Successful FAR Compliance is not so FAR away!

Posted in: Military

Blocks with words in background red block that says rules up frontThe Federal Acquisition Regulation (FAR) is a set of clauses within the Code of Federal Regulations which describe rules for contracting with the federal government. Federal government agencies—as well as government contractors that win a contract, like Mead & Hunt—are regulated by the FAR and must follow its procurement rules and policies.

Essentially, FAR protects federal government agencies from contracting with subpar firms or individuals. Understanding the ramifications these regulations have for our projects and processes is vital to maintaining successful federal contracts. On November 20th-21st, I and several others from Mead & Hunt will present at the Deltek Insight Conference in Orlando to go over ways to successfully comply with FAR on federal projects. We will also present on how our integrated Office Info Center helps our large firm be more cohesive.

For our first session, we will provide an overview of FAR as it affects procedures and audits, especially in the area of expense reporting. In addition, we will describe how we developed Mead & Hunt’s chart of accounts to accommodate FAR regulations and reporting. We will also go over how processes can be improved and simplified, as well as some best practices for reporting and monitoring expenses to comply with FAR. While FAR’s extensive rules and regulations may seem complicated to comply with on the surface, by implementing a few strategies, they can be met without causing undue hassle.

For our second session, we will explain how we were able to implement a User Defined Info Center to track all office locations and their related data. By integrating multiple Info Centers with one singular Office Info Center, we have created a one-stop-shop that removes the need to manually track each office location and its related obligations. This serves to connect our large and growing firm and saves us valuable time and energy.

If you’ll be at the Deltek Insight Conference and you want to learn more about FAR compliance or our Office Info Center, stop by our sessions.  Hope to see you there!

Kristin Greene

About the Author

Kristin Greene, CPA, is the Controller in Mead & Hunt’s finance department. She is a CPA with a strong background in accounting. Along with managing Financial Statement Audits and supervising internal financial analysis, Kristin manages the operations of A/R, A/P, billing, and accountants. When not at work, Kristin enjoys spending time with family and friends.

Read more posts by Kristin Greene

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