Accounting Services for Government Contractors

Experts in DCAA-Compliant Managed Accounting Services, System Implementations, and CFO Services for Government Contractors

Government Contract Accounting Services at BOOST

In government contracting (GovCon), you need to do more than simply deliver on contracts — you need to ensure compliance with government regulations, including Federal Acquisition Regulations (FAR). GovCon accounting systems are different than commercial accounting systems, so you need a firm that knows the ins and outs of GovCon compliance and can offer peace of mind.

BOOST offers a wide variety of managed GovCon accounting services exclusively for government contractors. With our comprehensive outsourced accounting services, you can trust that your company will stay in compliance. BOOST provides the accounting expertise, strategic advising, and comprehensive support you need to take your GovCon to new heights. We empower you to focus on growing your business while we manage everything else with accounting services, such as:

DCAA-Compliant Managed Accounting Services for Government Contractors

Managed Accounting Services for Government Contractors at BOOST

BOOST’s managed accounting services provide full life-cycle accounting support designed specifically for GovCons. Our services include:

  • Accounts payable and accounts receivable support
  • ACH processing
  • Third-party payroll support
  • Month close review
  • Financial trend analysis
  • DCAA audit preparation support

We’ll work with your GovCon to maintain accounting system insight and document operational procedures. BOOST makes sure that your government contract organization has the information you need readily available to make fast, informed business decisions.

Government Contract Accounting System Implementations

BOOST’s Accounting System Implementations for GovCons

For new or growing GovCons, BOOST will set up a government contract accounting system, such as a timekeeping and expense system or payroll integration, to help you grow successfully. For established GovCons, moving to a new accounting system may seem daunting, but with BOOST, the transition is seamless. Since we are software agnostic, we can work with your current system and recommend enhancements and changes that prioritize your needs.

The BOOST team works with our government contractor clients to help with transitions to numerous accounting systems, such as:

BOOST helps at every stage of the transition with an expert approach to pre-planning that includes:

  • Milestone calls
  • Initial assessments
  • Set up configuration
  • Staff interviews
  • Workflow designs
  • Policy and procedure creation

Whether you’re a newly formed GovCon or an industry veteran, you can trust BOOST to provide government contracting accounting services that will save you time and money so that you can focus on what’s profitable.

How BOOST’s Managed Accounting Services Can Benefit Government Contractors

BOOST knows the federal contracting industry in and out — it’s all that we do. Our team of consultants is dedicated to helping your GovCon grow and succeed. With our comprehensive services and support managing and empowering your accounting department, you can redirect your focus and energy to developing and optimizing revenue-generating core business functions.

When you partner with BOOST, you’ll experience our:

  • Experienced insight: Our seasoned professionals have extensive experience supporting GovCons with their accounting and payroll needs. We are aware of the compliance requirements and nuances of this industry, so you can trust us to handle your concerns with expertise.
  • Cost-effective solutions: BOOST offers a wealth of experience and knowledge at a fraction of the cost of building out an internal accounting team. We also strive to identify the most cost-effective solutions for optimizing performance and ensuring compliance with regulations such as FAR.
  • Dedicated commitment to innovation: We stay up to date on the latest technologies and how they affect accounting practices, payroll, and ever-evolving government regulations. BOOST can enable your GovCon to leverage these technologies while remaining compliant.

A Complete Government Contract Accounting Services Package

BOOST’s managed accounting service is just one of the reasons why our clients are so successful. The combination of our contracts services for GovCons, our strategic pricing services, and our HR services for GovCons enables our clients to win more contracts, get the best people working those contracts, and create winning working environments.

Connect With Experienced GovCon Accountants Today

BOOST can quickly and accurately assess your business problems and offer the solutions you need to improve operational efficiency, reduce risk, and increase long-term gains. Let us be the experts who handle your accounting so that you can focus on growing your GovCon. Reach out today to learn more about our services and how they’re designed to promote your success.

Frequently Asked Questions (FAQ)

1. What does it mean to be DCAA-compliant?

To be DCAA compliant is to conduct and document the processes to manage your business in accordance with DCAA-established guidelines. Those guidelines can be found under DCAA Publication DCAAM 7641.90 Information for contractors. This manual includes some of the more frequent requirements that contractors encounter when working with DCAA and when responding to the Government procurement and administrative process.

