Services for Government Contractors

Snyder Cohn offers a wide range of services for Government Contractors.  Please click on the links below to read more about each type of service:

Basic Accounting Services

Snyder Cohn can offer both small and medium-sized government contractors quality basic accounting services as a part of their on-going operations. Starting with the initial setup of a chart of accounts compliant with the standards under FAR, we can work with you monthly to meet your needs in the following areas:

  • Customer invoicing and progress payments
  • Vendor invoice processing and payment
  • Payroll processing and periodic tax filings
  • Monthly bank reconciliations and basic cash monitoring services
  • Labor distribution reports and other payroll summaries
  • Application of capitalization policies and related depreciation calculations
  • Monthly financial records adjustments

Implementation of FAR and CAS Compliant Accounting Systems

Accounting systems used by all business must provide accurate, timely information to management to allow for efficient and effective decision-making regarding the operations of the company. Accounting systems used by government contractors, however, must also comply with the requirements of the Federal Acquisition Regulation (FAR) for U.S. Government prime contracts and subcontracts and in some instances may need to comply with the Cost Accounting Standards (CAS).

Snyder Cohn can assist you in reviewing, designing, and implementing accounting systems that meet the business’s needs, as well as comply with the requirements of the FAR and CAS. An appropriate accounting system for government contractors will provide for the accumulation of direct and indirect costs, as well as allow for the allocation of indirect costs. The system will also be designed to provide meaningful financial reports for the management of individual contracts and the company as a whole.

Our goal is to ensure that the accounting system meets the requirements of FAR and CAS as well as the internal needs of company management.

Development of Policies and Procedures

The development of formal policies and procedures will communicate your company’s objectives and provide guidance to your employees regarding their duties and responsibilities.

Snyder Cohn can assist you in the development of overall internal controls as well as policies and procedures for cost accounting, estimating and other activities uniquely related to the government contracting industry. The developed policies and procedures will not only comply with the requirements of the FAR and any other pertinent regulatory agencies, but also provide for the implementation of strong internal controls within the business.

Customized Reporting Requirements

  • Snyder Cohn can work directly with you or with other consultants to address current and emerging contracting issues in the areas of Defense Contract Audit Agency (DCAA) audit support.
  • Preparation of the annual incurred cost submission
  • Preparation of forward pricing rates and billing rates

Periodic and Annual Reporting

  • As a functioning business, every small and medium-sized government contractor finds that it needs to prepare information for taxing authorities and for outside parties on at least an annual basis. Snyder Cohn regularly offers its clients assistance with preparation of annual corporate filings and income tax returns, including multi-state filings as required.
  • Preparation of annual compiled financial statements

Attestations and Audits in Accordance with GAGAS and GAAP

Snyder Cohn is familiar with current professional standards and can help you organize your business to be prepared for financial statement audits. Snyder Cohn regularly provides these audit services to its clients in the government contracting industry by maintaining our required independence while orchestrating the delivery of basic and specialized accounting services.

As part of our commitment to quality service, Snyder Cohn has adopted policies and procedures considered the cornerstone for professional integrity. Our thorough understanding of the government contracting industry enables us to plan and conduct the audit in an efficient manner with a minimum of disruption to your accounting function.