When you receive a government award, you are effectively entering into a business arrangement with the largest and most powerful company in the world. The government expects you to prove that you are ready to be held financially accountable on an ongoing basis. To meet its expectations and avoid landmines, talk to Jameson.
RAMIFICATIONS OF A NON-COMPLIANT ACCOUNTING SYSTEM
The government expects that you will adhere to the terms and conditions of your contract or grant. When you are audited—and you will be— your reporting and accounting practices must be compliant. If not, the government has recourse, including:
• Temporarily withhold cash payments
• Disallow all or part of the cost of the activity or action not in compliance
• Suspend or terminate the current award
• Withhold further awards
• Take legal action
Clearly, it’s pivotal to ensure that all of your accounts are in order.
DOES YOUR SYSTEM NEED A CHECK UP?
The quality of your accounting system is of paramount importance to the federal government. After all, the awarding agency wants to ensure that you will be a good steward of their money.
Once you receive a government award, it’s inevitable that you will be audited. To safeguard your relationship with the federal government—and the future of your business— you need to know if your current accounting system will pass a government audit and, if not, make the necessary adjustments.
THE JAMESON “COMPLIANCE AND RISK ANALYSIS” SOLUTION
Compliance Analysis and Review: When you have an existing accounting system, but aren’t 100% sure it’s okay, call in one of our experts. Similar in scope to a DCAA pre-award audit, our experienced team of CPAs will review your current accounting system to make sure it’s Federal Acquisition Regulation (FAR) compliant. Then we’ll present our findings via a full report as well as ways to address any red flags we may find. Specifically, this service includes:
• Accounting system adequacy – we’ll study every area of your company’s accounting system including job costing, time reporting, and underlying documentation. Based on our experience with Federal Acquisition Regulation (FAR) standards and government auditors, we’ll rate your business either standard or substandard.
• Unallowable cost assessment – we will review the procedures you have in place to segregate unallowable costs and provide feedback on whether the system is adequate in order to avoid significant penalties and areas of risk. If necessary, we’ll educate you on the gray areas.
DON’T HAVE A SYSTEM? USE OURS.
Accounting System Survival Kit: You received a government award. Now what? If you know that your current accounting systems aren’t up to snuff, Jameson will take care of all the necessary details for you. Saving you hours of research, not to mention sleepless nights. This service includes:
• Set up of appropriate QuickBooks software system
• Creation of a customized Chart of Accounts, designed to enable job costing
• Live training & support
• Access to Jameson templates, policies & procedures