WiJiT Blog

The True Cost of Workarounds Spending valuable time performing tasks that an automated system could do can be costly, time consuming, and prone to errors. Workarounds have significant impacts on the quality of both financial and managerial accounting information. Common offline workarounds include: Calculating indirect rates Budgeting Billing Job costing…

When it comes to federal contracts, budgeting and forecasting are two sides of the same coin. Government contractors should forecast expenditures, create a budget, and ultimately execute the project while meeting that budget. The question for many contractors lies in how to do so. Like nearly all things in business…

When it comes to closing the year in your accounting system, it should go without saying that accuracy is everything. Although Government Contractors should target accuracy all year long, at any given time throughout the year, leadership may need a forecast to get a feel for trends and make business…

By failing to prepare, you are preparing to fail. The adage rings as true now as ever, especially for government contractors preparing for an audit. DCAA compliance can make or break a Government Contractor’s success, which makes failing to prepare for your upcoming audit akin to walking into a job…

The words “walk in the park” are not usually closely aligned with DCAA audits. In fact, most government contracting CFOs facing an upcoming audit may want a walk in the park to calm their nerves. DCAA audits do not have to be a source of stress. When armed with crucial…

While DCAA audits can have a CFO shaking in their boots, they don’t have to be the source of endless consternation. However, you should take DCAA Audits seriously because auditors give a grade of pass or fail only with no feedback as to where your company can improve.  While that…

As your company grows and wins more complex government contracts, you want to make sure your accounting software can grow with you. Whether you’ve outgrown your current system, it lacks the functionality to automate your business processes, or you need a system that will track projects and their profitability, it…

With so many rapid changes to every aspect of life and business as a result of the COVID19 pandemic, many companies are unsure how new regulations affect their business. From social distancing requirements and employee absences to accounting practices and small business loans, it’s critical your business stays on top…