Fundamentals of Accounting for Government Contractors

Objective:  This workshop is designed to help government contractors determine if their accounting system and set up is adequate for complying with government requirements
Description:
Companies hoping to receive flexibly priced Federal Government contracts, including cost-reimbursable and Time & Material contracts, are expected to pass a pre-award accounting systems survey.  Successful completion of the survey is often a pre-requisite to contract award and the lack of an adequate accounting system can often serve as an impediment to receiving a flexibly priced contract.   This course will help prospective contractors learn the fundamentals of a pre-award survey along with best practices on how to pass a pre-award audit.   Attendees of this course will learn:
* The criteria of an adequate accounting system as outlined for Standard Form (SF) 1408
* The fundamentals of Government contract cost accounting, including:  The difference between direct and indirect costs / Indirect cost pools / The criteria of an allowable cost
* Timekeeping and labor distribution controls
* Billing controls
* An overview of the DoD Contractor Business System requirements
* How pre-award surveys are performed by the Government
* What to do when your system is not adequate.

About the Instructor
Mr. Gene Townsend will lead this workshop. Mr. Townsend has over 30 years in government contracting, cost and price analysis, Navy Comptroller and Chief Financial Officer. Mr. Townsend teaches cost and price analysis courses for several universities