Not a good idea. First of all, plugging the difference between the solicitation limit and your direct costs is gives no indication of what your costs will really be. Second, waiting until last minute doesn’t give you enough time to adequately prepare an indirect budget to compute your rates. If your accounting system is inadequate, the point is moot anyway. Adequate accounting system anyone?
This is myth #17 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