Few things are more complicated than doing business with the U.S. Federal Government. In addition to the everyday issues encountered by all businesses, government contractors face unique challenges at each step in the business lifecycle. Along with this risk, however, comes immense opportunity. We offer a full range of services in support of the government contracting industry.
Incurred Cost Submission
If your company has any contracts that contain the Allowable Cost & Payment clause you have a requirement to file an Incurred Cost Submission (ICS) six (6) months after the company’s year-end. That means calendar year-end companies must submit and file the ICS by June 30th.
We help government contractors prepare Forward Pricing Rate Proposals (FPRP) for submission to the government for the certification of their cost and labor rates. If you’re requested to submit an FPRP, let us help your staff prepare the proposal, and provide our experienced review prior to submission.
Indirect Rate Management
The management of indirect costs has long been recognized as one of the most difficult areas to manage. There is often no clear-cut relationship between these expenses and profit as there is with direct cost. The nature of indirect cost is such that the expenses are spread over a number of expense accounts with various types of expenditures occurring sporadically over the year. Management must constantly be aware of and understand the detailed composition of such costs in order to effectively control them. Let us help bring order and clarity to this process for your team.
Government contractors are required to submit a Disclosure statement before a contract of $50 million or more is awarded or within six months of a smaller contract award that’s over $7.5M. Completing this form carefully and thoughtfully is important, as it defines the procedures you will apply to your accounting for government contracts, and once established must be followed. We help our clients navigate the preparation of this important document, and review it in detail prior to submission.