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StreetShares Blog - The Resource Center for Veteran Small Businesses

StreetShares Blog

The Resource Center for Veteran Small Businesses

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Selecting an Accounting System for Government Contractors
| StreetShares Blog

By StreetShares on March 14, 2017

This blog post was originally published on the E. Cohen and Company, CPAs blog.

One question that we frequently receive from companies operating in the government contracting arena is what accounting system do we recommend? The accounting and finance function can provide strategic value and help a government contracting company grow and stay organized to get contract financing. It should also be efficient and allow for timely reporting to management and other stakeholders.

In addition, government contractors are subject to many regulations and reporting requirements that create a need for accurate and specialized financial reporting, as well as appropriate accounting policies. The accounting software your company uses is part of the foundation of a strategic, effective and efficient accounting and finance function, which makes selecting an accounting system a very important decision.

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Spotlight Veteran Business: Q&A with Government Contractor Terra Ferma
| StreetShares Blog

One of our long-time government contracting customers has seen a lot of changes since he won the Commander’s Call Award, now renamed the Veteran Small Business Award, back in 2015. Military service teaches many life lessons, including the value of taking the initiative: when you see a problem, you seek to solve it. Dennis Roark, Army Space Command veteran and President of Terra Ferma, took this approach several times throughout his career and entrepreneurial business ventures. With a broad background in telecommunications, he saw that his customers needed better, cost-effective power systems in place as well. We had the chance to catch up with Dennis and learn about his accomplishments in the energy industry and government contracting space.

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Government Contracts & Contract Financing Landscape for Veterans
| StreetShares Blog

As the world’s largest customer, the U.S. federal government represents an incredible business opportunity for veteran small business owners. And recent signs point to this opportunity only increasing for 2017 and beyond.

Generally speaking, for everything from defense to healthcare, the government constantly needs all manner of products and services. Veteran small business owners serving this area have always been a natural fit given that veterans once worked for the federal government in defense.

Naturally, this means veterans have acquired valuable contacts, skills, and know-how regarding the needs of this huge customer. Veteran contractors find themselves involved in everything from providing essential cyber security work for the Department of Defense to selling medical devices to the Department of Veterans Affairs.

It is crucial that veteran small business owners understand the large-scale opportunity that exists, the resources at their disposal, and then some fundamentals on contract financing options. Regarding the latter, this type of funding option is one they may not have heard before or be familiar with. 

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