Changing regulations, evolving business strategies
San Diego based government contractors are faced with a litany of issues such as changing government regulations, new procurement policies, shrinking federal budgets, just to name a few. According to San Diego Regional EDC, “The defense industry represents one out of every four jobs in the region and includes leaders in unmanned vehicles, robotics, cyber security and shipbuilding.” We help advise our San Diego contractor clients on how to alleviate the stress of these challenges by implementing the right procedures software architecture systems to have a competitive edge over their competitors in the government agency contract bidding wars.
Our team of CPAs is specifically trained in the intricacies of the Defense Contract Audit Agency, Federal Acquisition Regulations, government contract accounting, which is an area that has rules to follow that go beyond traditional accounting in regular industries. We consult and meet the needs government contractors’ in both pre contract-award and post contract-award phases. Our San Diego CPA firm has experience in key government contracting industries such as technology, construction, life sciences, and Cleantech.
Thomas Huckabee CPA has partnered with Witt CPA to draw upon two decades of experience serving many mid and large sized government contractor clients ranging from startups to Fortune 100 companies. We provide a uniquely comprehensive and integrated suite of tax, outsourced accounting, accounting system design, and management consulting services designed to ensure our clients remain compliant and successful.
Every year around mid-April government contractors are focused on submitting proposals to win new bidding opportunities.
One major part of the bidding process is that the contractor is required to have a CPA or government auditor letter stating that their accounting, architecture system is DCAA (Defense Contract Audit Agency) compliant with FAR Part 31, “Contract Cost Principles and Procedures” and that also passes the GSA Standard form 1408 “Preaward Survey of Prospective Contractor Accounting System” requirements. Thomas Huckabee CPA can a conduct comprehensive review of your contractor’s accounting system to check for risk of non-compliance and then recommend any needed changes involving systems, processes or procedures.
Thomas Huckabee CPA has designed and implemented DCAA compliant accounting and timekeeping systems for mid sized government contractors. Our accounting systems give contractors features such as:
- Chart of accounts to segregate direct costs from indirect costs
- Labor distribution system to track time and create accounts for expenses deemed unallowable per FAR 31.205
- The ability to track the cost and profitability of your contracts.
- Help contractors to maximize revenues by applying the most advantageous overhead cost structure.
We can Assist with Processing your Government Contract Billing.
Our professional CPA team can assist you in billing the Government or Prime Contractor. A large portion of the invoices to be processed through WAWF (Wide Area Work Flow) government system. Large Business Prime Contractors usually deploy secure, proprietary systems to process payments to their subcontractors.
Our Government contracting services include:
- Financial Statement Preparation, Review, Compilation: We can prepare financial statement as well as reviews and compilations, and audits in accordance with U.S. Government auditing standards.
- Business Tax Planning Services: Finding creative solutions to reduce taxes, cut costs, and help contractors comply with numerous state and federal tax regulations.. We can help you minimize your tax burden through comprehensive corporate tax planning and advisory services.
- Business Advisory Services: We have experience helping new startup contractors as well as mid sized companies with of high-volume contracts, to achieve their business objectives and financial goals. We provide a wide range of advisory services from trust and estate planning to interim CFO consulting.
- Bid Proposals : We can help to ensure realistic cost estimating procedures for bidding government contracts. Assist in proposal preparation, contract negotiation and contract modifications.
- Indirect costs and rates: As a contractor, you must balance your cost and rate structures between being competitive in the market and complying with government regulations. We can assist contractors with complicated processes such as multi-tiered rate structure and review, (R&D) costs review and structuring, price proposals, indirect rate analysis and structure, the provisional rate/billing rate development, and GSA schedule consulting