Withum brings a unique look to government contract accounting and their inherent issues, and we have a vast resource of professionals to call upon from within our firm with specific industry exposure when necessary.
Withum’s Government Contractor service professionals have worked with businesses in virtually all industries. From technology to job training and construction to pharmaceuticals, we pride ourselves on our core knowledge of the regulatory environment. Our clients range in size from publicly-traded corporations to closely-held businesses and also include individuals working in this arena. The wide array of services we provide to our clients are designed to enable our government contractors to maximize their revenues while being compliant with all applicable government regulations. Compliance is the key to a successful government contract.
In today’s climate, it is apparent the government will continue to buy services from private industry. Shrinking government, coupled with the need to provide services of all types to the citizens they represent, whether a specific segment of the population or the need for a research grant, open up doors of opportunity to a government contractor. The government is always buying and privatization in all areas of government also necessitates the need for an increased number of government contractors. The government is open for business.
Withum’s team offers the government contract industry numerous services, allowing our firm to be the one-stop-shop for both audit and consulting services. These services include:
- Program-specific audits in accordance with a contract requirement. This audit will be performed in accordance with the appropriate regulations and often times in accordance with Government Auditing Standards (Yellow Book) or possibly may include the auditing requirements of OMB Circular A-133.
- Federal contracting agencies often will require an “Accounting System Certification” to be submitted within 60 to 90 days of receipt of an award.
- Most government contracts require the need for a well-documented cost allocation plan. In lieu of this and sometimes in addition to, an indirect cost rate is a preferred method of allocating costs to a contract. We assist our clients with both cost allocation plans and indirect cost rates.
- Assist our clients in maximizing profits and charging expenses to contracts.
- Documentation, Documentation, Documentation! We work with our clients to ensure that systems are in place to document all that is required to be documented.
- Matching-funds – many government contracts require that either private funds or other government funds be provided for match. The effect of not meeting the required match can be costly and thus deserves the appropriate attention.
- Representation in a contract dispute with your funding source. Should the case/dispute move to the level of an administrative law judge, we have the experience to assist our clients with these matters.
- We provide the program and financial reporting training necessary to assist your company to report in an accurate, current and complete manner.
About Our Professionals
Our government contract advisors includes not only Certified Public Accountants (CPA) but also other credentials such as Certified Government Financial Managers (CGFM), Licensed Public School Accountants (PSA), Certified Fraud Examiners (CFE), and Registered Municipal Accountants (RMA). Our specialists maintain their knowledge of government regulations and the “Yellow Book” requirements through the completion of mandatory annual CPE. Our professionals actively participate in various professional societies and industry-related associations that provide valuable insight to our team.