What do I need to focus on to be successful during the Developmental Stage of the 8(a) program?
From the initial important decisions companies make in becoming an 8(a), to the first sole-source contract, to how they are growing throughout the life of the program, our Government Contracting advisory team comprised of former government contractor CFOs/controllers, former DCAA auditors, IT security, accounting and compliance advisors, provides depth and a deep understanding of the 8(a) program and we advise 8(a) contractors throughout each step of the process to add value and anticipate ongoing opportunities.
During the Developmental Stage (first four years), many contractors start very small but can experience rapid growth, confronting financial and compliance challenges not previously encountered. Cherry Bekaert is there for you as your 8(a) company grows in the 8(a) program, from providing review and financial audit services at the $2 million and $10 million revenue marks, to helping monitor key ownership thresholds to stay in compliance with the Small Business Administration (SBA), while providing effective tax planning, we provide strategic advice and support to guide you forward as a new 8(a) contractor.
We Commonly Help 8(a) Developmental Stage Companies With:
- Undergoing initial Reviewed and Audited financial statements as required by SBA
- Establishing tracking and monitoring of 8(a) Economic Requirements and size standards
- Tax planning for the business and the 8(a) participant based on a deep understanding of tax, as well as the unique requirements of the 8(a) program multi-state tax filing and reporting requirements based on new contract wins
- Establishing an acceptable accounting system including system design and policies & procedures required for contract awards (SF1408 Pre-award survey)
- 3rd party assessments of accounting systems to include in proposals
- Training on contract types and contract management
- Establishing an effective and competitive indirect rate structure
- Proposal pricing assistance for both sole-source and competitive contract awards
- SBA Annual report documentation and review
- SBA Mentor-Protégé program requirements and assistance with Joint Venture proposal pricing accounting, and reporting
- Preparation of Provisional rate requests and Incurred Cost Submissions (ICS)
- Understanding unallowable costs and impacts on profitability
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