Navigating the SBA 8(a) Business Development Program - Accounting Best Practices

In this episode of Cherry Bekaert’s GovCon Podcast series on the Small Business Administration’s (SBA) 8(a) Business Development Program, Brynn McNeil and Craig Hunter, assurance partners in Cherry Bekaert’s Government Contracting Industry practice, discuss accounting best practices for 8(a) companies. Listen to find out about:

• Setting up an accounting system to segregate costs
  • Chart of Accounts
  • Indirect rates
• Reporting functionality for:
  • Contract revenue summary by contract
  • Showing cumulative revenue
  • Annual revenue
  • Direct costs
• Importance of month end reconciliations of balance sheet account
• Recent accounting pronouncements that impact accounting
  • ASC 505
  • ASC 842
• What to consider when selecting an accounting system
• Accounting department general housekeeping best practices

Cherry Bekaert’s team of government contracting consultants have extensive experience in navigating the SBA 8(a) Business Development Program and can assist your business with accounting best practices. If you have any questions specific to your situation, our GovCon consultants are available to discuss your situation with you. 

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If you haven’t already, catch up on other episodes in our podcast series discussing various aspects of the Small Business Administration’s (SBA) 8(a) Business Development Program:

• The SBA 8(a) Business Development Program – What Is It and What Are the Requirements?
• The SBA 8(a) Business Development Program Application Process and Requirements
• What Are the Compliance Requirements for 8(a) Certified Companies?
• Winning an SBA 8(a) Sole Source Award Contract – What’s Involved and What to Know
• Winning an 8(a) Competitive Contract
• Small Business Administration (SBA) Mentor-Protégé Program
• SBA Mentor-Protégé & Joint Venture Arrangements – Important Elements of the Agreement
• The Lifecycle of an 8(a) Company
• OIG Report: SBA’s Business Development Assistance to 8(a) Program Participants
• Contract Performance After the SBA 8(a) Business Development Program