Left His Government JOB to Start Accounting Business Army Veteran Daniel Kim

118: Daniel served on active duty Army from 1999 to 2005; mostly at Walter Reed Army Medical Center as a mental health specialist. During that time, his primary duties were to perform psychological tests with soldiers who returned from deployments with heavy injuries and traumatic brain injury. While on active duty, Daniel completed a BA program from the University of Maryland University College. After ETS’ing, Daniel took a job as an auditor at the Defense Contract Audit Agency, better known as DCAA, where he served in multiple roles over 10 years. While at DCAA, Daniel received an MBA from the Smith School of Business at the University of Maryland and became certified as a CPA and CIA (Certified Internal Auditor). He recently left DCAA to start his own CPA firm, Kim & Baum, LLP, with the objective of providing audit services to the government, consulting to gov. contractors, and CPA services to businesses. He can share insightful information for government contractors in meeting compliance requirements and incurred costs submissions.

– Army veteran leaves government JOB to start his own accounting business

– Accounting for Government Contractors

– Get your accounts in order with Army veteran accountant

– Army veteran helps other get their accounting systems in order

When you’re planning to leave the military visit USAA’s separations tools and advice for information on readiness and making a successful transition.

http://www.veteranonthemove.com/leavingthemilitary

June 3, 2016

For the listeners of

VETERAN ON THE MOVE

Kim & Baum, LLP Newsletter

In this issue:

• Special Thanks

• Accounting Systems

• Useful Resources

• Contact Us

Huge Thanks

As a big fan of the podcast “Veteran on the Move,” and an admirer of Joe Crane’s excellent interview skills, I must say it was a great honor to be on the podcast as a guest! I hope that this episode can serve as a source for ambition, courage, and accounting smarts to all veteran entrepreneurs.

Daniel Kim, CPA, CIA

Accounting Systems

My fellow veterans, as you seek business opportunities with the government, one important aspect to keep in mind is whether your accounting system is designed to handle government contracts and pass their audits. It’s more than just the software.

Many think that the Accounting System (A/S) describes the software that is used for bookkeeping. However, the A/S is more than just that computer program. It includes the entire process that financial data flows through at your company. The A/S begins with source documents such as timesheets, vendor invoices, etc., and extends all the way to the financial statements that you use for making sound business decisions. So, when your A/S becomes subject to audit, the auditors are looking at not only the functionality of your chosen software, but also your company’s written accounting policies and procedures, and internal controls. A solid software is helpful, but keep in mind that the software is only a piece of your A/S.

Starting right

As Joe mentioned during the podcast, the entrepreneur really does not have much time to think about accounting when starting a business. So, given other priorities, how can one work towards a compliant A/S? Starting with small tasks can help. Examples of simple starting points can include; reviewing your “Chart of Accounts” to ensure you have the necessary accounts (direct/indirect, allowable/unallowable, etc.); or opening a Word document and naming it your company’s Accounting Manual (aka your Accounting SOP). Becoming familiar with government requirements is also a very smart move in building a compliant A/S.

Check out some of the resources listed below.

Useful Resources

Defense Contract Audit Agency’s public website—www.dcaa.mil

In particular, look up the Standard Form (SF) 1408, Preaward Survey of Prospective Contractor Accounting System

Defense Federal Acquisition Regulation Supplement (DFARS) 252.242-7006

Provides the definition of an acceptable accounting system

Subscribe to our Newsletter and Contact Us

http://www.kimandbaum.com

Daniel Kim, Managing Partner 301 – 655 – 9513, Daniel@kimandbaum.com

Jean Baum, Managing Partner 410 – 371 – 9208, Jean@kimandbaum.com

The Veteran On the Move podcast has published over 100 episodes giving listeners the opportunity to hear in-depth interviews conducted by host Joe Crane featuring the people, programs and resources to assist veterans in their transition to entrepreneurship:  Marine Corps, Army, Navy, Air Force and Coast Guard veterans, DOD, entrepreneurship, business, success, military spouse, transition, education, programs and resources.  Veteran On the Move has garnered over 500,000 listens verified through Stitcher Radio, Sound Cloud, Itunes and RSS Feed Syndication making it one of the most popular Military Entrepreneur Shows on the Internet Today.