Is It Time?… 15 Minutes to GovCon Accounting Freedom Complete the Short Questionnaire Below Step 1 of 4 - About the Business 25% Name* First Last Phone*Email* About the BusinessDo you have current federal contracts?Select oneYesNoCongratulations on your federal contracting success! Now comes all the paperwork.Get free help from the Small Business Administration (SBA) and your state’s Procurement Technical Assistance Center (PTAC). Do you have any cost plus contracts?Select oneYesNoCost Plus contracts add a level of complexity and reporting, because you must track the total contract costs by fiscal year, manage indirect rates, keep track of cost and fee ceilings against Contract Value and Contract Funding, and do an annual Incurred Cost Submission within 6 months of your fiscal year end.Many companies don’t realize that even if they only have Fixed Price or Time & Materials (T&M) contracts, they still need to follow FAR Part 31 Contract Cost Principles and Procedures.How many employees do you currently have?Select oneLess Than 1010-2020-5050+Stay focused on adding more contracts, and get free help from the SBA and PTACs.Now that you’ve learned how to win contract awards, and created your team, it’s time to get more organized with Finance and Accounting. You’re getting the payroll done and the billings out the door, but you know that there is more to learn about cost and pricing, indirect rates and DCAA Compliance. You also want to learn the best practices for using QuickBooks for government contract accounting.You’ve got some momentum with the business now. You’re adding new employees and new tasks every week, but you’re always under pressure to get the billings done so you have money for payroll. You want to understand indirect rates, so that you can bid more competitively and make sure that your costs are covered. You’ve been running QuickBooks for a while, but now you need it configured to be DCAA Compliant, and to learn the tricks to get the most out of QuickBooks.With each new hire and new contract, you’ve improved your profitability and business processes. You’re bidding smarter, and have built the relationships that will serve your growth for the next five years. You see another transition coming, with more competition and more pressure to show revenue growth and more cash flow. You want to scale your business, without reducing profitability or increasing debt. You want a team that can guide you, and get you there faster!Have you passed a DCAA Preaward Survey? (SF 1408)Select oneYesNo, but we are readyNo, and we are not readyYou know that DCAA could contact you at any time. To pass the audit, you must show that your system meets the requirements of Form SF1408 PreAward Survey of Prospective Contractor. If you have either have a proposal submittal or a pending contract award, not having a DCAA Compliant system could hold up the proposal or the contract award until you can pass a DCAA Audit.Great! So you have a copy of your approval letter from DCAA showing that you have passed an SF 1408 Preaward survey of your accounting system. Even if DCAA has not yet contacted you, most large prime contractors are requiring that small businesses become DCAA Compliant and prove it for them. They’re including this requirement in the reps & certs for proposals. If you don’t get help to become DCAA Compliant, you may not be included on the team. Do you have written Accounting Policies & Procedures?Select oneYesNoThat’s good. So many companies don’t have anything! So often, the procedures they use are something they got from another contractor, or found online, or wrote themselves. There are sections that DCAA looks for specifically, so it makes sense to have your Accounting Policy and Procedures Manual reviewed and updated regularly, especially if your software and systems have changed.Oh My! How does the work get done when you need a few days off? Getting the steps and rules written down is a proven way to turn this work over to someone else, freeing up your time. Accounting SystemsWhat accounting software are you using?Select oneQuickbooksUnanetDeltek First EssentialsPeachtree/ SageJamisProcasDeltek CostpointPVBSOther - please write inOtherIf you’re using QuickBooks Online, we recommend that you upgrade to QuickBooks Premier Desktop. We can help you configure QuickBooks for DCAA Compliance, show you best practices to get the most out of QuickBooks, and teach you basics like Direct Costs, Indirect Costs, Fringe, Overhead and G&A, and Unallowable Costs.With Unanet, you have online timesheets and expense reporting, automated billing, and with their Financials Modules, a full accounting system with indirect rate calculations, plus Revenue and Project Status Reports. We work with you to understand the reporting, create advanced projections and budgets, and provide strategy and analysis.Deltek First Essentials is being phased out. Some companies migrate to Deltek Costpoint, but many don’t need the complexity of Costpoint. As experts on Deltek First Essentials and Costpoint, we help you understand your reporting, show you advanced indirect rate strategies, and work with you on options and a roadmap to migrate your systems.If you’re using Peachtree/Sage, we recommend that you migrate to QuickBooks Premier Desktop. We can help you configure QuickBooks for DCAA Compliance, show you best practices to get the most out of QuickBooks, and teach you basics like Direct Costs, Indirect Costs, Fringe, Overhead and G&A, and Unallowable Costs.If you’re using JAMIS, you have a robust system, but sometimes you need help to understand the advanced features such as Revenue, Project Status Reports, and Indirect Rates. You may also want to develop your own indirect rates projections. Solvability can help you with all of this.If you’re using Procas, you may need help to understand the advanced features such as Revenue, Project Status Reports, and Indirect Rates. You may also want to develop your own indirect rates projections. Solvability can help you with all of this.If