Left Brain Professionals

Left Brain Professionals Government Contracts & Accounting At Left Brain Professionals, we know government contracts: What it takes to qualify for them. How to manage them.

And how to profit while delivering real value. Our creative problem-solving challenges the status quo. Weโ€™re adept at helping you navigate a constantly changing legal and regulatory landscape. And at mapping out new strategies to achieve your goals.

We're thrilled to announce that we're joining forces with Stambaugh Ness , a leading provider of professional services f...
03/22/2024

We're thrilled to announce that we're joining forces with Stambaugh Ness , a leading provider of professional services for the Architecture & Engineering (AE) government contracting industry!

This exciting partnership allows us to combine our expertise in accounting, CFO Advisory, and consulting with Stambaugh Ness's established resources. Together, we'll be launching a brand-new Outsourced Accounting Services (OAS) practice area designed specifically for your needs.

๐—ช๐—ต๐—ฎ๐˜ ๐˜๐—ต๐—ถ๐˜€ ๐—บ๐—ฒ๐—ฎ๐—ป๐˜€ ๐—ณor our clients:

โ€ข Access to a wider range of expertise and resources to support your success.
โ€ข Expect the same high-quality service youโ€™ve always received.
โ€ข Exciting opportunities to optimize your operations and achieve even greater results.

Stay tuned for more information about the new OAS for GovCon services! In the meantime, head over to the Stambaugh Ness website to read the full story: https://www.stambaughness.com/news/announces-strategic-acquisition-of-left-brain-professionals/

We're excited for this next chapter and can't wait to continue serving you alongside Stambaugh Ness!

We're thrilled to announce that we're joining forces with Ness, a leading provider of professional services for the Arc...
03/22/2024

We're thrilled to announce that we're joining forces with Ness, a leading provider of professional services for the Architecture & Engineering (AE) government contracting industry!

This exciting partnership allows us to combine our expertise in accounting, CFO Advisory, and consulting with Stambaugh Ness's established resources. Together, we'll be launching a brand-new Outsourced Accounting Services (OAS) practice area designed specifically for your needs.

๐—ช๐—ต๐—ฎ๐˜ ๐˜๐—ต๐—ถ๐˜€ ๐—บ๐—ฒ๐—ฎ๐—ป๐˜€ ๐—ณ๐—ผ๐—ฟ ๐—ผ๐˜‚๐—ฟ ๐—ฐ๐—น๐—ถ๐—ฒ๐—ป๐˜๐˜€:

โ€ข Access to a wider range of expertise and resources to support your success.
โ€ข Expect the same high-quality service youโ€™ve always received.
โ€ข Exciting opportunities to optimize your operations and achieve even greater results.

Stay tuned for more information about the new OAS for GovCon services! In the meantime, head over to the Stambaugh Ness website to read the full story: https://bit.ly/3vyp6Pc

We're excited for this next chapter and can't wait to continue serving you alongside Stambaugh Ness!

02/29/2024

Contract modifications are a common yet intricate part of government contracting. Changes in terms like scope, pricing, or duration can significantly impact accounting practices. These modifications can arise from various factors, including project scope changes or new government regulations.

The challenge lies in effectively integrating these changes into your financial reporting, ensuring that every alteration reflects accurately in compliance with GAAP, CAS, and FAR. Such modifications can lead to a domino effect, altering cost estimates, shifting indirect cost allocations, and revising revenue recognition.

The key is to approach these modifications with a clear understanding of their broader implications, ensuring that every change is mirrored precisely in your financial statements.
Take a look to see how we can help: https://bit.ly/4b2Rmtj










02/28/2024

Mastering the management of indirect cost pools in government contracting is key to your business's success. This involves not just setting up pools and allocation bases but also ensuring ongoing compliance with Cost Accounting Standards (CAS).

How to achieve this? Start with thorough documentation. Keep detailed records of all costs, including why and how they are categorized and allocated. This is crucial for audits and justifying your methodology. Implementing advanced accounting systems can provide the necessary tracking and reporting capabilities.

Donโ€™t forget the power of expertise - consulting with government contract accounting experts can offer invaluable insights and ensure youโ€™re on the right track. Regular reviews and adjustments of your cost pools and bases are also necessary to stay aligned with your changing business operations.

Embracing these best practices can help you navigate the complexities of indirect cost allocation, ensuring fairness, accuracy, and compliance. Read more here: https://bit.ly/3vHZb7J










02/27/2024

Identifying and allocating indirect costs in government contracting is a nuanced process. First, it's about distinguishing which expenses are indirect and grouping them into pools like facilities or administration.

But the real challenge? Allocating these costs to individual contracts fairly and consistently.

This involves selecting an appropriate allocation base that logically connects to the costs in the pool, such as direct labor hours or machine hours.

Achieving consistency in this allocation is critical and requires a strategic approach. Failing to do so can lead to inaccuracies in cost reporting and affect your profitability and compliance.

