Compliance Blog

Government contractors subject to FAR 52.216-7 are required to submit an adequate final indirect cost rate proposal within six months following the contractor’s fiscal year end. Learn the purpose of an Incurred Cost Proposal, the information required, and steps for submitting this report.

Understand the implications of winning an SBIR award on your accounting practices. Learn when you need a compliant accounting system, what is required for an adequate accounting system, and how you can prepare your accounting system for a future audit.

QuickBooks Desktop can be configured to use the QuickBooks Payroll function to support labor distribution to cost objectives based on timesheet data. Together with ICAT, implementing these capabilities enables government contractors to satisfy the labor distribution requirement of DCAA compliance.

In government contract accounting, indirect costs are accumulated into cost pools, then allocated among those contracts benefitting from the indirect costs. How can you structure indirect cost pools in the QuickBooks chart of accounts to record indirect costs and satisfy SF1408 item 2(c)? 

ICAT Systems is excited to announce the first on-demand certificate program in government contract cost accounting. This comprehensive course is designed to help government contractors and their accounting professionals master the day-to-day accounting methods and compliance requirements for accounting system compliance, provisional billing rates, and final indirect cost rate proposals.

ICAT enables a government contractor using QuickBooks® to set up a DCAA Compliant accounting system, and meet the requirements imposed by the Federal Acquisition Regulation (FAR) and Defense Federal Acquisition Regulation Supplement (DFARS).

One of the toughest challenges small and medium-sized federal contractors face is setting up and implementing an accounting system that satisfies requirements imposed by the Federal Acquisition Regulation. What do you need to know and how can you be prepared to meet these challenges, and even a government audit?