Monthly Archives: July 2015

SBIR Accounting Myth #7: “I Can Keep My Books on the Cash Basis”

No way! For government contractors, your books must be on the accrual basis. So if you don’t see accounts payable, accounts receivable, or accrued expenses (especially payroll and vacation), your costs are not accumulating in the right time period to … Continue reading

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SBIR Accounting Myth #6: “I Can Do My Own Books”

Possibly. Just like I don’t drift into nanotechnology research, you shouldn’t underestimate the importance of accurate data. For example, inadequate timekeeping approvals, transactional coding, and poor accounting structure lead to major problems down the road. A streamlined accounting system will … Continue reading

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SBIR Accounting Myth #5: “Let’s Wait Until Phase II to Bring My System Up-to-Date”

Not a good idea. Showing the government a working system helps demonstrate compliance, as well as trains you and your staff the importance of properly coding transactions, recording time, and billing the government. In other words, this becomes part of … Continue reading

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SBIR Accounting Myth #4: It Is Too Expensive to Have an Adequate Accounting System

Not true. Oh yes, there are firms that will charge you a fortune to bring you into compliance and enjoy emphasizing and sharing your pain. The reality? While there are intricacies involved in an adequate accounting system, complying with your … Continue reading

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