How to develop an "acceptable accounting system" that can withstand government audit and better understand indirect rates
Monday, June 19, 2023, 12:30pm-2:30pm
Overview - The Ten Most Common Financial Mistakes that new Contractors and Grantees Make. During this action packed overview, Ed will highlight some of the top financial mistakes that he has seen small grantees and contractors make over the years with special focus on the two that he has seen put dozens of Companies out of business – unacceptable accounting systems, and improperly projecting indirect rates.
The overview session will present useful tips and practical information on the special accounting requirements and language that you need to understand that are embedded in cost reimbursement-type SBIR/STTR phase II awards.
Once Ed gives you the "helicopter ride" to make sure you understand the big picture, then we dive into the main subtopics.
What is an acceptable accounting system - Once you understand the big picture, it's time to set up the accounting system so you'll pass the pre-award audit and receive your phase 2 award.
Developing your knowledge about indirect rates - Once you understand the difference between a direct, indirect and unallowable expense, it's time to start applying the concepts to your specific situation. We will help you to understanding of how indirect rates affect your business, and how to project the right indirect rates for you. We give special emphasis to making sure you understand what really drives your indirect rates.
Always audit ready - Proofing Your Accounting System -Once you've won your award, we will detail the elements you must maintain on an ongoing basis for your accounting system to be government audit proof.These core elements include:
We will get into the specifics of how to properly invoice the Government and the supporting documents you need to properly invoice your government contracts or to support draw downs on your grants.
Next, we will explore the seven (7) different types of audits that government contracts are subjected to and the three (3) types of grant audits.
Finally, we'll explain the most cost effective ways to manage the unique financial aspects of your award.
As a second-generation CEO of Jameson & Company, LLC, you could say that government grants, contracts, audits, and protecting clients are in Ed's blood. After serving as a senior consultant in the small business and tax departments at Price Waterhouse, Boston, Ed joined the firm in 1988. Since then, he's helped clients secure, account for, and survive audit on more than $3 billion in government grants and contracts. Ed's highly experienced in the indirect rate recovery process and has settled thousands of incurred cost audits. He consults on cost recovery, strategic and tactical management issues, and contract and grant cost procurement; in addition, he oversees all client relationships. Ed enjoys educating (and entertaining) an audience and has been a featured speaker at the National SBIR conference for years. His personal life mirrors his business life—it's all about protecting and helping others. A longtime member of Rotary International and past president of the Burlington Rotary Club, Ed was honored with the Paul Harris Fellow Award for service above self. He leads a group of church volunteers each month to prepare dinner and serve approximately 300 men at the Pine Street Inn, a Boston homeless shelter. He graduated Cum Laude from Bentley University with a degree in Accountancy.
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