Setting up a structure for a government contracting accounting system can be tricky. Intellisource Financial can review your business needs at the highest level and design the system structure to fit your business. We will define the chart of accounts that will accommodate your cost pools and the allocations required for your indirect rate structure. We will ensure the invoicing and revenue recognition formulas are accurate for all types of contracts (T&M, CPFF, FFP, and CPAF).
The system setup will:
- Address the chart of account design
- Account for unallowable costs
- Account for overhead costs
- Develop cost pools and rate structure for multiple cost centers
- Create an invoicing plan based on the contract and type
- Establish revenue recognition formulas
- Test indirect rate calculations
- Define monthly close process