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Obtaining an Adequate ("Approved") Accounting System for Government Contracts

4.6 (87)

Robert Jones, CPCM, CPA, NCMA

Left Brain Professionals Inc.

Tuesday, June 23, 2020 | 01:00 PM EDT

  • CPA

1.5 Credits

FREE

Subject Area

Accounting (Govt.)

Webinar Qualifies For

1.5 CPE credit of Accounting (Governmental) for all CPAs

1.5 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

Course Description

Did you know that many government contracts and grants require an “adequate” or “approved” accounting system which must meet the 15 requirements outlined in SF1408? Key items include segregation of direct and indirect costs, a logical and consistent method for the allocation of indirect costs, timekeeping, and labor distribution. An adequate accounting system is more than a Federal Acquisition Regulation (FAR) requirement for certain contract types, it helps you understand your costs and positions you for financial success and also helps you in better understanding your profitability and bid. During this session we’ll guide you through the essential components of an accounting system and best practices for passing the SF 1408 Pre-Award Survey of Prospective Contractor Accounting System. Are you working or bidding on:

  • Small Business Innovation Research/ Small Business Technology Transfer (SBIR/STTR) Phase II
  • Time and Material (T&M) contracts
  • Cost-reimbursable contracts
  • Multiple Award Contract (MAC)* or Government-Wide Acquisition Contract (GWAC)* 

If so, you'll need an adequate (aka “approved”) accounting system that meets the 15 requirements outlined in SF1408. The SF1408 review of your accounting system includes the software (e.g. QuickBooks), the apps (e.g. time and expense reporting, payroll), your policies and procedures, and historical records. During this webinar we'll guide you through the basic requirements and dispel common myths regarding the use of QuickBooks. Join us to learn best practices to prepare for and successfully pass the survey (aka "audit”)!

Learning Objectives

  • Recognize the need for an adequate or approved accounting system
  • To identify the criteria for an adequate accounting system
  • To recognize the components of an accounting system
  • To identify some best practices for successfully passing the survey/audit

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • CFO/Controller
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Defense Contract Audit Agency(DCAA)
  • Entrepreneurial CPA
  • Finance Director
  • Finance Pros
  • Government Contractor
  • Senior Accountant
  • VP Accounts
  • Young CPA

Testimonial

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    [average] => 4.5517
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4.6

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