We know accounting, but we are more than your everyday accountants. The McKelvey Group has extensive experience with both Federal and Commercial accounting requirements. We know the Generally Accepted Accounting Principles (GAAP), Federal Acquisition Regulations (FAR), Debits, Credits, Accruals, and all of the other components of accounting.
But, so do most other accountants. What makes us different is our approach. EVERYTHING we do is based on providing INFORMATION back to management.
Our team is focused on not only getting the details right, but also ensuring that managers have the information necessary to evaluate performance and make critical decisions with confidence.
How do we do this? We are not just “bookkeepers” or “accountants”. We don’t just process transactions. We don’t just provide system-generated reports. We are a cross-functional team of accountant, finance, AND operations personnel. Our real-world experience as staff accountants, controllers, finance directors, Chief Financial Officers (CFOs), and Chief Operating Officers (COOs) in companies similar to yours guides the way we approach corporate finance.
Every supervisor, business manager, program manager, division head, and executive must have historical and projected financial data which is accurate and timely in order to operate in their roles efficiently. Finance and Accounting cannot be just a department. Finance and accounting has to be a conduit of information to the company.
Finance & Accounting (F & A) Support
Most managers in small and mid-sized companies struggle with spending too much time on accounting administration and not enough on growing their business. It doesn’t matter if you are a Federal Contractor, Commercial Business, or a Nonprofit Organization, the previous statement is true. Our team has helped businesses of all sizes and in various industries with their accounting operations. We offer tailored solutions that range from basic advisory services on how to streamline your finance and accounting processes to fully outsourcing these functions. Our expertise includes accounts payable and receivable, invoicing, reconciliations, cash flow forecasting, budget development, financial reporting and analysis, and maintenance of external ledgers such as fixed asset registers and prepaid schedules.
Our team approach eliminates the potential for a single-point of failure. All clients have a primary F&A lead based on the scope of work. That lead will always have at least one fully-trained backup resource as well as reach-back access to all TMG F&A personnel.
Whether you have an existing bookkeeper and are simply seeking an external assessment of your financials, or you are looking to outsource part or all of your accounting operations, our team of experts can help get your books closed more efficiently and effectively while ensuring compliance with GAAP and all other regulatory requirements.
Do you want:
- To close your books more quickly each month?
- Invoices to go out sooner?
- Improved executive and managerial reporting?
- Cash and operational forecasting?
- Someone to negotiate better terms on financial arrangements?
- Your controller mentored and trained to become your future CFO?
Our team of experienced consultants includes former CFOs and Controllers who have managed accounting teams of one to hundreds supporting organizations with annual revenue of between $1M and $500M. These consultants can support your organization as an interim Chief Financial Officer. As either a part-time or project-based resource, a CFO can help guide your accounting team to improve operations through best-practices, formal documentation, and systematic process improvement.
Our consultants can fill the gap in your Finance & Accounting department until your organization grows to the point where a full-time hire makes the most economic and managerial sense – all the while improving your cash flow and profitability.
GovAcct – Outsourced Accounting System
For small Government contractors, spending the time and money on building a fully-compliant Accounting System is usually a low priority. Unfortunately, ALL contractors are required to have a fully-compliant system as soon as they have their first award. This is a certification every contractor makes in every proposal they respond to, and every invoice they submit. And at some point in their operations, the Government asks the contractor to prove it via an audit. An audit can be initiated at any time, with little notice. No accounting system can be made compliant after an audit is initiated. So every contractor must be proactive.
But once again, the cost in dollars, time, and personnel can be daunting for small contractors. TMG has the solution.
TMG has developed a fully-outsourced and fully-complaint Federal accounting system package, called GovAcct. Any Government contractor can purchase this service and be fully-compliant within 30 days. Managers can then keep their focus entirely set on contract acquisition and operations. And when a contractor grows large enough to bring this solution in house, all documentation, transactions, systems, and historical compliance will be transferred.
Federal Government Accounting Compliance
Accounting in Government contracting has strict regulations that far exceed those of GAAP. Government contractors need to have rigid policies and procedures in place to ensure FAR, Defense Contract Audit Agency (DCAA,), and Cost Accounting Standards (CAS) compliance. Without an adequate accounting system, a business severely limits its opportunities and it risks receiving poor performance reviews, rejected invoices, Government claims, contract terminations, or even fraud charges. In addition, contractors without adequate accounting systems risk a lack of access to win new work, key proposal teams, as well as limitating the procurement they can pursue.
Our team has years of Federal government contractor accounting experience. Whether your company needs a review of your existing processes to ensure accuracy and compliance with the FAR and CAS, or you need to completely restructure your accounting system in preparation for a DCAA audit, our team can help. In addition to our general accounting support, our services for government contractors include chart of accounts development to ensure proper segregation of direct from indirect costs, labor distributions, indirect rate calculations, job costing, provisional rate development, incurred cost submissions, policies and procedures manuals, and mock audits. We offer customized solutions to meet your company’s needs so that you can focus on optimizing performance on your existing contracts and winning new bids.
Government Accounting Services:
- Compliant Accounting System Setup
- Accounting System Mock Audits
- Fully-outsourced Complaint Accounting System operations (See GovAcct above)
- Outsourced Accounting Personnel
- Incurred Cost Submissions (ICE)
- Forward Pricing Rate (FPR) and Negotiated Indirect Cost Rate Agreement (NICRA) Proposals
- Provisional Billing Rate Submissions
- DCAA and Other Auditor Support Services for Business Systems Audits