There are two options for operating the GovCalc Government Contractor Accounting system. The first option is our “accounting via the web”. The second option is “complete accounting at your business”.
Special features of our system include a) accounting operations written to satisfy DCAA and NIH requirements, b) accounting for “extra effort” time over 40 hours per week, c) unallowable cost accounts, d) your choice of 1, 2, or 3 indirect rates depending on your business needs, e) contract summary information required by the DCAA, and f) hands-on experts in Government contracts and accounting.
OPTION 1: “accounting via the web”
You load our QuickBooks template containing our chart of accounts designed for government contractors. Your staff enters direct costs, indirect costs and time card hours into QuickBooks. You load the QuickBooks file on our secure web site or send via email. We process the QuickBooks file producing finished financial statements and return the file to you.
The financial statements include:
• Project Burdened Detailed Job Costs and Revenue
• Actual Indirect Rates
• Balance Sheet
• Income Statement
• Employee Time by Job
• Labor Distribution Report
• Indirect Pools Cost Summary
• Accounts Payable
• Accounts Receivable
We charge a fee for this service depending on how often you need financials processed. The DCAA requires monthly processing.
OPTION 2: “complete accounting at your business”
You purchase the same job cost processing software from us that we use in our “accounting via-the-web” processing system. You will use this software at your business location. Our manual, along with 4 hours of free training, will have you up and running in a couple of weeks. Then, we can quality check your system until it runs smoothly. You generate the same complete financial statements detailed above.
BUDGETS and INDIRECT RATES
The Government needs to know that the indirect rates you use in your proposals and for Provisional Billing Rates are fair and accurate. Adequate indirect rates and structure are also very important to your company’s financial future. We have two different budgeting systems that develop these rates and interface with QuickBooks. These budgeting systems also give you financial control over what is happening at your company. This software is sold separately from the accounting systems.