SDVOB Part 2 - Left Brain: Right Results!
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Learn more about budgets, calculating and applying provisional billing rates and the ultimate year-end reconciliation. I’ll show you how to avoid the common mistakes with best practices you can apply to your business immediately. Then, we’ll explore real ways you can plan for success with accurate and timely budgets with consistent monitoring of rates.
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SDVOB Part 2 - Left Brain: Right Results!
- 1. Part 2: Left Brain: Right Results! Elite SDOVB Conference 2015
- 3. Safety Check FAR update – increased acquisition thresholds effective October 1, 2015
- 4. Success Blocks Budget & Reporting Provisional Billing Rates Incurred Cost Proposal
- 5. Poll How many business owners in attendance? Business size less than $10M? Business size less than $20M? Business size less than $50M? How many of you prepare budgets annually? How many of you prepare budgets for a 3- or 5- year period?
- 6. Budget & Reporting You need a budget! Annual With projections Adjust baseline for significant change Regular reporting and reconciliation
- 7. Budget & Reporting What’s your method? Start with last year actuals Bottom-up Top-down
- 8. Budget & Reporting Common mistakes Starting late Not adjusting for significant changes Not updating provisional billing rates
- 9. Budget & Reporting Best practices Starting early Monthly review of budget to actual Quarterly review of rates Get management in a room
- 10. Sample Budget
- 11. Poll How many of you have few or no billing issues? How many of you believe your provisional billing rates are accurate? How many of you implement new rates in a timely manner?
- 12. Provisional Billing Rates Common mistakes Late approval Late implementation Over- and Under-Billing
- 13. Provisional Billing Rates Best practices Get approval as soon as budget complete Implement rates Jan 1 or other relevant date Work to minimize billing variance
- 14. Rate Calculator
- 15. Poll How many of you have contract requirements to submit the Incurred Cost Proposal? How many complete it voluntarily? How many complete and submit on-time?
- 16. Incurred Cost Proposal Start with the end in mind ICP Model Adequacy Checklist
- 17. Incurred Cost Proposal Common mistakes Starting late Manual data entry One person
- 18. Incurred Cost Proposal Best practices Complete even if not required Start at year-end – don’t’ wait! Populate data in your system This is a team effort!
- 19. Planning for Success Prepare budgets in a timely manner Implement and review rates on a regular basis Complete ICP before next round of budgets
- 21. Questions?
- 22. Thank you! Robert E. Jones Robert@leftbrainpro.com (614) 556-4415
Notas do Editor
- This morning we talked about the building blocks of accounting systems and what DCAA approval really means. This afternoon, we are going to talk about using that system to get the right results.
- Threshold changes. Insert link from WC.
- If you were going to med school and someone said, “I can give you a copy of the final exam right now.” Would you take it? Imagine having 4 years to study the questions and answers. The ICP is no different! You have the test and the adequacy checklist at your disposal.
- How many people start the ICP in June? How
- ICP is an excellent reconciliation tool. A great way to test your system. Do it while the data is fresh – not 5 or 6 months later. The longer you wait, the harder it is to resolve errors. Capture as much data in your system as possible to maximize automation, matching, and reconciliation. ICP involves downloading lots of data, reconciling the data, and manually entering additional data. Automate as much as possible. ICP involves contracts and accounting. You are reconciling contract info and accounting records.