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Our Services:
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Orlando
5971 Brick Court
Suite 100-B
Winter Park, FL 32792
407.679.7600
Tampa
2202 N. Westshore Blvd.
Suite 200
Tampa, FL 33607
813.507.3600
South Florida 1451 W. Cypress Creek Rd.
Suite 300
Ft. Lauderdale, FL 33309
954.651.8044
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March 2012
| Nperspective Expands Defense Contracting
CFO Services into Tampa Bay
As many of you know, Nperspective has been successfully providing CFO services to defense contractors in Orlando for the last ten years. We have watched many of our clients grow and succeed in this marketplace and have been actively looking to expand these services beyond the Orlando market.
We are pleased to announce that Maryann Carlton has recently joined our Tampa Bay practice. Maryann is a seasoned accounting and financial professional with over 23 years of progressive experience in various industries, including 13 years in the government contracting industry. She possesses excellent liaison skills with bankers, DCAA auditors, attorneys, and other professional agencies. Her strengths are in DCAA compliance, government contract accounting, cash management, department management, and the development of accounting, corporate and human resources policies.
Maryann was one of the founders of a defense contracting company in 2003. Initially the CFO of the company, she managed all financial and other administrative functions. In March 2011, Maryann assumed the role of President/CEO. Faced with a serious cash flow deficiency caused by lack of new contracts, she implemented measures to strengthen the foundation of the company that later facilitated the sale of the company's primary asset to a strategic buyer.
She holds a Bachelor of Science degree in Business Administration-Accounting from Bryant University, and is a CPA in the state of Virginia. Maryann is a member of NDIA (National Defense Industry Association) and AFCEA (Armed Forces Communications and Electronics Association) and Women in Defense.
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Are you ready for your DCAA
Accounting System Audit?
By Maryann Carlton, CPA - Nperspective CFO Principal
DCAA will increase its audit activity in 2012 and 2013 according to the Pentagon. There are currently $400 billion in unaudited defense contracts and the Pentagon is claiming these contracts need to be audited and audited now. This coupled with DCAAs recent policy change moving to a pass - fail audit report will increase defense contractors' audit exposure significantly.
DCAA performs various types of audits of defense contractors, such as accounting system audits, time-keeping audits (often referred to as "floor checks"), indirect rate audits, pre-award audits, and post-award audits. If you are a government contractor with the department of defense, you will probably go through each one of these types of audits. You should also know that DCAA audit reports could determine your ability to win contracts and what your ultimate profit on a contract will be. This knowledge makes many contractors a bit nervous when DCAA walks in their door. However, if you have done your homework and established solid accounting systems, policies and procedures, a DCAA audit doesn't have to be too painful.
Let's focus on the first type of audit you, as a DOD government contractor, may have to face - an accounting system audit. Typically, they come about with your first pre-award audit for a prime contract, or if a contracting officer is concerned about the adequacy of your system (even as a subcontractor). Accounting system audits are also performed periodically throughout a company's life cycle, to ensure that the company is adjusting its systems for growth and compliance with changes in the FAR/DFAR and other regulations.
During this type of audit, DCAA is primarily looking at how your accounting system handles direct and indirect costs, what policies and procedures are in place to ensure proper classification of costs and compliance with FAR/DFAR requirements, what is the indirect rate structure used, and whether sufficient financial/credit facilities exist to perform the contract. These are all requirements for an adequate accounting system per FAR 9.104.
Many small government contractors are not fully prepared for these audits when they go through this for the first time, as they don't know what to expect or do not have the ability to have a full understanding of the requirements. But do not fear the DCAA audit. Be prepared for it. Review your accounting systems and compare them to the requirements in FAR subpart 31. Make adjustments as necessary. Make sure you have thorough written accounting policies and procedures, that you have trained your employees on these procedures, and that you have internal controls in place. Review your RFPs and ensure that you have systems in place that will comply with specific FAR clauses that will be incorporated into the contract. By doing this, you will not only pass a DCAA audit, but you will find that you will maximize your profits by minimizing your overhead/G&A costs related to preparing for incurred costs and time-keeping audits and minimizing your potential penalties on contract performance.
This may seem like a daunting task. Nperspective can help. Our government contracting CFOs have the expertise and experience to help you assess your current accounting system, inform you of your deficiencies and assist you in correcting those deficiencies before DCAA walks through your door. We have developed compliant accounting systems from the ground up, and we have revamped existing systems. We have developed written policies and procedures and indirect rate structures that maximize your profit margins. We can help you before DCAA visits, and during DCAA visits.
Please contact Janet Watson at (813) 317-3460 or jwatson@npcfo.com for further information or a free consultation. |
| Did You Know? |
Did you know that Nperspective was recently engaged by a fast growing Tampa Bay prime/sub defense contractor to perform a DCAA readiness assessment?
Contact Janet Watson for more information.
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Nperspective, LLC provides interim, part-time, and project CFO and Controller services using a flexible engagement model that is dependent on our clients' unique business needs. Our partners are seasoned CFOs who focus on rolling up their sleeves, are accommodating to client needs and helping create significant value from within their finance organizations.
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