Welcome to the WiJiT inaugural issue of our quarterly newsletter.
We are excited to launch this newsletter which we hope will inform and educate you about our recent blog postings, GovCon accounting news and information, tips of the trade, and news about our staff.
The two hottest topics in the GovCon market today are contractors addressing the Cybersecurity Maturity Model Certification (CMMC) requirements and the challenges many of us are facing with a remote workforce.
We have included an article from National Defense, “Addressing Solicitation, Contract Performance after CMMC” which discusses scenarios a company may encounter after going through the CMMC program certification.
The Accounting Today article, “HR Copes with Tax Challenges for Remote Work” discusses the tax complexities remote work is producing.
Under our Tips of the Trade section, we have provided some valuable insights into the top financial challenges contractors face as reported in the 12th Annual Deltek Clarity Report.
We welcome all feedback or questions you may have, and topic suggestions for future newsletters.
Karen Louis, CPA, PMP
Managing Member | WJ Technologies
O: 703.885.8158 | M: 571.334.3496
E: karen.louis@wjtechnologies.com
BLOG FEATURES
Vital steps for GovCons when changing accounting systems
When changing accounting systems, GovCons have a lot to consider. Learn how to plan and implement a new system while remaining compliant with government regulatory requirements.
The 7 essential elements of implementing a new ERP System
GovCons need an Enterprise Resource Planning System (ERP) like Costpoint, Unanet, and Jamis so that they have the business and accounting processes they need to satisfy the DCAA’s requirements. We’ve broken down the implementation process into seven key areas.
What are Workarounds Costing You?
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. Learn how we can help.
INDUSTRY TRENDS
At WiJiT we talk a lot about why it’s important to have a solid accounting system that’s designed for project-based businesses, ideally for government contractors. The new Clarity report from Deltek provides a wealth of information – but two statistics really jump out on this topic.
The first is that profitability is down; and the second is that overhead rates are going up. Some of that may be due to spend around COVID and work from home changes but it is worth exploring in your own company, and our gentle nudge for our clients and connections to move to solid accounting solutions that allow them to see detail on programs feels like very good advice.
If you can’t see down to small levels of employee utilization and cost, then you really don’t know how much you can spend on overhead or how to properly price work to be profitable. It’s critical to just know, without doubt, what your numbers are.
Enjoy the Clarity report at www.deltek.com
From the recent Clarity Report, respondents said the top three financial challenges are:
1. Increasing profitability
2. Organic topline growth
3. Having more predictable financial performance
ON THE WIRE
HR Copes with Tax Challenges of Remote Work
“The work-from-home environment is producing tax complexities for companies and their human resources departments.”
Addressing Solicitation, Contract Performance After CMMC
“The expert panel agreed that in order for contractors to maintain their cybersecurity, they need to address new and emerging threats.”
Ransomware attacks underscore that cybersecurity is a business issue, not an IT issue
“In addition to the financial impacts of their ransom demands, these attacks can also impact safety or operations for the targeted company and beyond.”
MEET OUR TEAM
Sue Contostavlos
Business Development/Account Management
This past year has been an interesting one for those in sales and marketing. Sue Contostavlos, Sales Executive for WJ Technologies, found that relying on existing customer relationships and strategic marketing for new business development has been key to many of the industry’s success stories during this pandemic.
Sue’s experience makes her uniquely positioned to understand the Government Contracting market and how WJ Technologies can help their customers grow and succeed. During this past year, the WJ team’s focus shifted from networking and events to creating quality content that is relevant, solves problems, and offers tips and insights.
“We’re all looking forward to a return to normal – but I wonder if we’re forever changed in some ways, like travel for events and business, networking and face-to-face client care. Time will tell.”
Outside of work, Sue loves spending time with her family, practicing yoga and cheering on her home-town Boston sports teams.
CLIENT SUCCESS STORY
Accounting Services and Support Success: ERP International
The experts at WJ Technologies provide solutions for growing GovCons like ERP International, LLC (ERP) to ensure their rate structures are meeting their needs. Are you reconciling your indirect expenses correctly? See how WJT can help.
“We’re in a highly regulatory industry, which requires a lot of reporting. When you’re a small company growing rapidly like we are, you need people who can turn on a moment’s notice. The WJT team is great about that.”
– Melvin Petty, CPA, CSM; CEO and Managing Partner of ERP International
Stay Tuned for the Upcoming Release of the 2021 Gauge Report
The 2021 GAUGE Report will focus on financial and government contract data in five major categories – Government Contract Compliance, Accounting, Utilization, Growth, and Efficiencies.
Stay connected with WJT for updates and announcements regarding the release of the 2021 Gauge Report!
Connect With Us
WJ Technologies LLC was founded in 2007 by CohnReznick to provide accounting system solutions and services exclusively for government contractors. The experts at WJ Technologies provide clients a one-stop shop for accounting solutions, software solutions, product training and government compliance needs. Recognitions include Project Excellence and Premier Partner of the Year awards from Deltek and the Unanet Partner of the Year for 2017 and 2019.
The company is headquartered in Herndon, Va.
To learn more, visit https://wjtechnologies.com/
