Continental Accountants, a team of Certified Public Accountants (CPAs) specializing in Government Contracting, hold a vital position in assisting government contractors, particularly those engaged with federal, state, or local government agencies. In the intricate realm of Government contracting, adherence to elaborate regulations and compliance demands necessitates the expertise of financial and accounting professionals well-versed in the distinctive challenges and standards prevalent in this field. Here's how Continental Accountants an Arlington VA CPA can support our government contractors:

Compliance with Government Regulations:

We help government contractors navigate the complex regulatory landscape, ensuring that they adhere to all relevant laws and regulations and federal government audit requirements. This includes compliance with the Federal Acquisition Regulations (FAR), the Defense Contract Audit Agency (DCAA) guidelines and other agency-specific rules. We can also augment our staffs in your team to support contracts administration.

 

Cost Accounting:

Government contracts often require contractors to adhere to specific cost accounting standards (CAS). Continental Accountants, government contracting CPAs can assist in setting up and maintaining cost accounting systems, helping contractors accurately track, allocating costs correctly, preparing CAS disclosure statement, preparing cost proposals for contract bids and modifications and providing training on cost principles.

 

Compliance Reviews:

We can conduct internal compliance reviews to ensure that contractors are following their accounting and business systems in line with government contract requirements. This proactive approach minimizes the risk of compliance issues arising during audits.

 

Financial Reporting:

We prepare financial statements and reports that meet the specific requirements of government agencies. We help government contractors prepare accurate and compliant financial statements, including the Incurred Cost Submission (ICS), Schedule H, detailed footnotes to the financial statements to explain complex transactions or contingencies, and other financial reports required by government agencies to give government agencies a clear understanding of the contractor's financial position.

 

Indirect Rate Calculations:

Continental Accountants a government contractor CPA help government contractors calculate and manage their indirect rates, such as overhead, fringe, and general and administrative rates. These rates are essential for pricing contracts and determining allowable costs. ​ We assist in calculating and applying these rates accurately, ensuring that contractors can maintain profitability while meeting contractual obligations.

 

Audit Support:

We assist government contractors in preparing for and undergoing audits, which are a regular part of government contract compliance. We provide DCAA audit readiness services to ensure that financial records and practices meet audit standards.

 

Contract Pricing:

We can assist government contractors in preparing cost or pricing data, analyzing the cost elements of a contract, and negotiating contract terms and pricing with government agencies.

 

Risk Management:

We help government contractors identify financial and operational risks and develop strategies to mitigate them, ensuring the contractor's financial stability.

 

Tax Planning and Compliance:

We provide guidance on tax planning, credits, and deductions relevant to government contracts, helping contractors minimize tax liabilities while staying in compliance with tax laws.

 

Business Consulting:

We offer advisory services, strategic financial advice, helping government contractors make informed decisions, improve financial efficiency, and plan for growth in the competitive government contracting sector.

 

DCAA Compliance:

The Defense Contract Audit Agency (DCAA) conducts incur cost audits to ensure contractors' adherence to regulations. We ensure that government contractors adhere to the audit and accounting standards set by the Defense Contract Audit Agency (DCAA).

Continental Accountants, government contracting CPAs play a pivotal role in preparing contractors for DCAA audits, ensuring that financial records are in order and compliant with government standards. For example, we conduct mock audits and identify potential issues; and we also review timekeeping systems of our clients to ensure accurate recording of labor costs, a common focus area in DCAA audits.

 

Indirect Rate Calculation:

Government contractors often have to figure out and use indirect rates, like overhead rates, fringe benefit rates, and general and administrative rates. We can assist in calculating these rates accurately and making sure contractors stay profitable while fulfilling their contract duties.

 

Pricing Proposals:

Crafting competitive and compliant pricing proposals is a delicate task. We can help government contractors prepare pricing proposals for new contracts. We ensure that draft proposals are accurate, competitive, and compliant with government requirements. We help our government contractors clients navigate this process, leveraging their financial acumen to create proposals that meet government requirements while ensuring profitability for the government contractor.

 

Contract Closeout:

We assist government contractors finish contracts by making sure they have fulfilled all financial and agreement duties before officially ending the contract. We guide our government contractors clients through the intricacies of contract closeout.

We assist our clients in reconciling final indirect cost rates with provisional rates, ensuring that the government pays the correct amount and that our clients receive appropriate compensation for incurred costs.

Subcontractor Oversight and Management:

We can help contractors manage subcontractor financial issues, ensuring that subcontractors are also in compliance with government regulations. For instance, we may review subcontractor cost proposals to ensure compliance with the prime contractor's proposal and comply with government regulations.

 

DCAA Audits:

The Defense Contract Audit Agency (DCAA) conducts audits of government contracts to ensure contractors are charging allowable, allocable, and reasonable costs. We can help government contractors prepare for and successfully navigate these audits.

 

Financial Strategy:

We can offer financial and strategic advice to government contractors to optimize their operations, pricing strategies, and overall financial performance. This strategic guidance is valuable in positioning contractors for long-term success in the competitive government contracting market.

 

In summary, Continental Accountants, a government contracting CPA firm, play a critical role in helping government contractors navigate the complex financial and regulatory landscape associated with government contracts and audit process. Our expertise in compliance, accounting, auditing, and financial management is invaluable for our clients seeking to prepare incurred cost proposal, maintain sound internal controls and succeed in the competitive government contracting market.