CPA Department

May this season bring you love, light, and happiness.

Happy Hanukkah!

Dive into the 5 critical lessons that small businesses need to know when working as a government contractor.

Listen now: https://govcongiants.com/193-2/

Bids for government contract work can be difficult to navigate, especially when it comes to pricing proposals.

Make sure yours is correct the first time. With 30+ years experience in government contract work, we know a few things about compliant pricing proposals. Let’s navigate these waters together.

Learn more: https://cpadept.com/dcaa-compliant-pricing-proposals/

The fiscal year is ending and it is the time to gather what you need, review processes, and get everything prepared for 2024.

This month, we’re creating a checklist of what you need. Look for posts earlier in the month to catch anything you missed.

Review taxes, payroll, and employee information:

✔️Tax Documents:
Organize and prepare tax-related documents such as W-2s for employees and 1099s for contractors.
✔️Tax Planning:
Work with your accountant to plan for year-end tax strategies to minimize your tax liability.
✔️Estimate Quarterly Taxes:
Estimate your quarterly tax payments for the upcoming year, if applicable.

✔️Payroll Compliance:
Verify that your payroll records are accurate, and all payroll taxes have been properly withheld and paid.
✔️Reconciliation of Payroll Records:
Ensure that your payroll records are reconciled with your payroll tax forms, such as Form 941.

✔️Employee Benefits and Retirement Plans:
Ensure contributions to employee benefits and retirement plans are up-to-date.
✔️Employee Records:
Ensure all employee records are accurate and up-to-date, including contact information, benefits, and salary details.

#2024

A realistic look at what building a business that works in government contracting is like.

https://govcongiants.com/roberta-moore-pure-determination-led-to-a-whirlwind-of-character-building/?_gl=1*mhovb0*_ga*MTcwOTcyMjA0MC4xNjk0Mzc0ODE2*_ga_STW8XR46GM*MTY5OTM3NjQwNy4zLjEuMTY5OTM3NjQzNy4zMC4wLjA.*_ga_L9YH4YWS34*MTY5OTM3NjQwNy4zLjAuMTY5OTM3NjQwNy4wLjAuMA..&_ga=2.10757492.1181329949.1699376407-1709722040.1694374816

I’ve found one of the most important things we can do in our company is let others be empowered.

Our team and our community need to feel valued. This means listening to our employees and making them feel comfortable to make decisions. It means making our business client-centric so they feel heard and understood.

Quality service doesn’t mean just getting the job done right. It means trust and reliability are built within a job well done.

For many companies the fiscal year is ending. Now is the time to gather what you need, review processes, and get everything prepared for 2024.

We’ll be reviewing everything you need to think about from the accounting side.

Start with:
✔️Reviewing Financial Statements:
Review your income statement, balance sheet, and cash flow statement to assess your financial performance for the year.
✔️Reconciling Bank Accounts:
Ensure that all your bank and credit card statements are reconciled and match your accounting records.
✔️Inventory Valuation:
If your business carries inventory, conduct a physical count and update the value of your inventory on the balance sheet.
✔️Depreciation and Amortization:
Review and update the depreciation and amortization of assets on your balance sheet.
✔️Accounts Payable and Receivable:
Review your accounts payable and accounts receivable. Ensure that outstanding bills and invoices are accurate and up to date.

Then we’re looking for you!

CPA Dept is looking for individuals who are passionate about helping small to mid-sized businesses grow and thrive.

We believe in providing outsourced accounting and becoming part of our client’s core team. We’re also consistently ranked No.1 in Northern Virginia.

Look at job openings: https://jobs.gusto.com/boards/eubanks-company-llc-dba-cpa-department-dbd3840b-562f-42d1-8528-2d5b6263cb20

Giving Tuesday was created to counterbalance the consumerism of Black Friday.

Use this as a chance to donate to your favorite charity, volunteer in your community, or help out your neighbors. Encourage your coworkers to join you, whether it be a financial or time contribution.

Make it a tradition at the office and at home.

It’s nearing the end of Q4 but you need to start preparation for filing your taxes.

A CPA firm can lay the proper groundwork in advance of preparing your tax return, keep you organized, and help you keep up with tax preparation if you decide to prepare your own filings.

We have a deep understanding of tax rules and laws so investing in tax preparation services, particularly when dealing with significant events, complex financial transactions, and new tax laws will reduce anxiety and prevent costly preparation errors.

Learn more: https://cpadept.com/tax-services/tax-preparation/

Support your community today and every day by shopping local and patronizing small businesses. They are so important to the vitality, uniqueness, and economy of their locality.

Do you have a favorite small business? Leave it in the comments so others can get to know them.

If you are in IT or have a part in cybersecurity for a government contracting agency, rules are changing.

