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Year End Preparations for Incurred Cost Proposal

December books closed ✔ Payroll tax returns filed (940/941/944) ✔ W-2s distributed ✔ 1099s delivered ✔ Incurred Cost Proposal…in Process…? You might not consider preparing for the Incurred Cost Proposal (ICP) during all of your other year-end tasks. You might think, “I’ve got 5 more months to worry about that.” Now is the best time to prepare and worry. Why? Most importantly, all of the information is fresh. If you wait until May or June to start the ICP process, you’ll have the worries fro

Left Brain Professionals

Left Brain Professionals

 

Why You Need A Budget

“Nah, we make enough money. Thanks, but no thanks.”  “We never worry about making our payments.”  “Our employees are dedicated to the mission of the business. They’re okay with lower compensation.”  If any of these scenarios sound familiar, stop reading now; this article will not be of interest to you. However, if you want to… The post Why You Need A Budget appeared first on Left Brain Professionals. leftbrainpro.com

Left Brain Professionals

Left Brain Professionals

 

Why January is the Best Time to Begin Preparing the Incurred Cost Proposal

A new year presents new opportunities for working more efficiently and effectively. When dealing with federal contracts, the Incurred Cost Proposal (ICP) presents one of the biggest opportunities. You’re closing 2016 and preparing for taxes anyway. What better time to gather information and documents for the ICP? Not sure what an Incurred Cost Proposal is or whether you’re required to file one? Here’s a brief primer. What is the ICP? The Incurred Cost Proposal (also known as an Incurred Cost

Left Brain Professionals

Left Brain Professionals

 

Why January is the Best Time to Begin Preparing the Incurred Cost Proposal

A new year presents new opportunities for working more efficiently and effectively. When dealing with federal contracts, the Incurred Cost Proposal (ICP) presents one of the biggest opportunities. You’re closing 2017 and preparing for taxes anyway. What better time to gather information and documents for the ICP? Not sure what an Incurred Cost Proposal is or whether you’re required to file one? Here’s a brief primer. What is the ICP? The Incurred Cost Proposal (also known as an Incurred Cost
 

Why January is the Best Time to Begin Preparing the Incurred Cost Proposal

A new year presents new opportunities for working more efficiently and effectively. When dealing with federal contracts, the Incurred Cost Proposal (ICP) presents one of the biggest opportunities. You’re closing 2017 and preparing for taxes anyway. What better time to gather information and documents for the ICP? Not sure what an Incurred Cost Proposal is… leftbrainpro.com
 

Why January is the Best Time to Begin Preparing the Incurred Cost Proposal

A new year presents new opportunities for working more efficiently and effectively. When dealing with federal contracts, the Incurred Cost Proposal (ICP) presents one of the biggest opportunities. You’re closing 2017 and preparing for taxes anyway. What better time to gather information and documents for the ICP? Not sure what an Incurred Cost Proposal is… leftbrainpro.com
 

Why Hire a CPA for Government Cybersecurity?

Could your business recover from an abrupt loss of $82,000 to 256,000? That’s how much a single cybersecurity breach could cost a small business, according to an analysis by Tech Republic. For federal government contractors, the stakes are even higher. DFARS 252.204.7008 (Compliance Safeguarding and Covered Defense Information Controls), and 252.204.7012 (Safeguarding Covered Defense Information and Cyber Incident Reporting) requires Department of Defense contractors to fully implement required

Left Brain Professionals

Left Brain Professionals

 

Updated DCAA Guidance for the Incurred Cost Proposal

DCAA Recently provided updated guidance on the incurred cost proposal through two MRDs (audit guidance memos) and an update to the ICE model. The first MRD on August 27, 2015, updated the Incurred Cost Proposal Adequacy Checklist to aid in determining the auditability of the proposal. Note that there is no score or definitive guide on adequacy. A proposal with multiple deficiencies may be auditable while another proposal with only one deficiency may not be auditable. Audit teams must use their

