9/9/2021
The Daston Corporation will be hosting a FREE webinar on Tuesday, September 21st at noon. Entitled “Incurred Cost Submissions in Minutes,” this hour-long session will be moderated by Sheila Tomlinson, Daston’s NetSuite Practice Executive with panelists Kevin Birns, Daston’s DCAA Software Subject Matter Expert, and Daniel Kim Managing Director at Chevron & Rockers.
The aim of this FREE webinar is to help government contractors better understand what Incurred Cost Submission (ICS) is; what is contained in these important reports, and how Daston’s on-demand tool can help GovCons generate them quicker and easier.
What is ICS and why is it important for GovCons?
All government contractors with time and materials (T&M) or cost-reimbursable contracts must submit a final ICS to their federal customers between April 1 and September 30 (within six months of the federal fiscal year-end.) The purpose of the ICS is to present final indirect costs and rates to the customer and to determine any over/under billing that may have occurred during that period. The ICS presents an accurate actual cost to compare against provisional billing rates over the fiscal year, and all direct and indirect expenses incurred throughout the year are recorded. These reports are important because actual finalized rates provide an accurate financial picture for the year and can be used for forward pricing and setting the ensuing year’s provisional rates.
ICS schedules cover four major areas:
-
Indirect cost pools and base allocations
-
Contract costs
-
Final indirect costs
-
Payroll reconciliation, accounting changes, and contract close-out information.
Each of these areas will be explored thoroughly during the September 21st webinar.
Why is Daston’s on-demand solution preferable?
Traditionally, ICS reports are generated. Daston, however, offers an on-demand, real-time solution whereby projects are set up with an ICS code and contract information is listed and tracked. Once transactions are charged against projects and cost pools are run, schedules will automatically update. All schedules can be exported to a spreadsheet where any manual adjustments can be made.
How to register?
If you are a Government Contractor who is looking to learn more about ICS and how on-demand reporting can better track your spending and save your enterprise time and money – this is one FREE webinar you will not want to miss!
Register for “Incurred Cost Submissions in Minutes” on Tuesday, September 21st at noon by clicking HERE.