Find out what you need to know: https://federalnewsnetwork.com/acquisition-policy/2023/10/federal-ciso-looks-ahead-to-conversation-around-new-contractor-cyber-rules/

Federal CISO looks ahead to conversation around new contractor cyber rules | Federal News Network The acquisition rules stem from recent cyber incidents like the SolarWinds breach.

We are very grateful for our wonderful staff that bring great ideas to the table and work hard to help each client.

We are also thankful to have our incredible clients. We love being a part of your journey and success.

To avoid an audit with government contracting, one of the pieces you need to understand is incurred cost proposals.

This is the report on your actual incurred cost throughout the year.

Find out what you need to know and what the 5 top audit issues are:
https://cpadept.com/2023/01/19/understanding-incurred-cost-proposals/

Understanding Incurred Cost Proposals: Avoiding the Top 5 Audit Issues Is your business required to submit an Incurred Cost Proposal? Learn more about what they are, filing them, and avoiding audit issues during the process.

In this unpredictable labor market and economic conditions, prioritizing risk management and compliance must be prioritized by your C-Suite.
https://www.forbes.com/sites/magnit/2023/10/02/why-the-c-suite-should-make-workforce-compliance-and-risk-management-a-priority/?sh=24ff921c8a88

Magnit BrandVoice: Why The C-Suite Should Make Workforce Compliance And Risk Management A Priority As the workplace becomes more data and tech driven, regulations and risks associated with areas such as employee data privacy, diversity and inclusion, work-from-home ...

This book was instrumental in helping me grow as a leader and adapt to change.

It’s - what books would you recommend?

Your passion may not be numbers and growth, but mine is. Discovering what I’m good at allows me to help businesses grow, and I love that. Knowing this helps communities and families grow too - I thrive on that.

That’s where our experts come in.

Our consultants can provide expertise and experience to address your unique situation and decision-making requirements. Their transformational effect on your business can happen long-term, intermittently, or on a transactional basis.

Find out how we can help you: https://cpadept.com/outsourced-cfo-controller-ready-set-restructure/

Many businesses are uncomfortable with the idea of outsourcing a CFO. However, there are many benefits to it and here are a few more.

🟨Temporary Leadership During Transition Phases - an outsourced CFO can step in and ensure financial stability while you’re looking for a new CFO.
🟨Risk Management Expertise - their portfolio of experience enables them to weigh risks and manage pitfalls.
🟨Fresh Strategic Insights - a diverse client base means they are on the forefront of financial strategies and innovation.
🟨Network Expansion - outsourced CFOs come with a network of professionals that can open doors to new opportunities and partnerships.
🟨Increasing Growth - with an expert managing your financial strategy, you can focus on what you do best - running your business.

The best advice I have: travel more!

I love traveling and encourage everyone to do it more.

It’s a chance to broaden your horizons, immerse yourself in new cultures, explore new cities, see other perspectives, and of course, eat delicious new foods.

All of this will open you up as a person, make you a better leader, and bring new ideas into your business.

As a small business government contractor, you don’t just want to survive, you want to thrive. Cesar Nadar, CEO of X Corp Solutions, has done that.

On the GovConGiants podcast he shares strategies and advice on getting into an agency, landing contracts, how to handle matchmaking events, and more.

Listen now: https://govcongiants.com/186-2/

Someone in my life that was always an inspiration to me is my grandfather, who was also very much a mentor to me.

He immigrated to the U.S. from Holland as a boy, and came of age during the Great Depression. He dedicated himself during the Depression to ensuring people had food and shelter, working as a social worker. After the Depression and the end of WWII, he went to work for the State Department, and ran reconstruction programs internationally, to help efforts to rebuild after the war. Upon retirement, he took his modest savings of $70,000 and became an investor, and eventual millionaire. Over the span of his lifetime he led three amazing careers, and made successes out of each.

During my upbringing, he made time to meet with me monthly for ‘business meetings’ (really, we just had lunch together) during which he counseled and instructed me in investing and business. His time and effort was such a gift.

Who inspires you?

Many businesses are uncomfortable with the idea of outsourcing a CFO. However, there are many benefits to it.

🔹Cost-Effective High-Caliber Expertise - the knowledge, experience, and expertise come without the full-time paycheck.
🔹Diverse Industry Insight - having worked with many different businesses, an outsourced CFO has a different perspective.
🔹Objective Financial Analysis - an outsourced CFO is not emotionally attached to your company and can be more objective.
🔹Scalability for Growth - their time can scale with you until your business is ready for a full-time CFO.
🔹Access to Cutting-Edge Financial Tools - in our quest to provide the best to our clients, we leverage the latest financial tools.

We appreciate the sacrifice those in the armed forces and their families make.

We honor Veterans Day by remembering those who fought for our country.

Navigating winning a government contract bid can be tricky and full of pitfalls. You need to make sure your pricing proposals meet all standards and regulations to be accepted and those rules can span multiple agencies.

We can help by reviewing all pricing and accounting aspects of your proposal. We’ve been doing this for 30+, so we know the rules and regulations, as well as how to avoid pitfalls.

