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...

Imagine Nation ELC 2022 brings together the government technology community to discuss the issues facing government and work together to develop practical solutions and innovative strategies. We expect over 650 executives from government and industry to participate in person plus a virtual audience in what has been described as the “best event in the government technology arena.” Seating is somewhat limited this year. The best way...

Techno Security & Digital Forensics Conference provides a unique education experience that blends the digital forensics and cybersecurity industries for collaboration between government and private sectors. The 2022 California edition of Techno Security & Digital Forensics Conference will feature educational sessions, industry-leading speakers, and sponsors/exhibits over three days of networking among cybersecurity and digital forensic...

Join us this September for AFCEA's 2022 "A Night in Las Vegas" Presented by Back To Business I.T. The Marriott at the University of Dayton will be hosting us on Tuesday, September 13th, 2022 Come visit Lady Luck as we bring the City of Lights to the Gem City! Dayton-Wright AFCEA's Casino Night Fundraiser is the premier networking event in the Dayton Region, bringing together military, government, industry and academia for a fun-filled night of...

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...

Join us for The Benefits of Digital Document Workflows on Efficiency and Compliance, the first session of the Mission Support Summer Webinar Series presented by Adobe, Microsoft and Carahsoft. A Forrester consultant will share research study highlights on the benefits of automated digital processes for government, and how Adobe's integration with tools like Microsoft 365 can further streamline your workflows and create better employee and citi...

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...