By Amos Gibello
For accounting departments of engineering firms that regularly seek government contracts, there are unique accounting practices that must be followed. One challenge is found in submitting overhead rates that are in compliance with Federal Acquisition Regulations (FAR). For firms unfamiliar with the process, this is unexplored territory; even the vast majority of CPAs are unaware of this area of accounting that’s not particularly complex but is highly specialized.
Engineering firms wo... read more.