As a contractor for the General Services Administration (GSA), you know that a key part of contract compliance is regularly reporting your sales and paying the Industrial Funding Fee (IFF). Whether you report on a monthly or quarterly basis, it’s essential you have a consistent and accurate invoicing process so you can be certain you are reporting the correct sales. To ensure that contractors are compliant with their sales reporting process, GSA will conduct Contractor Assessments on a semi-regular basis. During these assessments, an Industrial Operations Analyst (IOA) will analyze your sales practices and reporting history to ensure you are compliant with GSA terms and conditions.
One of the most essential parts of maintaining your GSA Multiple Award Schedule (MAS) contract is ensuring your pricing is up to date. GSA contracts can last for up to 20 years, so it’s likely that your commercial rates will increase during the life of your contract. As a GSA contractor, you have the ability and the right to increase your GSA rates alongside your commercial rates. However, the process of requesting a price increase can be complicated, as GSA has restrictions on when you can raise your rates and how much of an increase you can request.
Do you know what the real benefits of being on the GSA Schedule are? Learn the top 10 reasons (and advantages) why you should consider it.
As a GSA Multiple Award Schedule (MAS) contractor, one of the most critical tasks in ensuring that your contract remains compliant is to report your GSA sales and to remit the Industrial Funding Fee (IFF). GSA contractors are required to report their sales through the Federal Acquisition Service (FAS) Sales Reporting Portal (SRP) on a quarterly or monthly basis.
Whether you are a current or prospective GSA Schedule contractor, it is vital you remain aware of any upcoming changes to the federal procurement process. A source for many important changes is the General Services Administration’s (GSA) Federal Marketplace Strategy, which aims to refine and improve the federal marketplace by reducing barriers and improving access for federal buyers and sellers.
Managing your GSA Schedule can be an arduous task. As a contractor, you are required to stay on top of constantly changing regulations, to understand and navigate difficult restrictions, and most importantly, to find and win procurement opportunities so you can meet your contract’s minimum sales requirement.
Prior to the Multiple Award Schedule (MAS) Consolidation, contractors looking to sell to the federal government would prepare offers under one of the 24 individual GSA Schedules organized by industry. In order to simplify and modernize the federal procurement process, the General Services Administration (GSA) recently made changes to how it organizes the Schedules through which federal agencies buy goods and services from contractors. Instead of 24 individual Schedules, there is now a single Multiple Award Schedule that houses 12 Large Categories.