Discover how we can make this process easier: https://cpadept.com/dcaa-compliant-pricing-proposals/

One of the biggest assets to my career that I’ve found is listening. Collaborating with my clients and staff to find the best results and prioritize what’s important is what has grown my company.

Clients and employees are loyal and like working with us because they know we care and pay attention to their needs and ideas.

AI is already changing the face of government contracting. It’s not replacing the human element of contracting but it is shifting the way that jobs are done.

https://ncmahq.org/Web/Shared_Content/CM-Magazine/CM-Magazine-February-2023/AI-Is-Coming-For-Contracting.aspx

AI Is Coming For Contracting Companies and federal agencies increasingly have adopted robotic process automation (RPA), artificial intelligence (AI), machine learning (ML) and natural language processing (NLP).

The threat of a government shutdown seems a possibility more and more lately. What can a government contractor do when the government shuts down?

Larry Allen of Allen Federal Business Partners walks us through it.
https://federalnewsnetwork.com/contracting/2023/09/government-shutdown-puts-contractors-in-precarious-position/

Government shutdown puts contractors in precarious position | Federal News Network There's never a convenient time for a full or even a partial government shutdown, but we've reached the beginning of the end of another fiscal year with the likelihood of a shutdown rising.

We get an extra hour today with Daylight Savings ending.

How will you spend your hour?

Do something for yourself or spread some joy. Just make the most of your extra time.

There are certain sectors of the government contracting industry that you must have Bonding to participate in.

How do you secure that? Should you use the SBA surety vs. traditional surety?

Eric Coffe discusses with Peter C. Gibbs on the GovConGiants podcast all you need to know about Bonding.

Listen now: https://podcasts.apple.com/us/podcast/building-bonds-unveiling-the-power-of-sba-surety/id1463074357?i=1000628524908

Whether your team is in the office, remote, or hybrid, they need to have the capability to work anywhere at any time.

For your team to reliably collaborate no matter where they are, we can host applications, like Quickbooks and other necessary programs, to keep your business running in the cloud.

Our system secures your data and applies the latest compliance to your environment, in addition to automatically applying updates to your application without disruption to your team.

Learn more: https://cpadept.com/application-hosting/

For me as a leader, sometimes it is simply listening to my employees. Whether it is an idea from a new employee or a personal issue that is affecting them, really and truly listening is how I make an impact throughout my day.

How are you making an impact on those around you? Let me know in the comments.

Let’s be honest, juggling the finances of your business can be stressful.

For , let’s look at a few ways you can reduce the anxiety around money.

💲Empower your team to help. Show them how their job affects the bottom line.
💲Collaborate with outside advisors who can see your business clearly and give you the hard truth you need to hear sometimes.
💲Know your numbers. This includes profit and loss (monthly and annually), balance sheet, annual forecast, monthly cost to operate, accounts payable, accounts receivable, number of clients, number of proposals, win rate on proposals and customer acquisition costs.
💲Focus on ROI and be transparent with your team, especially when making tough decisions.
💲Have an adequate safety net that can get you through hard times if necessary.
💲Anticipate and manage cash flow.
💲Remind customers of payment schedules.

A scary statistic: 32% of business owners cite inflation as their single most important problem in a study from National Federation of Independent Business Research Foundation.

What can you do to combat the ghouls of inflation?
👻Apply for a business loan to invest back into your operation
👻Raise your business’s prices
👻Reduce business expenses
👻Work on employee retention
👻Invest in business technology

Happy Halloween!

Consistently ranked as #1 in our field in Northern VA, CPA Dept. successfully supports small and mid-sized privately held businesses across North America and foreign-owned businesses interested in doing business with the U.S. Government.

We’re looking for talented individuals in the accounting space to support our clients and help them grow as part of their team and ours.

Look at job openings: https://jobs.gusto.com/boards/eubanks-company-llc-dba-cpa-department-dbd3840b-562f-42d1-8528-2d5b6263cb20

In the 1880’s, candy corn was a sweet confection known as “Chicken Feed.” Corn at the time was for feeding animals and about 50% of people were farmers so thematically it worked. It was also a treat not specifically tied to Halloween.

Our business isn’t always going to go the way we plan and it can’t stay the same forever. It’s hard to imagine anyone wanting to eat “Chicken Feed”, sweet treat or not.

However, if you can lean in to the changes, encourage innovation, and embrace opportunity (like marketing a candy product for Halloween and then changing up the colors and flavors to fit other holidays), your business will flourish.

As we move through Q4, it’s time to start planning for tax season. If you’ve had problems in the past, you know the importance of filing correctly and keeping solid records throughout the year.

We can help you prepare and file, negotiate and resolve tax issues with the government, and advise and plan for the upcoming year.

Worry less with experience and expertise in your corner.
https://cpadept.com/tax-services/tax-preparation/