How can you tell if you have outgrown your current accounting system? Members of Cherry Bekaert’s Government Contractor Consulting group, including John Carpenter, Curt Smith, Eric Poppe, and Javier Diaz participate in a roundtable discussion on some of the key indicators that a contractor has outgrown its accounting system, including:
- Increasing or change in contract types (e.g., Firm-Fixed-Price, Time & Materials (“T&M”) and/or Cost Type)
- Increased organizational complexity and complex rate structures
- Continuously adding General Ledger accounts to keep up with tracking requirements
- If you have multiple Excel worksheets used to reconcile and get information from your accounting system for Defense Contract Audit Agency (“DCAA”) request or other agency reporting requirements
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