Finance & Accounting Services

Small Businesses Often Have Accounting Challanges

Accounting operations are the backbone of any organization because they help track income, record expenses, and ensure regulatory compliance. Accounting data is vital to business decision making and is routinely used to create reports for senior management, regulatory bodies, and develop future projections. Because this high degree of visibility, accounting data is continually under scrutiny and, clean financial records are critical to the success of any organization.

Common GovCon Accounting Challenges

Payroll Accounting

Every pay period, all businesses must calculate wages and withholding accurately while incorporating on factors such as pre-tax deductions, tax jurisdiction, pre-tax deductions and more. You are also required to ensure that your employees and government agencies receive the correct payment on-time. Non-compliance with required reporting schedules can result in costly legal action and penalties. Additionally, the amount of time required to correct errors can place a burden on operations staff that could be better spent performing other tasks.

Taxes

All businesses must pay taxes and unfortunately, tax law is complicated. Over-estimating your tax liability can lead to overpayment and reduced profits while underpayment can result in IRS penalties. Making sure your company pays exactly what is necessary is essential to the long-term financial health of your business.

Data Management

In order to ensure accurate payroll, tax payments, business financial reports and avoid costly legal issues, businesses must diligently manage vast amounts of accounting data. For smaller firms, especially those in the government contracting space, the requirements can be daunting. This is because government contracting firms must address additional criteria to ensure compliance with the Defense Contract Audit Agency (DCAA). Non-compliance requires labor intensive remediation activities and puts the company at risk of losing contracts, having payments withheld, and lost opportunities in the company pipeline. Systems for government contractors often need to support:

• Direct and Indirect Cost Segregation
• Creation of Cost Pools and Allocation Bases
• Accurate and Transparent Timekeeping
• Compliance with Invoiving Requirements

Audit Readiness

If your business is in government contracting, you must assume you will be subjected to a thorough audit. These audits can occur at any time and advance notice is not required. Proper systems selection and configuration can make sure your data is easily accessible. Correct training and competent staff are needed to ensure accurate and timely reporting.

To help our clients reduce costly errors we provide the following services:

• Accounts Payable such as vendor set up and payment processing, 1099
• Accounts Receivable such as cash receipt recording and billing support
• General Ledger reconciliation support
• Financial & Time Keeping Systems Administration such as Deltek, JAMIS, Unanet
• Payroll Processing services from systems implementation / conversion to time keeping, benefits administration and taxes. Full cycle processing from in house processing to 3rd party platforms such as ADP, Paychex, Payroll Network, Intuit