Finance & Accounting

Finance & Accounting (F&A)

McNew & Associates provides indirect rate tracking and analysis with three levels of reporting.  Level I is basic indirect rate and financial reporting.  Every month we review your transactions and send you a report for you to analyze.  Level II adds compliance management and analysis making it a more diverse package with additional detailed information to help you.  Level III is highly detailed and very robust financial management.  We effectively function as your Chief Financial Officer thoroughly analyzing your reports and offering guidance and advice from the insight we gain from them.  These packages are available for a fixed monthly fee.

DCAA Accounting
DCAA Accounting & Bookkeeping (also known as Government Cost Accounting):  On the one hand, there is typical commercial accounting. Then, there is this monster called Government Cost Accounting requiring much more sophisticated reporting tools, internal controls, and accounting processes.  Worse yet, as a contractor builds its contract base, certain thresholds are exceeded requiring an expanded level of detail and sophistication.  Because Government cost accounting rules are audited by the DCAA, many call it DCAA accounting.  Due to the complexity of the contracts issued by the U.S. Government, government contractors are subject to many unique accounting rules and regulations, which require an accounting system that monitors contract costs and indirect costs to a very detailed level.  DCAA accounting is more than your typical job costing…it is what we at McNew & Associates like to call “job costing on steroids”. Government contractors are then, by default, required to have an accounting system as complex as the contracts they win.  DCAA accounting requires more than your typical accounting professionals are capable of providing. You need Government Cost Accountants who have worked for DCAA, and have dealt with DCAA accounting rules and principles.  McNew & Associates Government Cost Accountants have specialized training, practical knowledge, and experience in dealing with such detailed Government Cost Accounting systems.  McNew & Associates has the experience you need to guarantee compliance and proper cost management.  We understand the Government Cost Accounting Standards, FAR, DFARS, and CAS regulations, and DCAA accounting and audit objectives governing these Government Cost Accounting systems.
DCAA Accounting Basics
Government contractors should understand the following DCAA accounting basics:

 

  1. Direct Cost vs. Indirect Cost
  2. Incurred Cost Submissions (Direct & Indirect Costs)
  3. FAR & CAS cost principles regarding cost allowability, allocability, and reasonableness of cost
  4. Accounting System Design and Implementation
  5. Government Billings/Invoicing
  6. Contract types and how each are monitored and accounted for within the accounting system

Our accounting department works very closely with all departments of our clients, including the pricing department, contract management department, project/program management, and executive staff. Without the necessary DCAA accounting system, these departments would not have reliable information to make decisions upon. Since McNew & Associates has the accounting, pricing, and contracts management departments all in house, the communication between them is simple and seamless.

McNew & Associates provides financial reporting, accounts receivable and payable, budget development and analysis, regularly scheduled accounting (DCAA accounting focus), payroll processing, and invoicing functions.  We perform routine monitoring of indirect rates, contract costs, and budgets. We also implement and maintain DCAA accounting system components required by the CAS and FAR to include timekeeping management, distribution of labor dollars to contracts and indirect cost pools, job cost subsidiary ledgers (Job Cost Summary), and indirect rates monitoring.

Specific F&A Services

Accounting

  • Transaction Review
  • Bank Reconciliation
  • Credit Card Reconciliation
  • Payroll Accruals
  • PTO Monitoring & Reporting
  • Financial Reporting
  • Indirect Rate Reporting
  • Invoice Preparation
  • Job Status Reporting
  • Briefing Card Maintenance

Finance/CFO

  • Financial Budgeting
  • Indirect Rate Management
  • Financial Analysis
  • Cash Flow Forecasting