Government contracts require rigorous reporting. Additionally, being profitable on fixed-price contracts requires detailed tracking, review, and pricing adjustments. A professional services enterprise was intending to grow its government contracting business, but lacked an accounting system with the rigor to support the initiative.
The client provided services under various government contracting vehicles, including the GSA Schedule. The business was owned by an individual and had grown to about 15 employees.
Haines & Lagerquist CPAs reviewed the existing bookkeeping practices and processes. Weaknesses and issues were identified. A new QuickBooks system was set up to allow project-level tracking for all expenses. This approach provided information that could be easily reviewed and used to generate pricing for use in proposals. The new financial reports supported easy and accurate calculation of indirect rates.
This robust and easily maintained accounting system now assures that this client remains profitable on highly competitive, fixed price government contracts.
This client utilized the Government Contracting accounting services available from Haines & Lagerquist CPAs, as well as the firm’s specialized Accounting Systems capabilities. Learn more about the Our Difference.