Shift Your Organization's Strategy into an Actionable Initiative Roadmap This Briefing is Co-Chaired by ICIT and MFGS, Inc. an ICIT Fellow Program Member. Our Nation’s leaders recognize the need for robust cybersecurity programs to protect our National assets and continue to invest in leveraging technologies to mitigate the ongoing and ever-changing threats to our infrastructure. To support these goals, agency leaders are tasked with adv...

Shift Your Organization's Strategy into an Actionable Initiative Roadmap This Briefing is Co-Chaired by ICIT and MFGS, Inc. an ICIT Fellow Program Member. Our Nation’s leaders recognize the need for robust cybersecurity programs to protect our National assets and continue to invest in leveraging technologies to mitigate the ongoing and ever-changing threats to our infrastructure. To support these goals, agency leaders are tasked with ad...

Guarantee your success as a transformational change leader. This Leading Transformational Change program distills our four decades of action research in Fortune 500, government and global NGO organizations into ten Best Practice strategies. These strategies represent critical paradigm shifts for many leaders and consultants alike. Making these leaps in your understanding and capabilities will dramatically up-level your change leadership capabi...

Revenue recognition has been a hot topic since the introduction of ASC 606 in 2014 - an accounting standard that changed the criteria for recognizing revenue for all companies and introduced a nuance unique to government contractors. Many small companies struggle to understand and apply the concept of recognizing revenue when it is earned versus when cash is received. As part of GAAP compliance, our role is to ensure that revenue and costs are...

Cash basis accounting is easily understood and usually adopted by most start-up companies. Cash basis reports only consider the flow of cash in or out of the business without regard for the often complicated rules of accrual basis accounting. Accrual basis accounting requires matching of revenue and expenses and recognition of revenue when earned and expenses when incurred - all regardless of when the cash was received or spent. Accrual basis...

Developing indirect rates is only one piece of the puzzle for government contractors. Managing indirect rates leads to financial and contract success. We find that many contractors only calculate indirect rates at the end of the year and do little to manage rates throughout the year. Several factors affect indirect rates including unplanned expenses, budget errors or oversights, and won or lost contracts. Monitoring and managing indirect rates...

Service Contract Act (SCA) contracts introduce a new layer of complexity and reporting to government contracts. Contractors must consider adjustments to the indirect rate structure such as a separate fringe pool or onsite and offsite overhead pools. Wage determinations instruct contractors on the minimum wages and fringe benefits required including the option for wages in lieu of benefits - a cash payment that is often miscalculated and posted...

Government contractors often struggle with customer invoice creation because of the varying requirements from customer-to-customer and contract-to-contract. QuickBooks Online and Desktop provide opportunities for efficient creation of customer invoices from time and expense data. The keys to success lie in proper setup of Items for labor category and expenses, and the automated synchronization of time and expense data. We find many clients spe...

Labor distribution converts hours into dollars and distributes those dollars throughout the GL and across jobs. Payroll journal entries record the employer's portion of employment taxes and offset salaries payable created by the labor distribution process. Both are necessary for the accurate calculation of indirect rates for government contracts. Errors often include failure to segregate labor accounts and properly account for employee deducti...

Audits in the world of government contracting are a matter of when, not if. Accounting system surveys, pre-award and post-award audits and incurred cost audits, are just a few among many that government contractors will face. The key to successfully passing an audit is understanding compliance, knowing the basics of the audit process, written policies and procedures, adequate internal controls, and regular testing. This course will focus on th...