Understanding the value of a small business is critical for owners. Yet many business owners consider value simply from a balance sheet perspective, assuming the reported level of net assets approximates the value of the business. While the reported net assets could be a meaningful value proxy for certain businesses in certain situations, more often than not this is not the case. Why? Because for a typical small business, intangible assets will not be reflected on the balance sheet.
Significant regulatory changes instituting small business subcontracting improvements have been incorporated into the Federal Acquisition Regulations (FAR), imposing additional small business-related obligations on large prime contractors (“Prime”). Although these changes went into effect on November 1, 2016, businesses may not experience their full impact until later this year. Existing government systems, such as the Electronic Subcontracting Reporting System (eSRS), need to be modified to accommodate several of these compliance requirements.
The GSA has started incorporating the updated FAR clauses containing these provisions into its Schedule solicitations via refreshes and mandatory modifications. The most significant changes being implemented are as follows:
Below are several best accounting practices that businesses should incorporate into their year-end accounting procedures.
November 26, 2016 – Small Business Saturday is a day dedicated to supporting small businesses across the country. Founded by American Express in 2010, this day is celebrated every year on the Saturday after Thanksgiving.
Whether you’re a small business owner or customer, want to encourage your friends to Shop Small, or help rally an entire town; everyone can help spread the word about Small Business Saturday.
GSA is soliciting comments on the FY16 governmentwide Professional Services Category Strategic Plan and feedback about how to engage with industry moving forward. GSA has a leadership role in this category because the Governmentwide Professional Service Category Manager, who has primary responsibility for the category, is GSA Region 10 Commissioner Tiffany Hixson. The plan, shared on the Acquisition Gateway, was developed by an interagency team from agencies with top 10 spend in professional services.