As part of the regulatory updates to Multiple Award Schedule (MAS) contracts, General Services Administration (GSA) announced in an Interact blog post on March 9, 2017, that contracting officers may require contractors re-representing their size status from small to large to submit a subcontracting plan after the re-certification. A number of other impactful changes will be incorporated in the upcoming round of solicitation refreshes.
In a March 22 webinar, GSA noted that several of the updates have already appeared in recent refreshes to a few solicitations – most notably the Professional Services Schedule. Refreshes to the remaining schedule solicitations are tentatively planned for April 2017. Here are the changes contractors should review carefully before accepting the mandatory modification:
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.