Federal Contractor Services Network Announces ICAT 2.1 for Government Contractors
ICAT 2.1 Adds new features for Government Contractors using ICAT
Kearneysville, WV (March 23, 2010) – The Federal Contractor Services Network (FCSN) today announced the
availability of the newest release of its Indirect Cost Allocation Tool for government contractors.
ICAT 2.1, Indirect Cost Allocation Tool working with QuickBooks, provides an expanded library of reports
and tools within an enhanced user interface.
The newest features of ICAT include a Labor Rate Calculator, Cost Allocation Workbook, and a new user interface. The Labor Rate
Calculator is a tool to calculate an hourly billing rate based upon annual salary, provisional or actual rates, and a fee amount.
The Cost Allocation Workbook displays cost pools components and final costs graphically. ICAT now has larger icons and an interface
which is easier to read.
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 2.1 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 2.1 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 2.1 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."
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