The second half of this presentation will cover the foundations of Government Accounting.
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Accounting in Government contracting has its own unique and specialized rules, regulations, standards, problems, and hurdles. Compliant accounting systems that provide meaningful information require solid foundations built on principles, regulations, and industry best practices. Everything in Government contracting – negotiation, performance, termination, and more – requires that contractors follow specific accounting principles and standards. Moreover, dealing with the Federal Government can be difficult and complex. Unless a proper accounting system is in place, a contractor may face enormous difficulties, not the least of which is lost profits, lost contracts.
After taking this training, you will
- Know the basic principles and regulations for government contract accounting
- Understand why it is important to segregate direct and indirect costs
- Understand cost pools
- Be able to set up a basic govcon chart of accounts
An introduction to government contracting with a Procurement Specialist.
To successfully compete in the government marketplace you first need to understand how and where you fit in. This fun, lively class will take you through the WHO, WHAT, WHY, WHERE AND WHEN of all levels of government contracting. You will also have the opportunity to ask questions and determine if you are ready to pursue government contracts.
The second half of this presentation will cover Cost Accounting Standards.
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The Cost Accounting Standards (CAS) are a unique set of requirements designed to achieve uniformity and consistency in the cost accounting principles followed by defense contractors and subcontractors. CAS are only applicable to federal government contractors and subcontractors, and only to a subset of all contracts awarded. The standards require them to disclose in writing their cost accounting practices, to follow the disclosed practices consistently, and to comply with promulgated cost accounting standards. In this course, we will provide an overview of CAS, how it affects your accounting system policies and procedures, and the importance of incorporating the standards regardless if a contract is CAS-covered.
After taking this training, you will
- Understand the purpose of Cost Accounting Standards (CAS)
- Know all of the Cost Accounting Standards
- Be able to Identify CAS applicability
- Understand the disclosure process
The second half of this presentation will cover how the SBIR & STTR Programs can benefit small businesses.
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The Small Business Innovative Research (SBIR) and Small Technology Transfer Innovation Research (STTR) programs can be beneficial in providing early-stage R&D funding to small innovative companies across industries and technology areas. With the aim of drawing innovative solutions from small companies by funding feasibility analysis through prototype demonstration, the federal government aims to commercialize technology that will not only benefit government agencies but the public as a whole. This course will provide an overview of the programs, the phases, pitfalls and best practices for proposals, post-award considerations, and commercialization review.
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