The US federal government is the largest buyer of goods and services across the world. They make purchases through the federal procurement process, which is through government contracts. The federal government has a pool of about $400 billion set aside specifically for federal contracts. However, a company cannot just bid on a contract without being prepared. There are several sets of acquisition regulations, laws, and rules related to government contracts that must be adhered to when doing business with the government. Most of these regulations, laws, and rules relate to the financial aspect.
Total costs associated with contracts are the sum of indirect and direct costs allocable to the contract or those incurred. In order to determine if a company’s costs are allowable, allocable, and reasonable, there has to be a review of the company’s internal control environment as a whole. The accounting system is the largest system in the internal control system. The government’s goal is to protect taxpayer dollars when it comes to government contracts. Therefore, they must verify a company’s costs are derived from a compliant and adequate internal control system. There are also several steps companies must take from start to before and after winning a contract. You need to know how to properly register your company as a government contractor, what types of certifications you need, how to market to the government, and more.
In this two day workshop, participants will learn all the steps involved in preparing your company to do business with the government. They will learn how to develop and maintain compliant systems and pricing, which are the determining factors in whether you win a contract or not. Additional takeaways from the seminar will include:
- Understanding what DCAA looks for when they come to perform audits and how to prepare for the audits.
- Understanding how to develop a good government sales team to help your company successfully market, locate opportunities, and bid on proposals.
- Examples of how to develop adequate pricing and a chart of accounts for government contracting will be provided.
Upon completing this course, participants will:
- Understand what government contracting is and how it can help companies grow
- Understand how to register as a contractor with the government
- Understand how to identify the correct industry codes for your company
- Understand how to determine your business size and what set-asides are available
- Have an understanding of different federal regulations for contracting (i.e. FAR, CAS, DFARS)
- Know how to determine if your accounting system is adequate for government contracting
- Know how to determine if your internal control system as a whole is adequate for government contracting
- Develop adequate pricing for proposals
- Understand what DCAA looks for in an audit
- How to prepare for a DCAA audit
- How to maintain compliance after winning a contract and throughout the performance period of the contract
Who Will Benefit:
- Small businesses
- Medium/large businesses
- Contract management personnel
- Compliance professionals
- Business development personnel
- Accountants/accounting personnel
- Bid and proposal personnel
- Nonprofit organizations
- Colleges and universities procurement staff
- Internal auditors
- Business consultants, coaches, and trainers
- Military veterans
Companies planning to do business with the government should be prepared to be audited by the Defense Contract Audit Agency (DCAA). DCAA performs all needed contract audits for the Department of Defense (DoD). DCAA also provides other accounting and financial advisory services to DoD sections that are in charge of contract administration and procurement. DCAA also provides contract audit services to other federal agencies as needed. DCAA’s job in performing audits and other services is to confirm that taxpayer dollars are being spent on fair and reasonable contract prices. The audits are done to ensure that companies have adequate and compliant internal control and accounting systems, business systems, written policies and procedures, pricing, and records. They also ensure compliance with Federal Acquisition Regulations (FAR), Defense Federal Acquisition Regulations Supplement (DFARS), Cost Accounting Standards (CAS), Truth In Negotiations Act (TINA), and other federal acquisition rules and laws.