December 16, 2014

6 Common Accounting Challenges for Government Contractors

by Colin Quinn

Government contractors have specific accounting needs. The complex, stringent, and regularly changing requirements and regulations of Government agencies creates many accounting and financial challenges for small and mid-sized contractors. There are 6 demanding accounting challenges Government Contractors face. We will share those mistakes below: 1. Not comprehending government rules/requirements Companies that think government accounting involves a slight variation from commercial business are incorrect. Through voluminous and ever-changing requirements, provisions that many contracts carry are understood and solutions are readily available…