Cost Accounting Standards (CAS) for Dummies
Many of the Government’s compliance rules and programs can be complex and hard to follow. In this document we will walk you through...
top of page
Managed Accounting Services
CRI's accounting team helps growing businesses by offering the support and expertise they need to operate at their best. Our managed accounting experts possess a wealth of experience in assisting government contractors and adhering to government contract accounting regulations. Collaborating with CRI guarantees comprehensive accounting lifecycle assistance for your organization, encompassing financial consulting, audit assistance, financial reports/statements, and beyond.
As an outsourced accounting firm specializing in government contracting, CRI accountants support the unique needs that contractors have. From FAR, DCAA, DCMA, and CAS Compliance and audit support, to project-based setup and much more. Our outsourced bookkeeping services give you the confidence you want when doing business with the federal government. We also provide tailor-made software applications, giving you unmatched security and support throughout the accounting lifecycle.
Our proven methodologies improve your bookkeeping and accounting processes, ensuring accurate, compliant, and timely data for effective business administration.
Our Managed Accounting Services
We provide precise and transparent recording and organizing of your financial transactions. Our services ensure meticulous documentation and accuracy to meet compliance and audit needs. As an authorized Deltek Pro™ Bookkeeper we also specialize in optimizing your business systems. This allows you to manage your bookkeeping needs more effectively and efficiently.
Cash Management
We help optimize working capital, monitor receivables, and utilize financial tools to maintain a healthy cash position. Our team is well versed in government payment cycles and implementing effective cash management practices. This helps to ensure financial stability and meet operating needs.
Voucher Processing
We support timely and precise voucher processing to facilitate smooth financial transactions, adhere to regulatory standards, and maintain positive relationships with government entities. Our services include the review, approval, and submission of payment requests, while verifying the accuracy and compliance of invoices.
DCAA Audit Support
We provide assistance and preparation for audits conducted by the Defense Contract Audit Agency (DCAA). This includes providing comprehensive documentation showing compliance with government regulations. DCAA audit support is essential for government contractors seeking to maintain financial responsibility and contract eligability.
General Ledger Setup and Maintenence
Our accounting experts establish a structured accounting framework designed to record financial transactions related to government contracts. This includes configuring the general ledger (GL) to accommodate the unique requirements of government accounting. Regular maintenance involves reconciling accounts, updating cost allocations, and ensuring accurate financial reporting.
Support Multiple P&L Levels
We support multiple Profit and Loss (P&L) levels for government contractors. This allows contractors to analyze and report on the profitability of contracts, task orders, or business segments. The ability to support multiple P&L levels helps government contractors gain detailed insights into their financial performance.
Bank Reconciliation
We compare and reconcile internal financial records with bank statements to ensure accuracy and identify discrepancies. Our services include matching transactions, such as deposits and withdrawals, and addressing any variances. Bank reconciliation support is crucial for detecting errors, preventing fraud, and maintaining compliance.
Travel & Expense Reporting
We provide travel & expense reporting support to ensure your travel related expenses comply with government regulations and contract requirements. This includes documenting and reporting transportation, lodging, meal, and other travel expenses, and ensuring adherence to specified guidelines.
Credit Card Reconciliations
Our team manages credit card reconciliations, carefully matching and verifying credit card transactions with corresponding receipts and invoices. This process ensures accuracy and compliance in financial records. It also provides the ability to track and allocate expenses to specific projects or contracts.
Deltek Costpoint is a comprehensive enterprise resource planning (ERP) solution designed specifically for government contractors. We provide consulting, training, implementations, and much more, ensuring your systems are optimizing the way you do business.
QuickBooks
QuickBooks is a widely used accounting software that is popular among small to mid-sized organizations. We can help optimize your system and improve your processes. If you are looking for a more robust platform we can provide insights into your options and support your migration.
Accounts Receivable & Collections Management
We ensure accurate and compliant invoicing and tracking of funds to keep you financially stable. CRI accountants employ strategies to optimize cash flow while navigating timelines, payment delays, and security.
Accounts Payable
Efficient accounts payable processes are crucial for maintaining positive vendor relationships and upholding financial integrity in the government contracting environment. We help you manage and track funds owed to vendors as well as adhere to payment terms and reporting requirements.
Unbilled Analysis
We examine uninvoiced project costs ensuring accuracy and compliance. This helps maintain financial transparency, optimize cash flow, and resolve any discrepancies in the invoicing process.