2. What are the differences between normal managed accounting services and managed accounting services for GovCons?

Compliance is the main difference. While most accountants can keep the books of a company in accordance with General Accepted Accounting Principles (GAAP), only GovCon accountants can alert you on the management of unallowable, indirect rates, contract types, and all of the compliance that comes with doing business with the Federal Government.

3. Does BOOST‘s government contract accounting services work with BOOST’s other services?

Yes! We are one seamless back-office solution for GovCons, integrated and interlaced to provide the best service offerings to our clients.

4. What makes BOOST different from other companies that offer managed accounting services for GovCons?

We only do GovCon. As such, we have unmatched industry experience.

5. What is senior-level financial consulting?

Senior-level financial consulting is going beyond the processing of transactions to provide our clients with transparency and understanding of their financial results. Our CFO services will provide your business help with M&A transactions, forecasting, budgeting, indirect rate management, incurred cost submission, cash management, and other needs. It is a complete array of financial services designed to complete all your financial needs.

6. How does BOOST implement accounting systems for government contractors?

BOOST works with different GovCon ERP providers to ensure the right system is selected for each of our customers’ needs based on their service offerings. We believe in being system agnostic, as selecting the right system as it is not a one-size-fits-all. During the kick-off call, our team schedules routine milestone calls to identify the next steps and allow for Q&A.

We take care of it all, including loading historical information, handling setups and support, sending out invoices, and recording time. Our team walks you through the items that are most important to you and gets the job done.

7. How does BOOST handle incurred cost submission?

BOOST comprehends how complex and intricate the incurred cost proposal (ICP) submission is, and we allocate enough time for processing and reviewing. Additionally, our BOOST team uses not only the recommended incurred cost electronically (ICE) model but also the checklist to allow for easy submission. Successful submission requires careful review to mitigate any issues, so every ICP submission includes a two-person in-depth review by members of our team.

8. What are examples of special short-term projects that BOOST can work on?

BOOST can work on a number of short-term projects. For example, Accounting Ecosystem assessments, SF 1408 assessments, budgeting and forecasting, indirect rate management,  cash position reporting, financial review, system SME support, and so much more!

9. How does BOOST help with mergers and acquisitions preparation in government contracting?

Utilizing our financial experience in M&A transactions, we can advise both the seller and buyer sides, just not on the same M&A. From the seller’s perspective, we can work on cleaning financial statements in preparation for a sale, as well as recommending changes/updates to procedures to provide a fresh, up-to-date transparency to the operations.

From the buyer’s perspective, we can help in due diligence efforts by reviewing the financial statements of the company to be acquired and providing recommendations to the seller. We work directly with your company or your lawyers in providing the financial analysis acumen to complete the transaction.

10. What are examples of accounting requirements specific to government contracting?

There are many, many, many requirements specific to government contracting that are necessary to do business with the Federal Government. From timesheet compliance to GAAP and FAR to specific continental U.S. (CONUS) or outside of the continental U.S. (OCONUS) per diem rates and expense reimbursements limits to executive compensation — government compliance is not an easy task. Partnering with BOOST will allow any GovCon business to feel at ease and focus their time on the mission at hand.

11. How does outsourcing accounting services for GovCons save time and money?

At BOOST, we only work with GovCons, allowing us to be experts in our field and apply efficiencies throughout our clients’ organizations. There is no time spent “learning the ways of the Government.” We know it, we have done it, and we have done it many times before. This saves our clients valuable time and money. Additionally, it allows the company to purchase only those hours necessary to manage its accounting services instead of hiring a full-time CFO.

12. Once we contact BOOST’s managed accounting services team, what does the timeline look like for accounting system implementation and other services?

The timeline for service support truly depends on the services requested. At BOOST, we are committed to communication, proactiveness, and quality for all our customers, as these are our driving factors for success. Through weekly status updates, monthly financial reviews, and milestone calls, we ensure all of our clients are abreast of the status of their support and actively reach out to gather intel for compliance applications.