Obtaining an Adequate (“Approved”) Accounting System

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. 

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.

After attending this webinar, you will

1.       Recognize the need for an adequate or approved accounting system
2.       Know the criteria for an adequate accounting system
3.       Understand the components of an accounting system
4.       Know some of the best practices for successfully passing the survey/audit