Left Brain Professionals

Left Brain Professionals

 

The Struggle with Success

I know many of you struggled (or are struggling) with growing pains in your business – it’s often one of the many reasons we are called, to help our clients get to things they don’t have time to do. Recently, we’ve experienced that pain ourselves. The pain of becoming successful. The positive side: new clients,… The post The Struggle with Success appeared first on Left Brain Professionals Inc. leftbrainpro.com
 

The Proposal Adequacy Checklist

Is your proposal in response to a federal Request for Proposal thorough, accurate and complete? If not, chances are high that you will be eliminated from competition – which represents a waste of time and opportunity for you and a corresponding waste of time for the contracting agency. Contracting agencies use the RFP process to identify the best supplier based on a combination of qualifications, history of achievement, timeliness, responsiveness, and cost.  To have a chance at winning a contra
 

The Impact of Lease Changes on Government Contractors

The Financial Accounting Standards Board (FASB) identified leases as an item of concern on financial statements. Until recently, companies were not required to report most leases on their balance sheet which resulted in “off-balance sheet financing.” The long-term nature of leases and their use as a financing tool meant that companies have long-term commitments (liabilities),… The post The Impact of Lease Changes on Government Contractors appeared first on Left Brain Professionals Inc. leftbr
 

Test, Test, Test

Implementing a new accounting system inherently implies change to your current processes. It also means entering data in different fields in a new system. To be certain your system setup is correct, you must test all of your scenarios. Let’s back up for a moment. Before testing, you need a good list of what you want to test. At a high level, every organization needs to test two main cash flow processes: Order to Cash, and Procure to Pay Depending on the type of products (services vs manufac

Left Brain Professionals

Left Brain Professionals

 

Surviving the DCAA Exit Conference and Audit Remediation

Months can expire between the conclusion of an audit and when the DCAA issues an audit report. Save yourselves needless speculation and angst! Make sure to hold an exit conference before auditors leave your premises. You may want to request that the auditor and the auditor’s supervisor both attend the meeting, Your designated point of contact and affected members of the management team should all attend. An exit conference gives you the opportunity to discuss audit findings before they become

Left Brain Professionals

Left Brain Professionals

 

Small Business & Government Relations

NCMA Dayton hosted “Small Business & Government Relations” as part of it’s monthly Bagels & Business series. Panelists: Tom Krusemark, Procurement Center Representative, Small Business Administration Dave London, Chief Operating Officer, Tridec Technologies Bill Cox, Procurement Specialist, Procurement Technical Assistance Center Michael Bridges, President, Peerless Technologies Bill Cox’s opening statement to small businesses “You need… The post Small Business & Government Relation

Left Brain Professionals

Left Brain Professionals

 

SF1408 Accounting System Review

Has your prime or contracting officer told you that you need an approved or adequate accounting system before your next award? What exactly is an approved or adequate accounting system? In the world of government contracting, most people think of DCAA-approved accounting systems. There are a few misnomers in that statement: DCAA does not approve accounting systems. They audit or review systems and provide recommendations to the contracting officer who holds the responsibility and authority fo

Left Brain Professionals

Left Brain Professionals

 

Received a DCAA Audit Letter? Don’t Panic!

For government contractors, auditing is a matter of when – not if. Yet many contractors still panic when they receive the inevitable audit request from the Defense Contract Audit Agency. If you have been preparing from the start of your contract, you should be in good shape to withstand an audit. Yet, even if you have been so busy running your business that all thought of audits fell to the back burner, there are steps you can take before and after the auditors arrive to manage the process succ

Left Brain Professionals

Left Brain Professionals

 

Podcast: Implementing a DCAA Approved Accounting System

In this episode, Robert spoke with Michael LeJeune from RSM Federal about implementing a DCAA approved accounting system for government contracting. Robert does an excellent job of breaking down exactly what a DCAA approved accounting system looks like as well as what it takes to get your system approved. We think this episode will make the concept of getting your system approved much less intimidating as well as provide you with practical advice that will set your company up for success. You c

