--- title: Articles | FAR description: FAR | News, tips and advice about how to maximize opportunities for your business. --- [![huntercpa-logo-62020](https://www.huntercpa.com/hs-fs/hubfs/Images/huntercpa-logo-62020.png?width=250&height=130&name=huntercpa-logo-62020.png "huntercpa-logo-62020")](https://www.huntercpa.com) - [Planning](https://www.huntercpa.com/articles/topic/planning) - [Design Engineers](https://www.huntercpa.com/articles/topic/design-engineers) - [Professional Services Firm](https://www.huntercpa.com/articles/topic/professional-services-firm) ## [Becoming a Top Engineering Firm – Zoom Like a Rocket Ship!](https://www.huntercpa.com/articles/becoming-a-top-engineering-firm-zoom-like-a-rocket-ship) **Lewis Hunter** | Jul 23, 2020 7:15:00 AM A professional service firm such as an engineering design firm or construction engineering and inspection firm can be thought of as a rocket ship. Looking at the business as a rocket ship, it gets easier to remember and share the elements of developing a successful business. Like a rocket ship a business has two basic parts, the engines that power the ship, and the guidance systems to set course. Our rock ship has five engines and four guidance systems. Thinking back to when you first started your firm, if you did not go through the checklist you see below formally, you did so informally. ### [Articles](https://www.huntercpa.com/articles/topic/far) - [AASHTO](https://www.huntercpa.com/articles/topic/aashto) - [FAR](https://www.huntercpa.com/articles/topic/far) - [FAR Compliant](https://www.huntercpa.com/articles/topic/far-compliant) - [DCAA](https://www.huntercpa.com/articles/topic/dcaa) ## [10 Traits of a FAR Compliant Accounting System](https://www.huntercpa.com/articles/10-traits-of-a-far-compliant-accounting-system) A FAR compliant accounting system is a common prerequisite for becoming a pre-qualified consultant for a state transportation department.  Your accounting system must, among other functions, properly segregate direct and indirect costs in accordance with the *Cost Accounting Standards* (CAS) of *Federal Acquisition Regulation*[(FAR) Part 31](https://www.acquisition.gov/far/html/FARTOCP31.html) for you to work government contracts. If you do not have a FAR compliant accounting system, you could fail to get or keep pre-qualified consultant status and perhaps miss opportunities to bid on transportation contracts all together. **Hunter & Associates** | Jul 31, 2018 6:50:18 PM - [AASHTO](https://www.huntercpa.com/articles/topic/aashto) - [FAR](https://www.huntercpa.com/articles/topic/far) - [Overhead Rate Audits](https://www.huntercpa.com/articles/topic/overhead-rate-audits) ## [Overhead Rate Audits Explained](https://www.huntercpa.com/articles/overhead-rate-audits-explained) ** --- #### ***What is a FAR overhead rate?*** Technically known as a firm's "indirect cost rate," the more familiarly known "overhead rate" is the percentage of general expenses that consultants can bill to contracting government agencies. More specifically, it is the ratio of allowable indirect costs to total allocable direct labor costs. **Hunter & Associates** | Jul 17, 2018 9:55:00 AM [All posts](https://www.huntercpa.com/articles/all) ![](https://cdn2.hubspot.net/hub/2558854/hubfs/DreamPack/letter%20Icon.png?t=1496817989590&width=86&name=letter%20Icon.png) ## Subscribe Subscribe now and receive regular updates! ** #### Subscribe Below! [![covid-19-managing-the-crisis-cover-3d](https://www.huntercpa.com/hs-fs/hubfs/Images/Images/covid-19-managing-the-crisis-cover-3d.png?width=350&name=covid-19-managing-the-crisis-cover-3d.png "covid-19-managing-the-crisis-cover-3d")](https://www.huntercpa.com/2020-covid-19-managing-during-a-crisis) ### 2020 COVID-19 - MANAGING DURING A CRISIS: --- #### How to Position Your Business for Survival and Recovery the Right Way [![Get Your Copy >](https://no-cache.hubspot.com/cta/default/2608589/2c6be903-4151-405c-960c-ab9aed106d3d.png)](https://cta-redirect.hubspot.com/cta/redirect/2608589/2c6be903-4151-405c-960c-ab9aed106d3d) Recent Posts - [Planning](https://www.huntercpa.com/articles/topic/planning) - [Design Engineers](https://www.huntercpa.com/articles/topic/design-engineers) - [Professional Services Firm](https://www.huntercpa.com/articles/topic/professional-services-firm) ## [Becoming a Top Engineering Firm – Zoom Like a Rocket Ship!](https://www.huntercpa.com/articles/becoming-a-top-engineering-firm-zoom-like-a-rocket-ship) #### A professional service firm such as an engineering design firm or construction engineering and inspection firm can be thought of as a rocket ship. Loo... [Read more](https://www.huntercpa.com/articles/becoming-a-top-engineering-firm-zoom-like-a-rocket-ship) - [Business Transition Planning](https://www.huntercpa.com/articles/topic/business-transition-planning) - [Exit Planning](https://www.huntercpa.com/articles/topic/exit-planning) - [Sell Business](https://www.huntercpa.com/articles/topic/sell-business) ## [Selling Your Business? The Next Buyer Could Already Work for You](https://www.huntercpa.com/articles/selling-your-business-the-next-buyer-could-already-work-for-you) #### There is nothing easy about deciding to sell the company you have poured much of your time and money into over the years. Your business was the center... [Read more](https://www.huntercpa.com/articles/selling-your-business-the-next-buyer-could-already-work-for-you) - [Change Management](https://www.huntercpa.com/articles/topic/change-management) - [Marketing](https://www.huntercpa.com/articles/topic/marketing) - [Sales](https://www.huntercpa.com/articles/topic/sales) - [Revenue](https://www.huntercpa.com/articles/topic/revenue) ## [Managing for Recovery – Marketing & Sales](https://www.huntercpa.com/articles/managing-for-recovery-marketing-sales) #### If products and services represent the nuts and bolts of the business, marketing and sales is the engine room that provides the drive for the business... [Read more](https://www.huntercpa.com/articles/managing-for-recovery-marketing-sales) - [Planning](https://www.huntercpa.com/articles/topic/planning) - [Change Management](https://www.huntercpa.com/articles/topic/change-management) - [Cash Management](https://www.huntercpa.com/articles/topic/cash-management) ## [Managing for Recovery – Cash Management](https://www.huntercpa.com/articles/managing-for-recovery-cash-management) #### Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there ... [Read more](https://www.huntercpa.com/articles/managing-for-recovery-cash-management) ### Featured Services ### Contact **Phone:**  904.571.7471 **Fax: ** (904) 731-0352 **Email: ** lhunter@huntercpa.com ### Subscribe - [![](https://cdn2.hubspot.net/hubfs/2558854/DreamPack/fb-16-icon.png)](https://www.facebook.com/HunterCPAJax/) - [![](https://cdn2.hubspot.net/hubfs/2558854/DreamPack/twitter-16-icon.png)](https://twitter.com/huntercpajax) - [![linkedin](https://www.huntercpa.com/hs-fs/hubfs/Images/linkedin-icon.png?width=16&name=linkedin-icon.png "linkedin")](https://www.linkedin.com/company/hunter-%26-associates-p.a./) ###### © 2018 All Right Reserved. [![hunter associates cpa](https://www.huntercpa.com/hs-fs/hubfs/Images/hunterassociates-logo-12018.png?width=204&name=hunterassociates-logo-12018.png "hunter associates cpa")](https://www.huntercpa.com/)