To start and continue government contracting, your company should be selective about who you choose as an accounting firm. In order to be awarded a government contract, it is important to align your accounting system, operations, and personnel to be compliant with all Federal Acquisition Regulations (FAR) or Defense Contract Audit Agency (DCAA) requirements. This means finding a firm that has years of experience handling compliance and systems design to help you ace the bidding process and land exclusive government contracts.
A solid accounting firm is an asset, and this blog will detail the four major attributes and unique qualities of a CPA you should look for when searching for a CPA firm to help you reach your goals.
Understanding of Industry-Specific Regulations and Requirements
It is vital for your accounting partner to have deep knowledge of industry-specific regulations, like FAR and Cost Accounting Standards, as well as expertise in complying with 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.
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.
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.
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.
Not all CPAs are created equal, so make sure you do your homework. When you are considering a CPA firm, find out how they stay on top of the frequent changes in tax law and ensure that you have full confidence in their ability to deliver as your business begins to offer its products and services to the U.S. federal government.
The best way to find out more about an accounting firm is to speak to its current clients. Ask a potential firm for references and reach out. Reputable, experienced CPA firms have a laundry list of long-term clients ready and willing to share their positive experiences. Ask them what it’s like to be their client and get specific examples of how the firm has helped them in the past.
Tax Advisory Services
Our tax advisors work closely with each client to find the best tax plan, especially for clients that seek government contracts. At Rubino, our tax professionals are experts in developing and executing integrated tax strategies that benefit all stages of your company’s life cycle and your personal financial planning.
Compliance is key for government contractors. For every contractor that is slow to meet compliance requirements or does so grudgingly, there are hundreds of companies that want the same opportunity. Our accounting services establish a system that stands up to government scrutiny.
Our review services are geared toward companies that require additional checks for government compliance. Our mission is your mission, and when your company needs assurance services for any reason, we are there with the expertise and experience you need.
Businesses that contribute to local charities are doing their part to create a better world. Organizations should do whatever they can to give back to the community and make a difference. As a company, we are committed to improving the world around us, and we make it a priority to give back in numerous ways throughout the year. We recognize exemplary employee volunteers as they are a shining example of this dedication.
If your business relies on government contracts, reach out to Rubino today for an assessment.