The Washington APEX Accelerator, formerly Washington PTAC, helps companies find and successfully achieve contracts for work with the local, state and federal governments. With the help of the APEX Accelerator program, Washington State companies have won millions of dollars in federal, state and local contracts and subcontracts.
TLDR: Small businesses can increase their capacity and competitiveness in bidding on USDOT funded projects by utilizing comprehensive accounting systems like Quickbooks, with free support services and assistance available through the Northwest Small Business Transportation Resource Center and the Port of Seattle. 00:00 📚 Bookkeeping and Quickbooks are important for small businesses to increase capacity and be competitive in bidding on USDOT funded projects, with free support services and assistance available through the Northwest Small Business Transportation Resource Center and the Port of Seattle. 08:36 📊 Carmel Palomino discusses basic financial statements and the importance of comprehensive accounting systems for small businesses, with a focus on Quickbooks and the three basic financial statements. 15:39 📊 The balance sheet, income statement, and statement of cash flow need to tie together and connect back to the cash total in order to show the financial position of the company, and Quickbooks allows for easy customization and tracking of project costs for profitability. 30:47 📊 Accurate numbers in Quickbooks are essential for financial statements, with specific expectations for each grouping of accounts, including tracking separate expense accounts and maintaining a clear separation between personal and business expenses. 40:24 📊 Fixed assets need to be depreciated over time, determine the threshold for capitalizing costs, and understand the impact of capitalizing and expensing on the balance sheet and income statement in bookkeeping/Quickbooks. 53:35 📊 Understanding cash flow and correctly coding transactions in Quickbooks is crucial for monitoring project progress, recognizing earned revenue, and providing financial information to prime vendors. 01:02:54 📊 Adjust overbilled revenue in accrual accounting, recognize impact on indirect cost rate schedule, use financial statements to calculate safe harbor rates and support indirect cost rate schedule. 01:09:47 📝 Integrate your accounting system to meet contract criteria, adjust chart of accounts for allowable expenses, pay yourself a reasonable salary as an S-corp, and utilize resources for accounting education.
In case these agencies cared on compensation it's leadership would have reviewed companies pro formas and inserted escalator clauses into compensation contracts while working to do a hard stop of the continued sell out of the U.S. at a 1999 WTO meeting a long time ago.
