Your Ideal Provider For Government Contract Accounting

You have worked hard to gain the experience and connections necessary to establish your government contracting business, and protecting your reputation and status is paramount. Accordingly, when you look for a subcontractor or provider, you seek out a professional partner who is dependable, team oriented, and cost efficient. At WEC we strive to embody those traits, and to be the ideal provider of accounting services for contractors.

Understanding the bigger picture

Though we work with contractors across a variety of sizes and specialties, our government contract accounting services help all of our clients achieve a common primary goal: winning contracts.

We perform the highest quality assurance and tax services, and our advisory services could help your business qualify for set-aside programs and achieve other goals. Our spectrum of government contract accounting and consulting services includes:

Operational

Value added solutions focusing on essential activities, systems, people and processes within your organization.  

  • Business system assessment and design (DFARS business systems, pre and post award survey support)  
  • CAS disclosure statement - design and compliance review  
  • Accounting policy and procedures design  
  • Regulatory compliance support (Federal Acquisition Regulation, Cost Accounting Standards, Small Business Administration)  
  • Contract performance analysis (level of effort, budget vs actual profitability) 
  • Internal Control Assessment  
  • Outsourced CFO, Controller or accounting services (offered through e:countable) 

Strategic

Value added solutions focusing on decisions and actions that establish competitive value and accomplish business goals. 

  • Proposal support - pricing and review   
  • Contract novation 
  • Succession and Exit Planning 
  • Growth Strategies (full and open competition, set-aside program transition to full and open competition) 

Transactional

Value added solutions focusing on financial transactions that occur over the life cycle of a business. 

  • DCAA/DCMA audit support  
  • Business Valuation 
  • Due Diligence Services including contract waterfall, backlog analysis, regulatory compliance  

Financial

Value added solutions focusing on the financial reporting environment. 

  • Incurred cost submission preparation and review 
  • Cost pool design and assessment  
  • Indirect rate structure and chart of account development 
  • Review of financial data to support contract claims, requests for equitable adjustment 
  • Budgeting, Forecasting and Financial Modeling 
  • Compensation Structure Consulting (allowable compensation and bonus plans) 
  • Loan and Financing Support, including Collateral Exams 
  • Litigation Support on contract disputes  
  • Assurance services  
  • Tax planning and compliance 

A long-term partnership with our team of specialized government contracting accountants will help to position your business to achieve its goals for financial growth.

Types of Contracts We Can Help With

Fixed price (FP)

  • Firm fixed price (FFP) (FAR 16.202)
  • Fixed price with economic price adjustment (FAR 16.203)
  • Fixed price incentive(FAR 16.204) Fixed price award (FAR 16.404)
  • Fixed price level of effort (FAR 16.207)

Cost reimbursement (Generally CPxxx)

  • Cost plus incentive fee (FAR 16.304, FAR 16.405-1)
  • Cost plus award fee(FAR 16.305, 16.405-2)
  • Cost plus fixed fee (FAR 16.306)
  • Cost plus incentive fee (FAR 16.304, FAR 16.405-1)

Indefinite delivery indefinite quantity (IDIQ) (FAR 16.500, 16.501.1, 16.501.2)

Time and Materials (T&M) (FAR 16.601)

How to read a contract

  • Solicitations (RFPs) are issued on standard forms which vary depending on the type of contract. FAR part 53 has illustrations.
  • Example overview
  • Important sections for the auditor to be aware of:
    • Part I
      • Section B - listing of all supplies, data, services to be acquired
      • Section C - statement of work, a detailed description of the work to be performed under the contract.
      • Section F – delivery schedules
    • Part II
      • Section I - clauses required by law, FAR regulation. Dependent on the type of contract award.

Contract clauses are contained in FAR part 52

If you would like more information about government contracts you can submit your info here: https://www.wec.cpa/contact-us or give us a call at: 757-625-4700