Mastering Contract Management - Leveraging Accounting Practices for Optimal Results
Contracts and Accounting often operate independently within contract management, leading to inefficiencies and labor-intensive data gathering for project reporting, Incurred Cost Submission preparation, and contract closeouts. In this session, we will identify common inefficiencies and discuss streamlined processes to provide accurate data without manual intervention.
We will explore:
The impact of FAR clauses on both Contracts and Accounting
The use and maintenance of contract briefs to keep data current
The effect of new revenue recognition requirements on project reporting
The benefits of using contract budgets for the entire company
The necessary data for preparing accurate Incurred Cost Submissions and ensuring thorough contract closeouts
Through examples of inefficiencies and manual processes, we'll provide recommendations for improvements. We encourage attendees to share their experiences with gaps in their current processes and discuss strategies they have implemented to improve efficiency. This interactive session aims to foster a collaborative environment where you can learn from industry peers and experts.

CPE, CLE