Government Contract Accounting Services

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), it is not enough to deliver simply on contracts. For GovCon accounting, failure to be compliant with government regulations that include accounting systems and documentation can have disastrous consequences. GovCon accounting systems are different than commercial accounting systems. You need a firm that knows GovCon compliance.

BOOST offers a wide variety of managed GovCon accounting services exclusively for government contractors. From your AR/AP processing to CFO support to system implementations, assessments, training and so much more, BOOST offers complete outsourced accounting services to keep your company in compliance. 

GovCon Accounting Assessments

BOOST’s Accounting Assessments for Government Contracts

BOOST’s accounting services for GovCons provide assessment support of our government contractor’s accounting eco-system (any system that touches accounting, including payroll and timekeeping) and processes that will evaluate their current state, review system efficiencies, and determine what is needed to be GovCon compliant. At the conclusion of the assessment, BOOST provides a written summary outlining our findings and recommendations for improvements and enhancements to our client’s accounting systems, as well as highlighting any compliance issues. We serve as a GovCon accountant, both in the recording of transactions and the overall structure of your GovCon organization.

As part of our government contract accounting assessment, we also identify items for remediation and the recommended process for correction. From the initial Kick-Off meeting and weekly update meetings to our closing meeting, our clients are kept ahead of the assessment and up-to-date on findings, addressing any questions and concerns at any given point within the accounting assessment.

DCAA-Compliant Managed Accounting Services for Government Contractors

Managed Accounting Services for Government Contactors at BOOST

BOOST’s managed accounting services for government contractors provide complete full life-cycle accounting support that includes, but is not limited to, accounts payable/accounts receivable support, ACH processing, 3rd party payroll support, month close review, financial trend analysis, DCAA audit preparation support, and so much more! We work with GovCons 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 (timekeeping and expense system, and payroll integration) to help you grow successfully. For established GovCons, moving to a new accounting system is extremely daunting and difficult, however, BOOST works with our government contractor clients for a seamless transition to numerous accounting systems such as QuickBooks Online or Desktop, Unanet, Deltek, and/or Procas, to name a few. BOOST helps at every stage of the transition with an expert approach to pre-planning that includes milestone calls, initial assessment, set up configuration, interviewing staff, designing workflows, and writing policies/procedures. Whether you’re a newly formed GovCon or an industry veteran, BOOST can provide government contracting accounting services that will save you time and money, letting you stay focused on what’s profitable.

CFO/Executive-Level Financial Consulting for GovCons

Financial Consulting for Government Contractors

BOOST’s senior-level financial consulting and CFO support helps your GovCon with industry-standard budget analysis and forecasting, financial analysis, key performance indicator (KPI) tracking, and indirect rate structure development. In addition to consulting in these areas, BOOST also offers support to our clients with incurred cost submissions (ICS), financial briefings and presentations, board member support for financial inquiries, SF 1408 assessments, and other needs including audit preparation support and mergers and acquisition preparation. Our services go far beyond that of a GovCon accountant, we provide financial insight that will help you build revenue and scale with your growth.

BOOST also offers advisory services for areas like cost accounting standards (CAS) disclosure, banking relationships, special short-term cash forecasting and reporting, and more.

A Complete Government Contract Accounting Services Package

BOOST’s managed accounting services for government contractors aren’t the only reason why our clients are so successful. Our clients win more contracts through a combination of our contracts services for GovCons and our strategic pricing services for GovCons. Winning more contracts means getting more use out of our excellent accounting services for GovCons. 

BOOST’s goal for our clients is winning contracts. Get only the best people working on those contracts with our recruiting and sourcing services for GovCons and create a winning working environment with our HR services for GovCons. 

BOOST’s suite of services combines to be the ultimate powerplay for any government contractor looking to win more contracts.

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 establish 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 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 customer’s 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, from loading historical information to setups and support, to 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 ICP submission is and we allocate enough time for processing and reviewing. Additionally, our BOOST team uses not only the recommended ICE model but also the checklist, to allow for easy submission. Successful submission requires careful review to mitigate any issues, therefore, 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 as 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 CONUS or 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. This allows us to be experts in our field applying efficiencies throughout our clients’ organizations. There is no time spent “learning the ways of the Government”. We know it, we have done it, and 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.  Why hire a full-time CFO, when you can pay for the hours necessary to do the work.

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.