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Your accounting system is likely the problem. No off-the-shelf accounting software has everything you need to build a Federal accounting system consistent with Cost Accounting Standards (CAS) that meets DCAA requirements. It’s missing the correct chart of accounts.
Your chart of accounts is the foundation of your accounting system. Without the right foundation, you won’t be able to pull the numbers you need out of your books. These numbers are the key to determining your contractor rates.
That’s why we created a template of the chart of accounts needed by Federal contractors. With the right chart of accounts, you’ll be able to easily determine your indirect cost rates and your overhead rates.
You’ll also be able to tell the Federal government how much of your overhead and fringe costs are being allocated to that job. They want to know that every time you submit a bid.
Maybe you’re losing bids because your rates are too high. With the right chart of accounts, you can compare your rates to those of your competition.
Enter your details below to download this template. You’ll have all the accounts you’ll need to get QuickBooks updated for successful and profitable Federal contracting. We’ve also included a video that shows how to import this into your QuickBooks, so you’ll know what to do with it.