Join industry peers for the annual NVSBC Education Foundation golf tournament. There will be plenty of opportunities to showcase your golf skills AND show your support through an array of sponsorship opportunities. Sponsorship provides you a unique way to support the Foundation and position your company in front of NVSBC-member golfers, colleagues from across the sector, and invited guests with proceeds going directly to the NVSBC Education Fo...

CMMC 2.0 is moving forward and with the CMMC DFARS rule expected next May, it remains imperative that defense contractors be prepared to respond to contract requirements that incorporate the CMMC assessment requirement. As an early C3PAO assessor, FORVIS continues to be at the forefront of thought leadership and is hosting a special CMMC event with law firm Holland & Knight at TopGolf-Huntsville to discuss the latest! Join FORVIS and our f...

Make History: The LULAC Convention is an exciting, history-making convention, because it convenes the national delegates of LULAC to discuss issues, set policies, and elect the organization’s national leaders. For this reason, the LULAC Convention is covered by national and local media. It is the only convention in which participants representing Hispanic communities from across the country determine the positions and strategies of a na...

Cash basis accounting is easily understood and usually adopted by most start-up companies. Cash basis reports only consider the flow of cash in or out of the business without regard for the often complicated rules of accrual basis accounting. Accrual basis accounting requires matching of revenue and expenses and recognition of revenue when earned and expenses when incurred - all regardless of when the cash was received or spent. Accrual basis...

Developing indirect rates is only one piece of the puzzle for government contractors. Managing indirect rates leads to financial and contract success. We find that many contractors only calculate indirect rates at the end of the year and do little to manage rates throughout the year. Several factors affect indirect rates including unplanned expenses, budget errors or oversights, and won or lost contracts. Monitoring and managing indirect rates...

Change efforts are a vital part of making government more effective and efficient. Major projects including digital transformation, IT modernization and hybrid workflow redesign are reshaping the way government serves constituents. But too often, projects come in late or over budget – or fail completely. According to a 2017 report from the Project Management Institute (PMI), 31 percent of IT projects fail to meet their goals; 43 percent...

Service Contract Act (SCA) contracts introduce a new layer of complexity and reporting to government contracts. Contractors must consider adjustments to the indirect rate structure such as a separate fringe pool or onsite and offsite overhead pools. Wage determinations instruct contractors on the minimum wages and fringe benefits required including the option for wages in lieu of benefits - a cash payment that is often miscalculated and posted...

Each of us knows that keeping pace with the ever-evolving government contracting compliance rules, regulations and oversight is daunting. The ongoing pandemic, a new administration, world instability and the ‘New Normal’ market conditions can challenge even the most seasoned government contractor executives. Join us in-person for our 27th Annual DHG Government Contracting Conference and hear what the leading advisors in the marketp...

Government contractors often struggle with customer invoice creation because of the varying requirements from customer-to-customer and contract-to-contract. QuickBooks Online and Desktop provide opportunities for efficient creation of customer invoices from time and expense data. The keys to success lie in proper setup of Items for labor category and expenses, and the automated synchronization of time and expense data. We find many clients spe...

Labor distribution converts hours into dollars and distributes those dollars throughout the GL and across jobs. Payroll journal entries record the employer's portion of employment taxes and offset salaries payable created by the labor distribution process. Both are necessary for the accurate calculation of indirect rates for government contracts. Errors often include failure to segregate labor accounts and properly account for employee deducti...