Federal Acquisition Regulation (FAR) & Cost Accounting Standards (CAS) Rules Of The Game And Developing Your Game Plan
“SMALLTOFEDS” By Ken Larson
“Small businesses consistently encounter The Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS) requirements upon entering or growing into federal government contracting.
A basic understanding of FAR and CAS is necessary to manage government contracts as well as design business process approaches to meet the requirements.”
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“The purpose of these standards is to supply uniform regulatory guidance to all companies doing business with the government and to the agencies that buy from them. The FAR applies to the full acquisition cycle for all supplies and services the federal agencies buy.
The CAS apply to consistency in estimating, pricing, job cost accounting, billing and closeout of financial date under the contracts for supplies and services regulated by the FAR.
FAR and CAS are not “Rocket Science” but they are different than the commercial business sector.
While assessing the impact of FAR and CAS on your company educate yourself on that what directly affects your company first in making the transition to federal government contracting and growing into the field.
Carefully maximize your existing business processes and systems first before making changes and do not jump to instant fixes with exotic software tools a supplier or consultant has told you will make you compliant or competitive overnight in government contracting.
FAR and CAS are generally logical bodies of regulation that have come about due to the need to control and make consistent the government and industry approaches to meeting prudent and sound contracting objectives with the necessary transparency to govern.
FAR and CAS do not impose business systems. They do require that you disclose the way you meet regulatory requirements in the way you operate with your processes and tools. Plan the approach and learn to convey it to auditors, contracting officers and industry partners.
Grow into the business by exploring the venue and having it grow into you.”
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