Federal Contractor Services Network Announces ICAT 2.0 for Government Contractors

ICAT 2.0 Addresses DCAA Issues for Government Contractors

Kearneysville, WV (April 24, 2008) – The Federal Contractor Services Network (FCSN) today announced the availability of the second generation of its Indirect Cost Allocation Tool for government contractors. ICAT 2.0, Indirect Cost Allocation Tool working with QuickBooks, provides an expanded library of reports and tools within an enhanced user interface.

ICAT, utilizing QuickBooks data, computes indirect rates, allocates indirect costs to contracts, and generates labor distribution and contract management reports. For a new QuickBooks company, ICAT automatically loads the chart of accounts, and configures indirect cost pools and bases for computing indirect rates. For existing QuickBooks companies, cost pools and bases can be easily configured to work with an existing chart of accounts. ICAT 2.0 enables the user to design custom indirect rate models and to establish cost allocation centers to be distributed using a base other than costs. For example, a facilties grouping of accounts can be distributed to the overhead and general and administrative pools using square footage, employee headcount, or some other user-defined distribution method. ICAT 2.0 provides numerous reports to understand contract costs, contract profit and loss, indirect rate variances, labor distributions, and contract status against budgets and funding thresholds. Many government contractors have successfully implemented ICAT and passed their DCAA accounting system review qualifying them for Cost-Plus-Fixed-Fee type contracts.

"ICAT 2.0 leads the market with its ability to facilitate the use of QuickBooks by federal contractors to calculate indirect rates and allocate indirect costs to jobs," said Robert C. Smith, CEO of FCSN. "The result is a powerful indirect cost management system which helps federal contractors to anticipate and manage their contracts more efficiently with minimal manual effort."

FCSN will be offering ICAT 2.0 as a free one-year upgrade to existing customers until August 1, 2008.

About Federal Contractor Services Network

Established in 2003, the Federal Contractor Services Network (FCSN) combines industry knowledge and expertise to create innovative products and services designed to improve financial accounting and contract management for businesses engaged in federal contracts. Clients rely on FCSN to help them meet federal contracting accounting regulations, manage and report contract cost data, and minimize costs associated with administering federal contracts.

The company's ICAT™ software includes a comprehensive library of reports and tools that simplify accounting procedures and reporting for federal contractors. ICAT™ is a Windows-based product that integrates with QuickBooks. For more information, visit www.fcservicesnetwork.com.

Federal Contractor Services Network

Robert C. Smith
Chief Executive Officer
(304) 728-4881
rcs@fcservicesnetwork.com