Outsourcing Services for Government Contractors

For businesses entering into net sales the realm of government contracting, it is crucial to grasp the nuances of DCAA compliance, as they are often the linchpin to successful and sustainable growth in this sector. For instance, proper timekeeping and labor distribution, detailed invoicing, and comprehensive internal controls are just a few of the many areas that the DCAA reviews. Missteps in these areas can lead to significant penalties, not the least of which is lost trust in the government’s eyes, potentially shutting the doors to future contracts and stunting company growth. For a business, becoming a government contractor can open doors to a sea of lucrative opportunities – but these waters run deep with regulations, especially those set by the Defense Contract Audit Agency (DCAA).

Technology Solutions

• Research potential providers and create a shortlist based on their experience, reputation, and expertise.
• Download Invensis’ Finance & Accounting services case study on Automobile Mortgage Loan Processing to find out how Invensis delivered positive outcomes.
• BPO can be offshore outsourcing, near-shore outsourcing to a nearby country, or onshore outsourcing to the same country.
• Outsourced accounting for government contractors allows companies to leverage accounting experts who can enhance the internal accounting system’s reliability and accuracy.

We understand the importance of timely response and how regulatory issues impact decisions. Rather than boxing clients into tiered packages of services (with access to more experienced personnel coming at an additional premium, hourly rate), ReliAscent® tailors our services to each individual client based on their needs and circumstances. All government contractors must follow the necessary accounting and reporting requirements. This means managers or other officials of small and mid-sized government QuickBooks ProAdvisor contractors must ensure the accounting practices remain fully compliant.

Partner, Aerospace, Defense & Government Advisory( 231-6238Aprio Advisory Group, LLC

Whether you require back-office transactional assistance or strategic financial reporting and planning, they have reliable outsourced accounting solutions to fill gaps and meet set goals. It can be increasingly time-consuming, requiring constant updates and attention-to-details. JamesonWorx unites our experienced CPAs and Accountants with an innovative user-friendly platform and three customizable service levels that range from basic set up and support to fully-outsourced turn key services.

• These providers are typically experienced in working with government contracts and thoroughly understand the regulatory requirements involved.
• If you have a temporary (or permanent) need for a Controller or CFO, please call us for a free consultation on how we might help.
• Outsourced accounting for government contracts helps you reduce business costs significantly.
• An outsourced accounting firm with experience working with government contractors can provide the specialized knowledge and skills needed to accurately and effectively handle these complex requirements.
• Outsourcing controller services can be a cost-effective option for government contractors, eliminating the need to hire and train in-house staff.

Is a Hybrid Outsourcing Practi…

Government contractors often have unique accounting needs due to the specific and numerous regulations and compliance requirements of their contracts. An outsourced accounting firm with experience working with government contractors can provide the specialized knowledge and skills needed to accurately and effectively handle these complex requirements. Outsourcing your government contractor accounting to Finsmart Accounting makes sense, thanks to our 17-year legacy of rendering stellar accounting, bookkeeping, compliance, and payroll services. We understand the unique challenges and complex regulations that government contractors have to sail through. Our team of experienced accounting professionals in India possesses in-depth knowledge and prioritizes compliance with regional laws and national accounting standards, ensuring timely delivery and compliance.

• Small businesses and new startups benefit most from payroll processing outsourcing services as they help manage various payroll needs and improve efficiency.
• Communication tends to be more straightforward due to shared language and cultural understanding.
• A single oversight can result in intensive audits, increased administrative burdens, or even jeopardize valuable contracts.
• Government contractors often have unique accounting needs due to the specific and numerous regulations and compliance requirements of their contracts.

A DCAA audit is an assessment conducted by the DCAA to ensure a contractors’ accounting systems comply with federal regulations. This includes reviewing cost allocation, pricing, and timekeeping to prevent fraud or mismanagement. Being prepared for these audits is essential for contractors working with government agencies. DCAA outsourced accounting services from Invensis help you manage these tasks effectively without any complexities. Cost accounting for government contracts are federal guidelines designed to ensure uniformity & consistency in the accounting practices of businesses working on government contracts.

Our Team of Government Contract Accounting Experts

See how CyberFortress hired an entire 20-person accounting team through Near, including senior bookkeeping for contractors controllers, saving over $1.2M annually. A DCAA-compliant timekeeping system requires employees to track their time in real-time, ensuring each entry is accurate and validated. Receive financial tips, tax due dates and tax strategies right in your inbox from our accounting firm. Hiring an in-house accounting department takes considerable time, effort, and resources, but Financial Advisory Systems, PLLC is just a phone call away. We’ll take the time to learn about you and your business needs with the goal of establishing a long-lasting relationship.

Inflation, high domestic interest rates, and economic growth pushed India’s IT salaries 10–15%, making some jobs relatively “too” expensive, compared to other offshoring destinations. Areas for advancing within the value chain included research and development, equity analysis, tax-return processing, radiological analysis, and medical transcription. Learn the pros and cons of forming a GovCon joint venture, including accounting considerations and long-term compliance obligation for federal contracts.

Project Cost Reports / Spend Monitoring

The GFOA report points out that, “Nearly a third of incumbent state and local public finance workers will be retirement age within ten years. The current workforce includes nearly 50,000 workers who are of retirement age today.” In a field where it’s already extremely difficult to find qualified candidates for key positions, the future looks only more challenging. Every organization needs reliable, accurate financial information reported to it in a timely manner, and they all need a dependable controllership function to maintain public trust in their stewardship of funds. What many organizations have learned in recent years as the government accounting talent pool has shrunk is that private sector job titles don’t always translate into the specialized environment of public sector financial management.

Administrative outsourcing encompasses data entry, document management, bookkeeping, appointment scheduling, and executive assistance. These functions often provide excellent outsourcing opportunities because they’re well-defined, measurable, and don’t require deep institutional knowledge. Digital marketing outsourcing has expanded rapidly as businesses recognize the specialized expertise required to navigate complex digital landscapes. The fast-paced evolution of digital platforms, advertising technologies, and content formats makes this an ideal area for external expertise.