General Questions
Is Bay Business Group a local DC accounting firm or a national provider?
Bay Business Group is based in the Washington, DC area and serves clients both locally and nationwide. Our proximity allows us to understand regional compliance, while our technology and team structure support remote organizations.
What does a fractional CFO actually do?
A fractional CFO provides high-level financial leadership without the cost of a full-time executive. This includes budgeting, forecasting, cash flow management, strategic planning, and decision support tailored to your business goals.
Is outsourced accounting better than hiring in-house?
For many organizations, outsourced accounting offers greater expertise, scalability, and reliability than a single in-house hire – without the overhead and risk of turnover.
What is the difference between tax planning and tax preparation?
Tax planning is a proactive, year-round process focused on minimizing future tax liability, while tax preparation involves filing returns based on past activity.
What is the role of a fractional controller?
A fractional controller oversees financial reporting, internal controls, month-end close, and accounting processes to ensure accuracy, compliance, and consistency.
DCAA FAQs
Do small businesses need DCAA accounting services to win federal contracts?
Yes, small businesses seeking federal contracts, especially cost-reimbursable ones, benefit from DCAA accounting services. Compliance ensures eligibility, minimizes risk of payment delays, and builds trust with government agencies.
What should I look for when choosing a DCAA accounting service provider?
Look for providers specializing in DCAA requirements, with a proven compliance track record, strong technology expertise, responsive service, and the ability to tailor solutions to your business’s size and needs.
How can professional DCAA accounting support benefit my business?
Professional support reduces the risk of audit penalties, streamlines accounting processes, improves decision-making with real-time cost data, and enhances your reputation with federal agencies. It also frees up management to focus on business growth and strategic opportunities.
How do DCAA accounting services help prepare for audits?
DCAA accounting services offer audit readiness training, mock audits, and ongoing compliance monitoring. They help align your systems and documentation with current regulations so you’re well-prepared for DCAA audits and floor checks, reducing the fear of unexpected findings.
What are the key requirements for achieving DCAA compliance?
To achieve DCAA compliance, contractors must maintain an adequate accounting system, implement written policies and procedures, ensure timely and detailed recordkeeping, and establish robust internal controls. Meeting these standards helps minimize audit risks and enhances business credibility.
What are DCAA accounting services, and why are they important for government contractors?
DCAA accounting services specialize in helping businesses meet Defense Contract Audit Agency (DCAA) compliance requirements. They ensure accurate financial systems, proper cost allocation, and transparent recordkeeping—all of which are essential for securing and maintaining government contracts.
Law Firm FAQs
How do your fees work?
Most law firms prefer a flat monthly package based on size and scope, so your costs are predictable. Separate project pricing is available for one-time cleanup, system implementations, or specialized advisory work.
Do you work with firms outside our area?
Yes. Law firm accounting is well-suited to virtual delivery using secure, cloud-based tools. Regular check-ins and shared dashboards keep you connected without the need for in person meetings.
What if our books or trust accounts are behind?
Cleanup and catch-up work is common, including fixing trust activity, recreating missing data, and bringing reconciliations up to date. Once things are current, ongoing monthly support keeps you from falling behind again.
Can you help with billing and collections?
Yes. We can work with you to get clients billed timely and improve cash flow. Many law firms ask for help aligning billing workflows with their accounting, including retainers, payment plans, and online payments.
How will better accounting help my firm?
Up-to-date numbers show where profit is coming from, which matters are dragging, and where cash collections are lagging. Clear reports give you the confidence to hire, invest in marketing, or adjust pricing with less guesswork.
What services do you offer law firms?
Monthly bookkeeping, trust accounting, and financial reporting along with invoicing, bill pay, and payroll processing. Advisory support around cash flow forecasting, partner compensation, and key performance metrics so you can make informed decisions.
What systems do you support?
Common platforms include Clio, MyCase, and similar practice management systems, integrated with QuickBooks Online. Support usually covers setup, cleanup, and workflows so time entries, billing, and accounting all tie together between the financials and the practice management system.
Can you handle our trust/IOLTA accounting?
Yes. Services typically include recording client retainers, tracking client balances, and performing monthly three-way trust reconciliations.
How is law firm accounting different from regular bookkeeping?
Law firms must follow specific trust (IOLTA) rules and ethics requirements that general small-business accounting overlooks. Revenue, retainers, and client costs must be diligently tracked for profitability and compliance purposes.
Who do you work best with?
Small to midsize law firms that want consistent, accurate books and clear financial visibility. Firms that are ready to delegate invoicing, bookkeeping, trust accounting, and reporting so the partners can focus on clients and growth.
Non-Profit FAQs
Do you work with nonprofits outside our local area?
Yes. Our work is designed to be virtual-first, using secure cloud accounting systems and shared document tools. We schedule regular check-ins and provide recurring financial packages so leadership and board members can stay in the loop from anywhere.
How do your fees work?
Most nonprofits prefer a fixed monthly fee based on budget size, transaction volume, and the level of support needed. Separate pricing is available for one-time projects such as historical cleanup, system implementations, or intensive budgeting engagements.
What does onboarding look like?
Onboarding usually starts with a discovery meeting to understand your programs, funding sources, and current systems. We review your existing books and reports, identify cleanup or redesign needs, and then agree on a monthly process, deliverables, and timelines.
How do you support compliance and internal controls?
We help design simple, practical internal controls around cash receipts, disbursements, approvals, and segregation of duties appropriate for your size. Our processes and documentation support compliance and give leadership and funders more confidence in your financial systems.
Do you assist with audits and Form 990?
We do not act as your auditor, but we help you get ready: preparing schedules, supporting documentation, and answering auditor questions about the books. Yes – we can file your form 990.
Do you help with budgets and forecasts?
Yes. We work with staff and leadership to build annual budgets by program, fund, or department. We can also create rolling forecasts and cash flow projections to help you plan hiring, programs, and reserves with fewer surprises.
What software and systems do you work with?
Common accounting platforms include QuickBooks Online and other cloud systems used widely in the nonprofit sector, like Sage Intacct. We can also collaborate with your donor CRM, payroll systems, and grant management tools to streamline data flow and reduce manual work.
Can you work with our board and finance committee?
Yes. Many engagements include preparing board-ready financials and presenting them at regular meetings. We help interpret the numbers, explain variances in plain language, and support board members in understanding the organization’s financial health.
Do you support grant and restricted fund tracking?
Yes. We help design and maintain systems that track grant budgets, expenses, and remaining balances by funder and program. You receive reports that align with grant agreements and make it easier to complete interim and final funder reports.
Can you help us set up or clean up our books?
Yes. Many nonprofits come with legacy charts of accounts, partial grant tracking, or years of catch-up work. Cleanup typically includes reorganizing the chart of accounts, aligning funds and programs, fixing prior-period entries, and reconciling bank, credit card, and payroll activity.
What types of services do you provide to nonprofits?
We help with the financial reporting and planning – monthly bookkeeping, board reporting, and forecasting and budgeting. These services include fractional CFO and fractional controller support. We also help with the financial operations for nonprofits – invoicing, bill pay, and payroll processing.
How is nonprofit accounting different from regular small-business accounting?
Nonprofits often must track how money comes into an organization and how it is spent for grant reporting and restricted funds tracking, along with regulatory reporting. Reporting to boards, funders, and regulators is required even at a small scale creating a need for accounting sophistication that is well beyond that of a similarly sized corporation or business.