FAR Audit Support
We provide support for audits conducted under the Federal Acquisition Regulation (FAR). This involves documentation and adherence to FAR guidelines to ensure contractors comply with federal acquisition policies. FAR audit support helps government contractors uphold transparency, adhere to regulations, and back the integrity of their financial practices.
CAS Compliance
We provide Cost Accounting Standards (CAS) compliance support that ensures consistency and transparency in cost accounting practices. We help implement and maintain compliant accounting systems to accurately allocate costs and provide reliable financial data. This ensures you are meeting regulatory requirements, avoiding penalties, and fostering trust with government agencies.
Monthly Financial Statements
We provide monthly financial statements that give you a snapshot of your firm's financial performance and position. Through income statements, balance sheets, and cashflow statements, we offer monthly insights into revenue, expenses, assets, and liabilities.
Personal Property Tax
Our personal property tax services involve the assessment and payment of taxes on tangible assets. We accurately inventory and report assets to local tax authorities, ensuring compliance with local tax regulations.
Bank Reports
Our services provide detailed insights into financial transactions, balances, and cash flow to help contractors monitor their financial health. These reports include financial information on deposits, withdrawals, and account balances, promoting effective cash management and decision-making
Business License
We help obtain and maintain your business license, making sure it meets the necessary requirements to operate legally. Our services ensure compliance with local, state, and federal licensing requirements.
Services Center Allocations
We provide support for distributing costs incurred by centralized services departments to various projects or business units. This process ensures that indirect costs are appropriately shared among different cost centers, often based on predetermined allocation methods.
The Benefits of Outsourcing
Outsourced finance and accounting services provide organizations with the freedom and confidence they need to compete in todays market. With expert support, businesses can gain greater insight into their finances while also optimizing their core competencies. Here are just a few ways outsourced bookkeeping and accounting can improve efficiency and help you grow.
Cost Savings
Outsourcing accounting processes is a cost effect way to access specialized expertise. You can reduce cost by removing the need for talent acquisition, in-house resources, office space, infrastructure, or training.
Improved Service Quality and Efficiency
Outsourcing to managed accounting experts leads to improved service quality and efficiency. CRI accountants have streamlined processes, use industry best practices, and provide dedicated teams focused on delivering high-quality outcomes. These efficiencies also remove unnecessary time researching ‘how to’ issues related to government contracting nuances.
Risk Mitigation
Outsourcing can help mitigate certain risks associated with specific functions or activities related to government contract accounting. Service providers often have industry knowledge, compliance expertise, and risk management practices in place, reducing the burden on businesses. Outsourcing firms routinely deal with things like FAR, DFAR and CAS compliance, the David-Bacon Act, and Data Privacy, to name a few.
Focus on Core Competencies
By outsourcing bookkeeping and accounting tasks, businesses can focus their internal limited resources and attention on their core competencies. This allows for greater expertise, innovation, and efficiency in areas that directly contribute to their value proposition and competitive advantage.
Scalability and Flexibility
Outsourced accounting offers the flexibility to match fluctuating business demands. Businesses can adjust the level of outsourcing based on their needs, expanding or contracting resources as necessary. This allows for efficient resource allocation and cost management.
Technology Advancements
Outsourcing partners often invest in the latest technologies and infrastructure to deliver services efficiently. By leveraging their technological capabilities, businesses can access advanced tools, systems, and processes without having to invest heavily in acquiring or maintaining them internally. Outsourcing firms can tailor the right system for your requirements.
Access to Specialized Skills and Expertise
Outsourcing provides access to a broader talent pool and specialized skills that may not be available otherwise. Outsourcing partners can bring specific domain knowledge, experience, and technical expertise, enabling businesses to benefit from their specialized capabilities. These assets are also more affordable than hiring full-time internal experts.
Sped Up Timelines
Outsourcing can help accelerate project timelines by leveraging external resources. Service providers may have the bandwidth and expertise to execute tasks or projects more quickly. This allows businesses to meet tight deadlines and deliver faster results. Month-end closing is just one example where firms can benefit from sped up timelines.
Increased Focus on Strategic Initiatives
Outsourcing administrative tasks frees up internal resources and leadership to focus on strategic initiatives, business development, and innovation. This can lead to better long-term planning and decision-making without the distraction of back office tasks.
News & Blog
CONTACT
bottom of page