As a small business in government contracting, you're reliant on your business data. It defines your pricing structures, business development strategies, and most of all, profitability. However, too few businesses know the accounting practices for ensuring that costs are accurately and compliantly categorized.
In Part 1 of our Government Contracting Accounting 101 series, we discussed classifying costs as either direct or indirect. Topics included:
- Classifying expenses, including labor, travel, subcontractors, materials, overhead, general and administrative, fringe benefits, and more
- Cost pools and computing indirect rates
- The penalties for misrepresenting costs
- Solutions for accounting compliance, including Deltek First
NeoSystems, a Deltek Premier Partner, helps companies convert from solutions such as QuickBooks and Peachtree to Deltek First/GCS Premier, the industry leading accounting and financial management package for small businesses.