How Government Contractors Can Reduce Risk, Ensure Accuracy, and Focus on Growth

Even Government Contractors Must Focus On Growth

To grow as a government contractor, you must continually explore additional markets, bid on new opportunities, and perform on existing contracts. And that’s not all. You also must ensure accurate reporting, invoicing, and collections to satisfy federal and state requirements, verify compliance, and maximize profit.

But who are you relying on—and what systems are you utilizing—to ensure accuracy and compliance?

What Is an Outsourced CFO?

An outsourced CFO is a third party that provides the same expertise as a C-level employee but on a part-time or an as-needed basis. They may be hired for project work or through a CPS firm that also provides controller, bookkeeper, or tax consulting services. Outsourced CFO services are used by businesses to provide stability, expertise, and direction on a part-time basis when a full-time internal solution isn’t affordable.

How Outsourced Accounting Services Allow You to Refocus Time, Energy, and Resources

Government contractors operate in an increasingly complex environment with constantly shifting regulations and a growing list of accounting challenges. As a result, many are now outsourcing various accounting functions beyond traditional financial statement preparation and tax planning services.

Some of the most commonly outsourced functions include:

Accounting system design and review
Audit preparation assistance and support
Contract administration assistance
Cost allowability and allocability determinations
Day-to-day accounting
Management reporting
Temporary controller and CFO services

By outsourcing these services, government contractors can remove the heavy burden from in-house staff while mitigating the risks and penalties of serious accounting errors. You can be confident that your financials are handled accurately, timely, and economically, allowing you to refocus time, energy, and resources on core competencies and strategic initiatives.

Technology: A Key Component of High-Quality Outsourced Accounting

When choosing an outsourced accounting services provider, it is important to consider not only the firm’s experience and resources, but also their technology competencies.

The right partner will have a deep understanding of accounting design and be able to train staff and management how to fully utilize the capabilities of financial software. In addition, they will offer intuitive technology that gives you real-time access to financial data from any place through desktop and mobile applications.

Ultimately, the technology insight and offerings of an outsourced accounting services provider can mean the difference between a mediocre partner and one that reliably ensures compliance with rules and regulations, accurate financial data processing and reporting, and streamlined day-to-day accounting activities:

Payroll
Timecards
Accounts payable
Accounts receivable
Grant compliance

Partnering with Rubino to Save Time and Minimize Risk with Outsourced Accounting

Rubino has served the government contracting community for nearly 40 years. When you partner with us, you can rest assured that highly skilled accountants with industry expertise and a commitment to accuracy will be completing your financial tasks.

We understand the pressure you face in a highly regulated and competitive environment. Our specialized outsourced accounting services can help you:

Reduce the risk of theft or unethical employee behavior
Minimize risk that may result from unintentional accounting errors
Decrease the amount of effort required to correct issues and mistakes
Improve your compliance with the Federal Acquisition Regulations for accounting systems for government contracts and the Code of Federal Regulations for government grants
Process invoices properly to ensure prompt payment
Pool and classify expenses to simplify Incurred Cost Submissions
Gain additional time, energy, and resources to focus on strategy and growth

Rely on Rubino for Outsourced Accounting Services

Since 1980, Rubino & Company has provided expert outsourced accounting services to government contractors. Whether you could benefit from internal controls consulting or other areas of outsourced accounting, we strive to be your strategic partner. To learn more about our services, call us today at (301) 564-3636.