All businesses need good books, and that is particularly true for government contractors. Let’s see why outsourced bookkeeping is such a great solution for those in this position.
Key Takeaways
- Having accurate and transparent books is part of the job
- Outsourced bookkeeping keeps costs down while still delivering accurate results
- Build systems that will make financial management simple and streamlined
- Comply with DCAA Audits to avoid any unwanted trouble
As a government contractor, the health of your business relies on continuing to secure valuable contracts to deliver your services. The primary factor in getting those contracts is being able to provide the services that you promise for a competitive rate. If you consistently deliver on your promises, and the quality of what you deliver meets expectations, you should be in good standing to continue to grow into the future.
But that’s not all you have to do. It’s also critical to use accounting services that will keep track of your books properly. Having an accurate accounting system in place will give you the financial reporting that is needed to make good decisions on how much to bid on government contracts to stay competitive and profitable at the same time. For accounting and bookkeeping services that will exceed your expectations every time, reach out to Swiftbooks for assistance. It would be our pleasure to help you grow!
What's Special About Government Contract Accounting?
In some ways, government contractors do business just like every other kind of company. They need to control expenses, offer a good service that fills the government’s needs on a project, and deliver in a timely manner. And, as part of that process, accounting systems need to be in place to keep track of everything properly.
With that said, there does tend to be extra scrutiny on government contractors based on the fact that they are earning public funds each time they do business. Government contracting is something that always draws a certain deal of suspicion from the general public, so the accounting systems that are used need to be up to the standard that is expected in this field.
Not all companies are able to provide government contracting accounting services, but Swiftbooks is up to the challenge. As long as you have government contract accounting that you know you can trust and that isn’t going to get you into any trouble later on, you’ll be in good shape.
Outsourced Bookkeeping Services for Government Contractors Are Very Affordable
Getting away from the importance of accuracy for a moment, government contractors may also want to use managed accounting services because of the way such services can save them money month after month. If you have been in business for a while, you already know how expensive traditional accounting firms can be, and especially firms that are able to meet the lofty standards of the federal government.
If you reach out to an accountant in your area and ask about government contracting accounting, you just might be shocked by the prices that you are offered. It can be stunning to hear a quote in this area, but you don’t just have to sign on the dotted line and agree to pay that rate. Outsourced bookkeeping or accounting is almost always dramatically less expensive, especially when talking about a government contractor.
Understanding the cost of outsourced bookkeeping versus traditional accounting firms becomes crucial for government contractors who aim to control expenses while maintaining reliable accounting services. Swiftbooks specializes in offering competitive rates specifically tailored to the needs of government contracting accounting services.
Help Building the Right Accounting Systems
One of the great advantages of outsourcing accounting services is that you’ll be able to build a solid accounting system from the ground up. Government contractors might rush into business to get contracts as soon as possible, without giving much thought to how the books will be kept in order. If you don’t have the knowledge or expertise in house to figure out how a good accounting system should work, outside accounting services will help with that process.
Why do accounting systems matter? Government contracts require accurate bids that keep the margins in a reasonable range. If you don’t have your accounting services lined up properly, you’ll wind up making educated guesses on what you can afford to bid. These kinds of government contractors are usually quickly out of business as they don’t make enough money to stay open – or they bid so high that they never secure any work. Accounting for government contractors can pay for itself if it allows you to secure even a single additional contract in the coming months or years.
Of course, not all outsourced accounting companies are going to help you build a good accounting system, so make sure to work with one like Swiftbooks that is going to work closely with you to figure out what you need and when you need it. This plan will allow you to meet or exceed government regulations while keeping your expenses for managed accounting services in a comfortable range.
Deal Successfully with DCAA Audits
There is no room in business for inaccurate books. Managing the bookkeeping on your own, while doing a million other things at the same time, is a recipe for mistakes. On the other hand, using outsourced bookkeeping that is focused on only this singular task is an ideal way to make sure it is done right while saving yourself and your team a bunch of time along the way.
Financial statements aren’t worth the paper they are printed on if they can’t be trusted to be correct. By outsourcing bookkeeping, the errors will be removed from these ongoing reports, and you’ll suddenly have a newfound degree of trust in what they are telling you. Even if accuracy was the only thing that accounting services had to offer – and it isn’t – going with outsourced bookkeeping would be more than worth it.
The Partner You Didn't Know You Needed
Swiftbooks provides clients with outsourced accounting services that are both affordable and reliable. Government contracting accounting services that you can rely on are hard to come by, but you’ve found a provider that is experienced and trustworthy. Business for government contractors is just as competitive as it is in any other sector, so no stone can be left unturned in the process of running your company. Contact Swiftbooks today to get more information about our services and we’ll jump into action!
