All accounting partners are not created equal, and this rings especially true for government contractors. Your company works under strict regulations, and most contracts require a high level of compliance and reporting. As a result, selecting the right accounting partner can often mean the difference between maintaining compliance and losing a contract.
Following are four key qualities you should look for in an accounting partner if you’re a government contractor.
1. Understanding of Industry-Specific Regulations and Requirements
It is vital for your accounting partner to have deep knowledge of industry-specific regulations, such as the Federal Acquisition Regulations (FAR) and Cost Accounting Standards, as well as expertise in complying with Defense Contract Audit Agency (DCAA) requirements. The right accounting team should help you adhere to federal laws, ensure your business systems are compliant, and make sure you are tracking costs separately.
Going a step further, your team should also offer comprehensive services, beyond traditional accounting, that help guide your organization as you grow. For instance, integrated tax, and advisory services can help strengthen your ability to keep doing business with the government.
2. Insights that Go Beyond Compliance
Compliance is a top priority for government contractors. However, beyond that lies profitability. As mentioned above, your accounting partner should not only help with traditional accounting services, but also know how to minimize your tax liability through incentives and credits, think strategically over the long term, and evaluate your relationships for maximum profitability. In addition, they should be able to work with you to design and implement internal controls that minimize errors and avoid reporting and timekeeping mistakes.
3. Ability to Operate within a Broad Range of Business Systems
A skilled accounting partner should be capable of working with a broad range of government contractor accounting systems based on your needs and contract requirements. Depending on your situation, your accounting team should also be able to provide advice on which system (e.g., Deltek, JAMIS, Unanet, QuickBooks, Microsoft Dynamics) is correct for you. Or, if you already have a system in place, your accounting partner should be able to recommend how to best customize and optimize it to achieve your organizational goals.
As a government contractor, you must certify that you have an adequate accounting system. The right accounting partner can help you meet those requirements with a FAR-compliant and DCAA-compliant system.
4. Experience with Other Government Contractors
Finally, the accounting team you select should have a wealth of experience working with other government contractors. A firm with past experience and a portfolio of work can demonstrate their ability to comply with strict compliance and reporting regulations.
Rubino Is an Experienced, Strategic Services Partner for Government Contractors
Since 1980, Rubino has provided skilled accounting and compliance services to government contractors throughout the country. As a strategic partner, we also offer assurance, tax, and advisory services. To learn more about our services for government contractors, including how we help contractors comply with grant provisions and prepare for growth, watch our video and call us today at (301) 564-3636.