Many government contracts and grants require an “adequate” or “approved” accounting system. More than a FAR requirement for certain contract types, an adequate accounting system helps you understand your costs and positions you for financial success. Come learn the essential components of an accounting system and best practices for passing the SF 1408 survey.
Are you working or bidding on:
· SBIR Phase II
· T&M contracts
· Cost-reimbursable contracts
· MAC* (multiple award contract) or GWAC* (government-wide acquisition contract)?
If so, you’ll need an approved accounting system.
What does it mean to have an “adequate” or “approved” accounting system? You must meet the 15 requirements outlined in SF1408 Preaward Survey of Prospective Contractor Accounting System. Key items include segregation of direct and indirect costs, a logical and consistent method for the allocation of indirect costs, timekeeping, and labor distribution.
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.
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”)!
*Note that some MACs and GWACs required approved accounting systems for participation because the contract vehicle includes T&M and cost-reimbursable task and delivery orders.