2013 KIEC - Small Business Accounting for SBIR/STTR Award Recipients

GLI High Impact Company – 2013

Inc.Credible Award Winner – 2008 Winner – 2013

Business of the Year – 2005

Entrepreneur of the Year – 2000

BUDGET Who We Are

 Start with the basics  Use conservative assumptions  Solicit feedback from trusted advisors  Don’t forget the balance sheet  Direct versus Indirect Costs  Management of Subcontracts

BUDGET MGMT How We Help

 Consider Accounting Platform 

QuickBooks – rudimentary



MAS 90 – comprehensive, but pricey



Local or cloud

 Build Internal Controls 

Separation/Segregation of duties



Process documentation



Redundancy

REPORTING How We Help

 Designing the Chart of Accounts 

Track by Grant / Department / Program



Budget versus Actual



Reforecast, the new Budget

 Financial Statement Layout 

Variance reporting



Common sizing (%)



Accurate and timely

SAMPLE REPORT How We Help

PROGRAM A

Grant 1 Grant 2

TOTALS Act Bud Var

GRANT 1 Act Bud Var

GRANT 2 Act Bud Var

22,000 50,000 28,000 22,000 50,000 28,000 6,000 25,000 19,000

6,000 25,000 19,000

Matching Funds 12,000 15,000 3,000 Program Cost Administrative

MATCHING FUNDS Act Bud Var

12,000 15,000 3,000

40,000 90,000 50,000 20,000 45,000 25,000 6,000 25,000 19,000 12,000 15,000 3,000 2,000 5,000 3,000 2,000 5,000 3,000

0

0

0

0

0

0

AUDIT How We Help

 Know the Requirements and Cost 

Federal funds > $500,000?



Shop for the right CPA partner

 Know Your PBCs 

GL reports by grant/source



Timely payments; match to grant draws

OPTIONS How We Help

- DIY ($$$$$) Low cost; high effective cost

- DIY + CPA / Bookkeeper ($$$$$) Moderate cost; sacrifice controls

- Hire Employee ($$$$$) High cost; inefficient

- Outsource ($$$$$) Pay for what you use; controls Platform included

Q&A How We Help

Chuck.Woods@OPMfinancial.com Rebecca.Daigrepont@OPMfinancial.com (502) 893-3055