you’re using Deltek Costpoint, you have a robust system, but sometimes you need help to understand the advanced features such as Revenue, Project Status Reports, and Indirect Rates. You may also want to develop your own indirect rates projections. Solvability can help you with all of this.If you’re using PVBS, you have a robust system, but sometimes you need help to understand the advanced features such as Revenue, Project Status Reports, and Indirect Rates. You may also want to develop your own indirect rates projections. Solvability can help you with all of this.If you’re using a system that is not built for federal contractors or project-based accounting, you may be fighting to get the requirement of DCAA compliance into a system that was never designed for it. We help you understand reporting requirements, show you advanced indirect rate strategies, and work with you on options and a roadmap to migrate your systems, if needed.Are you entering your own financial transations?(bookkeeping)Select oneYesNoHaving a plan for scaling your company means knowing that someone is handling the accounting, understands the rules for government contracting and DCAA compliance, and keeps up-to-date so your financial information is useful and current.When someone else is doing the work, how do you review and make sure transactions are correct? Are you doing your own journal entries?Select oneYesNoNot SureKnowing what adjusting and recurring journal entries are required makes your financial information more accurate every month, so you can create budgets and see trends.If you are not doing adjusting and recurring journal entries, your monthly financial information may not be accurate. Without accurate monthly information, you can’t see trends and create budgets. Do you outsource your payroll?Select oneYesNoGreat answer! We recommend that EVERYONE outsource their payroll so that the payroll taxes are paid and reported on time.Wait a minute. What do you mean that you are doing your own payroll? Are you also paying the payroll taxes online yourself in EFTPS? Are you creating your own federal and state tax reporting?Do you outsource your bookkeeping?Select oneYesNoHow do you tell them what to charge the expenses to? How you review and correct the charges? Are there errors and do they get corrected quickly?Do you have trouble deciding where to charge the expenses? Are you doing it yourself or do you have someone else helping you? Do you outsource your billing?Select oneYesNoOutsourcing your billing works as long as your billings are simple. Good for you.With all the different formats that your federal customers require, many times there is no one that can understand it enough to do it for you. But then, if your company doubles, how will you get all the billings done on time?Do you outsource your financial statements?Select oneYesNoHaving someone that understands Accounting and also Government Contracting is very helpful, provided they complete the reporting within a few weeks of the month-end, and that someone in management is reviewing them regularly. Many times what is missing is an in-depth discussion each quarter.Just have to tell you that I find major errors on the Balance Sheet and Profit and Loss for 90% of the companies that I work with. You think your company is profitable, only to find out that you’re losing money. When I find these issues, I can also explain why you’re struggling with Cash Flow, and how to turn things around quickly.Do you outsource your indirect rates?Select oneYesNoBeing able to compute and analyze your indirect rates, compare them to budgets, and use them for pricing and projections is so critical to your growth and maturity as a small business in federal contracting. With our Solvability Rate and Pricing Model (RPM), we build a model for your recommended overhead structure so you can see where you are going and quickly adjust for “what if” scenarios.Being able to compute and analyze your indirect rates, compare them to budgets, and use them for pricing and projections is so critical to your growth and maturity as a small business in federal contracting. We review your indirect rate projections and show you how it must tie to your Profit and Loss Statements and projections. We adapt our Solvability Rate and Pricing Model (RPM) for your recommended overhead structure so you can see where you are going and quickly adjust for “what if” scenarios.Do you outsource your Federal Contracting Advisory Services?Select oneYesNoGreat. It really makes a difference when you have subject matter experts in federal contracting that can advise you when needed. But do you talk with them on a regular basis, or just call when you have a crisis. We’ve heard so many horror stories where a company didn’t check with their advisor, and ended up losing a multi-million dollar contract award.We all know that having access to subject matter experts in federal contracting is critical to your success. Do you want someone to talk with on a regular basis, or just to call when you have a crisis. We’ve heard so many horror stories where a company didn’t check with their advisor, and ended up losing a multi-million dollar contract award!Is your billing automated?Select oneYesNoWow. You must have simple contracts. Hope it stays that way.Almost everyone we work with uses spreadsheets, because each contract and customer has their own format. I hate spreadsheets, because it’s so easy to make an error. And if your customer rejects your billing, most spreadsheets don’t have a good correction process. You also have to keep up with the cumulative amounts billed, including labor hours, billing rates and other direct costs. Lots of work!Is your time sheet system integrated with payroll & billing?Select oneYesNoReally? I have yet to find a system that truly integrates all three. Seems like I can get two of them to talk to each other, but not the third one.If you can show how your timesheets generate paychecks, that minimizes errors. To be DCAA compliant, you also need a