Having an “adequate accounting system” is an integral part of successfully conducting business with the federal government. Many companies find it a challenge to determine which requirements apply to their specific contract. In preparation for an upcoming presentation on accounting system reviews, we’ve answered the ten most common questions we hear related to accounting system requirements and reviews.
1. Are small businesses required to have an adequate accounting system? The requirement for an adequate accounting system depends on the type of federal contract you will be/have been awarded. FAR 16.301(3) requires the …read more
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