Left Brain Professionals

Left Brain Professionals

 

Outsource Your Incurred Cost Proposal

Congratulations! You Submitted Your Incurred Cost Proposal. But is it Adequate? If your company has flexibly priced or time-and-materials federal contracts that contain the Allowable Cost & Payment clause (FAR 52.216‐7), you are required to file an Incurred Cost Proposal (also known as an Incurred Cost Submission) within six months of the end of your fiscal year. For calendar year companies, the June 30th deadline just passed. If you submitted your ICP on time, congratulations! It is imper
 

Outsource Your Incurred Cost Proposal

Congratulations! You Submitted Your Incurred Cost Proposal. But is it Adequate? If your company has flexibly priced or time-and-materials federal contracts that contain the Allowable Cost & Payment clause (FAR 52.216‐7), you are required to file an Incurred Cost Proposal (also known as an Incurred Cost Submission) within six months of the end of your… leftbrainpro.com
 

January 26th NCMA Webinar: Hot Topics in Unallowable Costs

Understanding unallowable costs is a key factor in profitably managing government contracts. Government agencies will only reimburse contractors for costs that are considered reasonable, allocable and allowable under the contract terms, Cost Accounting Standards or Generally Accepted Accounting Principles. Identifying these costs is important to avoid billing issues, incurred cost audit findings, and to pass pre-award accounting system surveys. On Thursday, January 26, I will present a webinar

Left Brain Professionals

Left Brain Professionals

 

Intellectual Property in Government Contracts

Question In your discussion of intellectual property in government contracts, you talked about government purpose rights and how you negotiated with the government for your client to keep the background technology but allow the government to own the form factor.  Where both the contractor and the government contribute funding, the parties are left to negotiate… The post Intellectual Property in Government Contracts appeared first on Left Brain Professionals. leftbrainpro.com

Left Brain Professionals

Left Brain Professionals

 

Increased Profit Margins On Government Contracts

What are your current profit margins on government contracts? Are you still bidding a fee of 6% to 10%? Many contractors think they must accept low profit margins on government contracts. Not true! FAR 15.404-4(a)(3) clearly states, “Both the Government and contractors should be concerned with profit as a motivator of efficient and effective contract performance. Negotiations aimed merely at reducing prices by reducing profit, without proper recognition of the function of profit, are not in the

Left Brain Professionals

Left Brain Professionals

 

Federal Privacy Act Criminal Penalties Apply to Government Contractors

For more than 20 years, government contractors and their employees that operate an agency’s system of records have been subject to the same criminal penalties as government employees for violations of the federal Privacy Act (PA). These penalties have taken on new importance because a recent FAR amendment makes PA training required for certain federal contracts. Moreover, the training must include information on the criminal penalties a government contractor and its employees face for violating
 

Federal Contractors’ Obligations With Prevailing Wage and Fringe Benefits

Unique compensation requirements apply to federal contractors. In the construction sector, the Davis Bacon Act (DBA) requires covered contractors and subcontractors to pay a specific prevailing wage and fringe dollars for each hour an employee works on a covered job site. The regulations are difficult to understand for the non-initiated. Luckily, Lind Sawyer of Capital Strategies can make the confusing understandable. Here’s my conversation with Lind who was educating me on the finer points of

Left Brain Professionals

Left Brain Professionals

 

Everything You Need to Know About Incurred Cost Proposals

Many government contractors will need to submit an Incurred Cost Proposal. It is up to your business to make sure you do one and you do it right. Here are some common questions businesses have when it comes to preparing a proposal. Do I need to submit an Incurred Cost Proposal? You will need to… The post Everything You Need to Know About Incurred Cost Proposals appeared first on Left Brain Professionals Inc.   leftbrainpro.com  
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