method for the labor costs to be charged back to each contract and indirect labor account in a process called Labor Distribution. Then, you must prove how your hours and costs were billed. This is a big challenge for small businesses.Are you tracking leave accruals in a spreadsheet?Select oneYesNo, in our payrollWe are not tracking leave balancesHaving leave accruals in a spreadsheet shows how many hours people are owed if you had to pay them off today, and there should be an Accrued Leave account on the Balance Sheet representing this liability as total hours times pay rate for all your employees, unless you have a “use it or lose it” policy.Many payroll systems track leave, but it seems like they are always reporting a payroll cycle behind, and not today’s current balance. You also have to remember to make journal entries that recognize the accrual, so that the total Accrued Leave liability is reported on your Balance Sheet.If you have a “use it or lose it” policy, then technically you don’t need to track it. But otherwise, having leave accruals in a spreadsheet shows how many hours people are owed if you had to pay them off today, and there should be an Accrued Leave account on the Balance Sheet representing this liability as total hours times pay rate for all your employeesDo you have billable travel expenses?Select oneYesNoDo you ever worry that you are not billing all the travel costs? Could you be missing some of the travel that comes from the credit card statements in a later billing cycle?Yippee. I hate trying to keep up with travel. Tracking the credit card charges, getting travel authorizations and approvals, billing the customers and including detailed expense reports with receipts, and then reimbursing the employee – such a pain!Do you have billable materials or other direct costs?Select oneYesNoMinimalHow do you make sure all your costs are billed, when sometimes you get multiple vendor invoices for your materials?Sure keeps things simple when there aren’t any purchase orders or materials invoices to keep track of and reconcile.So you have to keep up with some costs, but it’s not a major issue with billing. PeopleDo you have 1099 consultants?Select oneYesNoMake sure you have NDAs, consulting agreements and have the consultant issue an invoice detailed with hours by date and description of work performed. So, there’s no one you pay over $600 per year to do work for you (except for employees.) And you don’t use temporary services companies either?Do you provide them with workspace and tools?Select oneYesNoIf you provide them workspace and tools, then the IRS might consider them to be employees, so you could be liable for nearly 15% in payroll taxes on everything you’ve paid them.Make sure you’re not giving them holiday pay or other benefits. If you’re not providing them workspace and tools, then you are probably correct to classify them as independent contractors, but you should still check out the IRS rules or discuss with an employment attorney.Do you have subcontractors performing work for you?Select oneYesNoMake sure your subcontractors and consultants set up as “pay when paid” terms. Do not pay them before you receive payment from your customer. Otherwise, its a big hit on your cash flow!Good thing! One less thing to worry about. Many companies use subcontractors for specialized services they don't need every day therefore making it cheaper than having them on staff. Are you missing out on the benefit of using Other People's Money (OPM)?Are you doing work OCONUS?Select oneYesNoYes – Wow. Lots of site differentials, hazardous duty pay, COLA and other special pay rules to keep up with. No – Whew! So payroll is not that big a deal for you, right?Do you have an in-house accountant?Select oneYesNoGreat! It's so helpful to have an in-house accountant that understands government contract accounting and is keeping up with changes and trends. So are you still doing it yourself, or does an outside firm that understands GovCon do your accounting?Are you planning on hiring a new administrative employee?Select oneYes, HRYes, ACCTYes, BothNoI have someone alreadyGood idea. If you can offload your onboarding process, recruiting, and other personnel functions, that will let you get more time to go after new business.Great. They’ll take some tasks off your desk, and speed up the billing process. If will really help if they can pick up the GovCon accounting and reporting.Hope that they get along and can work together, and share the systems so there’s not duplication.Do you know when you’ll be able to afford to hire someone to help with HR and Accounting?Good. It helps to have someone constantly learning about federal contracting and your business. Pricing & StrategyHow would you rate your indirect rate systems?Select oneWhat are Indirect Rates?Still don’t get what is Overhead and what is G&A!Have the calculations but not sure what the ranges are for us to be competitive.We fully understand fringe, facilities, overhead and G&AWe even do rate projections with “what if” scenarios.I used to work for another government contractorMy prime gave them to meWhat do you rely on for you indirect rate strategy?Select oneYourselfCPAInternal EmployeeI have a spreadsheetOtherGreat. Do you want to learn some tricks?Can they explain it to you?Does your Rates Wizard track historical, current, targeted, provisional and projected rates?Did you borrow a spreadsheet from someone else, or do you really understand it?So you feel you need help with indirect rate strategy, right?Do you trust your financial statements?Select oneYesNoGreat! Based on your overall strategy you should be making a profit on each job and overall.Many people tell us that their Financial Statements really don’t make sense, plus it takes months to get them done, so they are useless.What are you looking at changing in the next 6 months? Accounting System Timesheet System Payroll System Change Banks Human Resources This iframe contains the logic required to handle Ajax powered Gravity Forms.