Planning for FY24: EOFY GovCon Tips
Seriously With a Government Shutdown?
In what is now an annual rite of passage, federal contractors face another potential government shutdown. This one looks more likely to happen than in years past. But fear not, it’s not our first rodeo. Click here for some quick, actionable advice. Is it different from any other article you’ve already seen on this subject? Not really, but it’s funnier and more to the point, we promise.
Read About Mastering Budgeting in Less Time Than it Takes to Sing Auld Lang Syne:
Mastering Annual Budgets, Forecasting, and the Power Moves of Government Contracting: Alright, it’s time to dive headfirst into the electrifying realm of budgeting for GovCons. Strap in, because we’re not just scratching the surface – we’re plunging deep into annual budgets, forecasting, and the power moves of success in the finance universe. We’re not just talking about dollars and cents – we’re talking about charting your course through a maze of regulations, rules, and rivalries. Your budget isn’t a mere spreadsheet; it’s your battle strategy, your secret weapon to come out on top. Read More
Mastering Budgeting: Tips and Tricks for a Successful Season: The golden rule of budgeting success = early birds get the worm. Don’t wait until the last minute. Begin your preparations well in advance to allow ample time for data collection, analysis, and collaboration. An early start not only reduces stress, but also offers a broader window for adjustments and improvements. Read More
Let BOOST’s Director of Accounting, Susana Vallelonga, be Your Accountability Buddy to Help You Stay on Track with Your FY24 Goals by Following Her Advice for GovCons:
Project Cost Tracking: Granularity and Accuracy “Accurate project cost tracking is your compass to financial success. Implement a robust project cost accounting system that captures both direct and indirect costs associated with each contract. Break down costs, allowing you to monitor project progress, identify potential overruns or deviations, and make informed decisions to keep projects on track. Regularly reconcile your budget with actual expenses to ensure accuracy and minimize surprises.”
Strategic Cash Flow Management: Plan for Delays and Payments “Government contracts often involve delayed payments and lengthy approval processes. It’s crucial to establish a robust cash flow management strategy. Anticipate payment delays, and ensure you have sufficient reserves to cover operational expenses during these periods. Maintain a close eye on your accounts receivable and payable, and negotiate favorable payment terms where possible. By effectively managing cash flow, you’ll mitigate liquidity challenges and maintain financial stability even in the face of payment delays.”
Diversify Revenue Streams: Reduce Dependency “While government contracts can offer stability, over reliance on a single contract or agency can pose risks. GovCons should actively work towards diversifying revenue streams by pursuing contracts across various agencies or even branching into the commercial sector. This diversification not only minimizes the impact of potential budget cuts but also enhances your organization’s long-term financial resilience. Analyze market trends and identify opportunities to expand your contract portfolio strategically.”
The EOFY23 also means fall is here and Susana told us how she balances her time with seasonal favorites and hobbies:
Favorite Fall Activities: “Watching Scary Movies (Favorites: Halloween, Friday the 13th, and IT 🎈) & Carving Pumpkins 🎃.”
Favorite Fall Treat: “Candy Corn.”
Interesting Fact: “I’m a photographer at heart. I absolutely love capturing special moments through my lens. A film-inspired session is my favorite.” 📷 – Susana Vallelonga
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