As each Phase II award season rolls around, we constantly see firms scrambling to make their accounting system something it’s not: adequate. The harsh reality is that during your Phase I award, you can probably have an adequate accounting system set up for less than $1,000.
However, Phase I awardees, nickel and dime their accounting system (no pun intended), thus dumping information into Excel, accounting software, or worse, the infamous shoe box. Instead, awardees tend to pay attention to their accounting system once they receive word that there is interest in funding their Phase II proposal. However, the cost skyrockets, along with delays in providing crucial information to the government during the Phase II review process.
Our recommendation: get your house in order before you have too much garbage data. The cost goes up dramatically.
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