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 federal award is nothing more than best practices. In other words, you should be doing this any way, but make sure you understand what is really needed first. For example, if you chart of accounts is a complete disaster, you can have your data file restructured which will go a long way towards becoming compliant. Add an accounting manual (policies and procedures), and adequate timekeeping, you have most of the foundation.
This is myth #4 of our SBIR Accounting Myths blog series. George Moker is a CPA and an entrepreneur who brings a real approach to managing the accounting needs of your firm. George created this series of blog posts to his more than 30 years of small business and startup experience in an attempt challenge the myths about an adequate accounting system and its importance within your organization.
For more information on how we can help with your SBIR accounting needs, please visit us at www.mokercpa.com