Standard form 1408 pdf

Exclusion of unallowable costs. The last question on the SF asks if the accounting system is fully operational. If it is, the auditor will check whether it's acceptable for an award of a contract.

There are several common mistakes that contractors make that disqualify them from being awarded prospective contracts.

Standard Form has at least two items that directly address the contractor's procedures regarding the allocation of labor. When contractors fail to record all hours worked, this can actually lead to a contractor overcharging the government by charging the full salary for a period for an exempt worker across fewer hours. In an attempt to keep this from happening, government entities prefer not to work with contractors who do not have a system in place that properly identifies uncompensated overtime hours for exempt employees.

If there are changes to the assignment of labor costs, this can deter a government entity from wanting to work with a contractor. All contractors should make sure their labor distribution documentation is being traced back to the actual timesheets that have been signed by their employees; this applies whether it be an electronic signature or a pen-and-paper signature. To learn more about SF and being compliant with your government contracts, review our demos.

Read the Blog. Do you have the systems in place to identify and record 'unrecoverable' costs in a segregated way so that they do not become co-mingled with allowable costs that can be recovered? You can't let your guard down when it comes to cybersecurity.

Cyberattacks take place every eleven seconds on average, so you need to be sure your software works around the clock to stay secure. We are focused on delivering reliable cost accounting, timekeeping and expense reporting solutions to labor-intensive federal government contractors and not-for-profit organizations in search of fully compliant, standards-based, project accounting software. Contact Subscribe to our Blog.

A Quick Tutorial of the SF We ensure your financial and procurement processes are compliant, efficient and effective - so you can focus on what matters most, profitable growth. Accounting system review or SF pre-award survey — What is the difference? During this past quarter of relentless proposal writing, our clients frequently asked for assistance with approving their accounting system for federal government work under cost-reimbursable contracts.

Prime contractors may also request the same from their subcontractors to meet their subcontract monitoring requirement. Sometimes RFPs are not clear on what the government wants. Understanding RFP requirements and draft-contract clauses are tantamount to enabling a successful proposal submission. In many instances, primes may ask for a higher-level assertion of the accounting system, then the contemplated contract requires. Understanding these requirements is extremely important in negotiating contract requirements with prime contractors.

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