Government Contractor Accounting
What is Government Contractor Accounting
Government contractor accounting is a specialized field that involves managing the financial activities of companies that provide goods or services to government agencies. Unlike other types of accounting, government contractor accounting requires a deep understanding of complex government regulations, including the Federal Acquisition Regulation (FAR) and the Cost Accounting Standards (CAS). To effectively manage finances in this field, accountants must also be able to navigate the intricate process of submitting proposals, negotiating contracts, and performing audits. Accurate and compliant financial reporting is crucial for government contractors to maintain their contracts, avoid penalties, and ensure their long-term success.
How we can Help You
- Designing and Implementing an ERP Accounting system (Deltek Costpoint) to be in compliance with federal government requirements.
- Ensure Regulatory Compliance, Internal Control adequacy and Assessing Business Systems pursuant to USG requirements.
- Interpreting Federal Acquisition Regulation (FAR) and Costs Accounting Standards (CAS) and preparing Accounting policies to be in compliance with the standards.
- Managing various DCAA audits like Preaward, Post Award Audits, Accounting System Review, Financial capability audits and Incurred Costs Audits for past 10 years.
- Day to Day Co-ordination with DCAA and DCMA and assisting them with requisite information.
- Develop Indirect pool structure, Costs allowability, CPFF, T&M, FFP billings, Project structure etc.
- Conceptual knowledge of SAP S/4 HANA and Finance module.
- Manage overall Accounting department and compliances.