Itโ€™s a meticulous process but essential for ensuring that every project bears its fair share of indirect costs. Download our free Chart of Accounts tool to help you stay organized: https://bit.ly/3Smx7iS










02/26/2024

Navigating the realm of government contract accounting brings us to a crucial aspect: Managing Indirect Cost Pools.

What are these? They're groups of expenses that, unlike direct costs, can't be tied to a specific contract but are essential for the overall functioning of a company. Think of things like general administration, facilities maintenance, or employee benefits.

Setting up and managing these pools as per Cost Accounting Standards (CAS) is a complex task, requiring a deep dive into cost accounting principles. It's about ensuring that these indirect costs are allocated across contracts in a manner thatโ€™s fair, reasonable, and compliant.

This process is not just about compliance but also about maintaining the financial health and competitiveness of your business. Take a look at our resource page on Cost Pools here: https://bit.ly/3HoN4Pj












02/23/2024

Successful rate justification in government contracting is built on a foundation of strong practices and preparation. A robust cost accounting system is your first ally, accurately capturing and categorizing all costs and supporting the development of reasonable indirect rates.

Donโ€™t forget to regularly review and update your rates to reflect any business changes. In this complex landscape, expert advice can be a game-changer. Consulting with specialists in government contract accounting can provide invaluable insights, especially for complex rate structures.

And when audit and negotiation times come, being fully prepared with all your documentation and a deep understanding of your rate structure's rationale is crucial. By combining accurate accounting, continuous updates, expert insights, and thorough preparation, contractors can navigate rate justification and negotiation confidently, paving the way for successful and sustainable contracting relationships. Contact us today! https://bit.ly/49haHWU










02/23/2024

Mastering the management of indirect cost pools in government contracting is key to your business's success. This involves not just setting up pools and allocation bases but also ensuring ongoing compliance with Cost Accounting Standards (CAS).

How to achieve this? Start with thorough documentation. Keep detailed records of all costs, including why and how they are categorized and allocated.

This is crucial for audits and justifying your methodology. Implementing advanced accounting systems can provide the necessary tracking and reporting capabilities.

Donโ€™t forget the power of expertise - consulting with government contract accounting experts can offer invaluable insights and ensure youโ€™re on the right track. Contact us: https://bit.ly/49haHWU

Regular reviews and adjustments of your cost pools and bases are also necessary to stay aligned with your changing business operations. Embracing these best practices can help you navigate the complexities of indirect cost allocation, ensuring fairness, accuracy, and compliance.










02/22/2024

When it comes to government contracting, justifying and negotiating indirect rates is a complex dance. The challenge? You must provide comprehensive documentation and a solid rationale for your proposed rates. This means having detailed records of how costs are accumulated and allocated. But there's more to it than just defending your numbers; negotiation skills are key.

Youโ€™ll need to articulate and defend your cost practices effectively in the face of scrutiny from government agencies. Being prepared to respond to intense scrutiny and justify your methodologies is crucial.

This phase of contract negotiation requires a blend of precise accounting, clear communication, and strategic negotiation skills to ensure your rates are accepted and profitable. Contact us for more information: https://bit.ly/49haHWU










02/22/2024

Identifying and allocating indirect costs in government contracting is a nuanced process.

First, it's about distinguishing which expenses are indirect and grouping them into pools like facilities or administration.

But the real challenge? Allocating these costs to individual contracts fairly and consistently. This involves selecting an appropriate allocation base that logically connects to the costs in the pool, such as direct labor hours or machine hours.

Achieving consistency in this allocation is critical and requires a strategic approach. Failing to do so can lead to inaccuracies in cost reporting and affect your profitability and compliance.

Itโ€™s a meticulous process but essential for ensuring that every project bears its fair share of indirect costs. Read more about indirect costs here: https://bit.ly/3QgUUOZ










02/21/2024

In government contracting, mastering the art of indirect rate justification is crucial. But what exactly are indirect rates? They are percentages applied to direct costs, allowing contractors to recover expenses like overhead and administration.

The first step is calculating these rates accurately, which requires a clear distinction between direct and indirect costs. However, it's not just about crunching numbers; these rates must comply with stringent regulations like FAR and CAS.

Understanding these regulations is essential to ensure that your indirect rates are not only competitive but legally sound. Accurate indirect rate calculation is more than a financial exercise; it's a compliance imperative in government contracting. Our resources page has more: https://bit.ly/3QgUUOZ










02/21/2024

Navigating the realm of government contract accounting brings us to a crucial aspect: Managing Indirect Cost Pools.

What are these? They're groups of expenses that, unlike direct costs, can't be tied to a specific contract but are essential for the overall functioning of a company. Think of things like general administration, facilities maintenance, or employee benefits.

Setting up and managing these pools as per Cost Accounting Standards (CAS) is a complex task, requiring a deep dive into cost accounting principles. It's about ensuring that these indirect costs are allocated across contracts in a manner thatโ€™s fair, reasonable, and compliant.

This process is not just about compliance but also about maintaining the financial health and competitiveness of your business. Learn more about Cost Pools in our Resources section here: https://bit.ly/3U318Wb










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