Cybersecurity

PYMNTS

Government procurement can bolster the strength of local small businesses (SMBs), and provide an example for technology adoption in areas such as eInvoicing and electronic payments. Increasingly, though, experts are identifying government procurement as an instrumental component of promoting cybersecurity for the public and private sectors alike. government is already taking on the cybersecurity front. government business.”