Many business owners admit accounting is about as foreign to them as any non-English language. Some have learned enough to survive a rudimentary conversation, while others have delegated responsibility to someone else who may not be adequately trained in accounting or well-versed in the nuances of government contract accounting.
In government contracting, accounting is as important as the contract itself. In fact, the contract type dictates certain accounting requirements, including invoice formats and status reports. If you’re performing work on a cost-reimbursable contract (any cost-type or time-and-material contract), you must have an approved accounting system.
Obtaining an approved accounting system means understanding the 14 items addressed in the SF 1408 Preaward Survey of Prospective Contractor Accounting System. The survey covers segregation of costs, job costing, and timekeeping, among other topics. We walk through the SF 1408 providing practical guidance and insight into each requirement. You don’t have to be an accountant to understand this, but you need to understand this to be successful in government contracting.
Target Audience: Novice and experienced business professionals and executives who operate or plan to operate in the federal space