Our client is a global provider of water and wastewater treatment services with water treatment facilities throughout the US. Our client is new to the Federal marketplace and is actively bidding on multiple Federal opportunities.
Our client initially engaged us to perform a detailed review of the client’s practices and procedures with an emphasis on accounting practices critical to being a successful federal contract award. We determined that our client’s existing accounting system and structure, while appropriate for their current contract mix, lacked certain fundamental capabilities necessary for federal contracting purposes. As such, we assisted our client in the design and implementation of supplemental policies and procedures to bridge the gaps between current commercial practices and compliant government practices (e.g., estimating, overhead rates, billing, timekeeping, etc.).
As our client made progress in the federal marketplace, the Defense Contract Audit Agency (DCAA) performed a Pre-award Accounting System Review – a first for our client. Our client engaged us to help them to prepare for the DCAA’s audit including reviewing and preparing the necessary documents, reports and the DCAA forms/checklists. We also assisted our client in successfully presenting to the DCAA the supplemental policies and procedures that we developed to fill in the gaps in their accounting system.
With our help, our client successfully passed the Pre-Award Accounting System Review which was an important milestone in our client entering the federal market.
Accounting system approval is fundamental to contract award and ultimately continued compliance in the government market space. Partnering with experienced professionals, such as CGS, enables companies to avoid the common pitfalls that hinder performance while minimizing administrative burden and business interruption.
Please contact us for more information on how we can assist your company in evaluating whether your accounting system can meet the requirements for successful and profitable government contracting.