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Small Business Rules for Federal Contracts

by jordan12, Window Shopper

  • Created: September 30, 2010, 11:07 am
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5 comments

Hi, my small company was just awarded its first federal contract. Are there any rules we need to follow as a small business? I.E.. Accounting and time keeping records.

Tags: Discuss Popular Topics, Government Contracting
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riverasierra | Window Shopper | 9/30/2010 - 4:14 pm

The rules depend on the size and type of contract. This is particularly true as to accounting and timekeeping. Please specify the dollar value of the contract, e.g. Under $100,000 or above $100,000 but below $5 million. I've had both and the differences are significant.José A. Rivera, JDPresident & CEORivera, Sierra & Company, Inc.A Management Consulting Firm
José A. Rivera, JD President & CEO Rivera, Sierra & Company, Inc. jrivera@riverasierra.com

NicoleD | Former Moderator | 9/30/2010 - 11:13 am

Federal contracts contain or reference many provisions unique to the government. These provisions include requirements for changing the scope of work, terminating contracts, making payments; and conducting inspection, testing, and acceptance of delivered goods and services. For details, see the Government Contracting Guide on Business.gov. There are also special employment and labor regulations that apply to existing federal contractors.

jordan12 | Window Shopper | 9/30/2010 - 11:51 am

Show Replied Text…
Federal contracts contain or reference many provisions unique to the government. These provisions include requirements for changing the scope of work, terminating contracts, making payments; and conducting inspection, testing, and acceptance of delivered goods and services. For details, see the Government Contracting Guide on Business.gov. There are also special employment and labor regulations that apply to existing federal contractors.
Thanks Nicole! I'll check those links out.

GovContractor | Window Shopper | 10/5/2010 - 12:57 pm

Show Replied Text…
The rules depend on the size and type of contract. This is particularly true as to accounting and timekeeping. Please specify the dollar value of the contract, e.g. Under $100,000 or above $100,000 but below $5 million. I've had both and the differences are significant.José A. Rivera, JDPresident & CEORivera, Sierra & Company, Inc.A Management Consulting Firm
The FAR part 30 defines cost accounting requirements also DCAA's Contract Audit Manual (CAM) is available online.

VP-9903 | Window Shopper | 10/15/2010 - 11:25 am

Here is a great website and the handbook in the left margin is a good starting guide. There is a lot of information and rules and laws governing work with the federal government. Highly recommend you start reading here immediately and read the terms of the contract and know what you need to adhere to. smalltofeds.com/2010/10/managing-risk-in-small-business-federal.html -- edited to remove a commercial hyperlink