Blog | Insights
September 13, 2018
Preparing for Year-End Will Help Realize Bottom-Line Benefits
Gaithersburg, MD – September 13, 2018 – The McKelvey Group, Inc. (TMG), the premier financial consulting firm for high-growth companies in the DC region, announces that it is advocating for and communicating urgency to clients and those in the GovCon and commercial spaces to take action now and determine a strategic plan to handling their year-end reporting. Specifically, TMG is challenging clients to become ‘unstuck’ from their regular bookkeeping cycles to focus on an increased strategic approach with their bottom-line in mind with the help of an expert outsourced partner.
Year-end reporting may be an immovable contractual requirement; however planning ahead and outsourcing these central accounting functions can bring a number of value-added benefits to organizations of all industries, from the GovCon space to the commercial sector. These include:
– Cost savings and a streamlined process, allowing internal organizational teams to focus on day-to-day operations and the bigger picture of their bottom-line to set themselves up for longer-term success and take lessons learned from the prior year to apply to the future;
– Reduced stress and peace of mind, knowing DCAA Compliance requirements have been met and that responsibility is safely placed in the hands of a seasoned expert; and
– The financial clarity to enable organizations to make the most strategic, informed decisions based on the real-time facts, which comes from advance planning and regular, early delivery of income statements and balance sheets to reveal actual Fringe, Overhead, and General & Administrative (G&A) rates to manage current operations and bid on new contracts. Additionally, contractors should analyze their year-to-date indirect rates to compare them against provisional rates and determine whether they will either have to credit or bill the government for services in a given year.
“This point in the year is the ideal time to plan ahead of year-end filing deadlines and get necessary paperwork and data in order,” said Matt McKelvey, President of TMG. “In doing so, we want to encourage business leaders to ‘get off the treadmill’ and break with the past strategies they’ve used to be open to the prospect of new, results-driven approaches that an outsourced accounting provider can deliver – to bring not just expanded value but the efficiency to allow organizations to keep their focus on growth and what they do best that forms the engine of their businesses themselves.”
For more information about TMG and its outsourced accounting expertise and offerings, please visit https://themckelveygroup.com/finance-accounting/.