Prepare for 8a Certification in 2013
The advent of the New Year signals it is time to start preparing your business for SBA 8(a) certification if increasing revenue via federal contracting is your resolution for 2013.
Most 8(a) firms receive the bulk of their 8(a) revenue during the federal government’s annual year-end spending spree which typically begins around May 1 and ends around August 30 each year.
(September, the last month of the federal fiscal year, is typically reserved for paperwork—contract dollars are usually obligated already by August 30th.)
Attaining 8(a) certification is usually a multiple month-long process, so if earning revenue from the government’s pool of year-end money is your aim, it is time to get your company’s paperwork in order for 8(a) certification today.
Here are a few steps you can take now to maximize your chances of being 8(a) certified on or before May 1, 2013:
1. Refresh your company documents for the year 2013 including copies of lease agreements, Certificates of Good Standing/Certificates of Existence, financial statements, etc.
2. Upgrade your accounting system to QuickBooks, FreshBooks, or similar if you currently calculate your company financials by hand—these programs will save you time and generate documents in industry-standard formats the SBA will accept.
3. Document all loans and notes payable so that all financial transactions possess a paper trail.
4. If you want to change your company’s structure, do it now rather than waiting until after 8(a) certification has already been awarded.
5. Find your company formation documents plus your company tax records going back 3 years so you have copies ready to give to the SBA for review.
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