What You Don't Know About Government Contracting

Today we had the privilege of hosting Pete Ragone, an esteemed Audit Director at SC&H Group. Pete has been a vital member of the SC&H team since 2015, bringing with him a wealth of experience in public accounting dating back to 1990.

Throughout his career, Pete has emerged as a leader in financial statement audits, reviews, and compilations for a diverse range of domestic and international organizations. His clientele spans certified small businesses, including those participating in the SBA 8(a) program, as well as middle- and large-market clients across industries such as Government Contracting, Manufacturing, Construction, Technology, Healthcare, and Nonprofit sectors.

Pete’s extensive background includes audit management roles in both “Big 4” firms and regional accounting firms. His expertise encompasses a spectrum of financial areas, including cost accounting, DCAA audit compliance, FAR, CAS, foreign currency translation accounting, fair value accounting, complex revenue recognition issues, and more. He has a remarkable track record of providing clients with valuable insights, from accounting software selection and implementation to general business consulting advice.

📜 Video Chapters 🎥
(00:03) Introduction and background information about Pete Roni and SNH Group.
(00:42) Pete's role as the audit director at SNH Group and the firm's services.
(01:22) Pete's expertise and focus areas within accounting.
(02:01) Overview of SNH Group and its practices.
(03:19) Pete's discussion about SNH Group's values and community involvement.
(12:06) Advice for small businesses in Government Contracting.
(13:10) Discussion on Professional Employer Organizations (PEOs) and outsourcing.
(16:58) Differences between LLCs, partnerships, S corporations, and C corporations.
(17:35) Payroll considerations for government contractors.
(19:20) Importance of understanding state and local tax requirements.
(21:05) Networking and industry-specific organizations for small businesses.
(22:22) Resources such as CAF and AFCEA for small businesses.
(26:26) Setting up accounting systems for government contracting.
(27:30) Overview of accounting software options for government contractors.
(31:12) Examples of unallowable costs in government contracts.
(31:45) Importance of understanding FAR Part 31 unallowable costs.
(33:27) - Discussion about direct costs, indirect costs, and overhead.
(34:37) - Further clarification on Fringe, GNA, and indirect costs.
(35:11) - Introduction to Material Handling and subcontractor handling costs.
(36:23) - Conversation about changes in office space and remote work.
(38:10) - Introduction to wrap rates and their significance.
(38:52) - Explanation of wrap rates and their impact on profitability.
(42:27) - Challenges and considerations when reaching $10-25 million in revenue.
(46:00) - Risks associated with relying solely on 8A contracts for valuation.
(46:33) - Advice on positioning the company for potential acquisitions.
(53:32) - Importance of networking and leveraging resources for business success.
(54:12) - Conclusion of the conversation and gratitude for the opportunity.

🌐 Connect with Mr. Ragone:
Linkedin: https://www.linkedin.com/in/pete-ragone-4124bb3
Website: https://www.schgroup.com/
Twitter: https://twitter.com/SCHGroup
Facebook: https://www.facebook.com/SCandHGroup
Instagram: https://www.instagram.com/sch_group/
📞 Contact number: 800-832-3008

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