Accounting for Government Contractors

Here at Premier Group, we work with government contractors of all sizes to make sure that you are in compliance with all the current regulations.

We understand that government contractors face unique challenges in addition to everyday business challenges of winning new business (contracts), securing financing, and increasing profits.

Accounting for government contracts is totally different from accounting for a regular commercial business. Government contractors are usually overwhelmed by a number of accounting regulations, requirements, and standards that are required by the government and the Defense Contract Auditing Agency (DCAA).

The complexities of doing business with the federal government can impact a company’s financial reporting systems as well as other business operations. Understanding the unique aspects of government contracting will help small business owners capitalize on government stimulus programs and provide stability during uncertain economic times.

Here at Premier Group we work with government contractors of all sizes to make sure that you are in compliance with all the current regulations and have the experience to help you make the most of emerging opportunities while minimizing FAR, DFAR and DCAA compliance issues. ​​

  • FAR, CAS, TINA
  • DCAA Audit Support
  • Cost Accounting Support
  • Incurred Cost Submissions
  • Cost Proposal Support
  • Direct and Indirect Rate Calculation
  • Accounting and Financial Reporting
  • Forecasting and Projections
  • Debt Management

↪ Preaward Accounting System Adequacy Checklist – This checklist is used for contractors new to government contracting that have cost reimbursement contracts, or for contractors that are receiving progress payments based on cost. The checklist assesses whether the requirements for an adequate accounting system have been met.

↪ Contract Pricing Proposal Adequacy Checklist: This checklist is used for assessing the adequacy of a contract price proposal in accordance with the FAR. The checklist assesses the adequacy of cost or pricing data.

↪ Forward Pricing Rate Proposal Adequacy Checklist: Used primarily at large contractors, this checklist assesses the adequacy of direct and indirect forward pricing rates.

↪ Incurred Cost Submission Adequacy Checklist: This checklist is used for assessing the adequacy of final direct and indirect incurred costs to ensure compliance with the contractual requirements under FAR.

↪ ICE (Incurred Cost Electronically) Model: The ICE model (the electronic version of “Model Incurred Cost Proposal”) assists Contractors in preparing adequate Incurred Cost Proposals.