You’ve received an SBIR award and you’re excited to get going on the project you proposed on – great!
First things first though, you need to make sure you address those accounting system requirements that go along with your SBIR award. There is a lot to maintaining a proper accounting system.
We’d like to begin with the most fundamental part of your accounting system – timesheets. Timesheets, might seem monotonous, but they’re actually extremely important to staying compliant with the Federal Acquisition Regulations.
You can keep asking “But do I need to keep a timesheet?” And we’ll keep telling you, “Yes! If you want to stay compliant and keep your award.” We’ve seen what can happen to companies if timesheets are not properly maintained or if they’re falsely documented (e.g. you’ll lose your award, pay fines for misrepresentation, and/or serve time in a federal prison). Seriously. They are that important.
Want to know more about the penalties for mischarging your timesheets? Subscribe to our blog and keep an eye out for it!