The Federal Acquisition Regulation (FAR) Part 31 exists to help government contractors determine which costs are reimbursable and how these costs should be accounted for. This is a document every contractor needs to be familiar with since charging for costs not covered under FAR Part 31 [..Read More..]
Five Trends Shaping Federal Contracts in Fiscal 2017
(Blog Post Credit: Duncan Amos, Bloomberg Government) After years of decline, government contracting may increase in fiscal 2017. Relatively flat spending decreases in recent years and increased budgets may translate into a reversal of a years-long slide. While it’s too soon to look at Pentagon [..Read More..]
Cost Estimating System Requirements
DFARS 252.215-7002 – Cost Estimating System Requirements: An acceptable estimating system means that an estimating system complies with the system criteria in paragraph (d) of this clause, and provides for a system that: Is maintained, reliable, and consistently applied; Produces verifiable, supportable, documented, and timely [..Read More..]
How to Prepare for a Contractor Purchasing System Review (CPSR)
According to DFARS, there are 6 contractor systems subject to determination of adequacy. Three of which, the DCAA is responsible for auditing: Accounting, Cost Estimating, and Materials Management & Accounting System (MMAS). And the other three, the DCMA performs the reviews: Earned Value Management System [..Read More..]
How To Win and Manage a Federal Government Contract
According to Forbes, government contracts are not as lucrative for small businesses as one might think. About 22.5% of federal contracts go to small businesses. Therefore, knowing the capabilities of your company is the first thing that must be considered before attempting to respond to [..Read More..]
How Is Lowest Price Technically Acceptable (LPTA) Impacting The Government Contracting Market
For a few years now, government contractors have had a new challenge to take into consideration when placing bids. Most government agencies are now following a procurement method known as Lowest Price Technically Acceptable or LPTA. Simply put, this practice is about choosing the lowest [..Read More..]
How To Properly File Incurred Cost Proposals
An Incurred Cost Proposal (ICP) is a report of your actual indirect expenses that you are required to submit annually when you have a Cost Reimbursable contract. You should file no later than six months after the end of the fiscal year during which you [..Read More..]
Government Contractors: Are Your Business Systems Compliant?
Government Contractors: Are Your Business Systems Compliant? As a result of the National Defense Authorization Act (NDAA) of 2011, all contracts that are subject to Cost Accounting Standards (CAS) are required to have acceptable business systems as a condition to contract award. This means anyone [..Read More..]
Need To Know More About Complying With The Service Contract Act?
Need To Know More About Complying With The Service Contract Act? The Service Contract Act, also known as McNamara–O’Hara Service Contract Act of 1965 is meant to secure certain wages and benefits standards for the individuals employed by government contractors. As a government contractor, it is [..Read More..]
