For companies just getting started in Federal contracting, a first important step is registering in the System for Award Management (SAM.gov), as every company looking to do business with the US Government is required to have an entry in the database. Once you are registered, you have the opportunity to expand the picture of your company for interested customers. For companies seeking more information on competitors or possible contracting partners, this presents a good source of information, but certain challenges that you should keep in mind when conducting research through these portals. EZGovOpps will explain the important elements to know in any of these cases.
When registering in SAM.gov, the minimum information required is: a Dun & Bradstreet Number (known as a DUNS number, a proprietary identification number which can be applied for here), a Taxpayer Identification Number (TIN) and associated Taxpayer Name, and the banking information required for electronic transfers. While this is the minimum amount of information required to be listed in SAM.gov, the system allows for a “small business profile” to be filled out. This profile is then hosted in SAM.gov and the Dynamic Small Business Search (DSBS), run by data.gov. This profile allows companies to report revenue, certifications and small business designations, products and services including NAICS codes, company sizing information, and CAGE code. While this presents a much better look at your company, there are some important details regarding the reporting data that a company should keep in mind when entering their information, and researching companies should be aware of when taking advantage of the data.
- In the revenue reporting field, companies are asked to report their Federal contracting revenue. However, companies with commercial projects outside of the Federal space may enter their total revenue, commercial and government, in that field. This is a possible inaccuracy which reporting companies should try to avoid, and which those researching in DSBS should be wary of.
- Contractors are encouraged to update their revenue information multiple times per year, particularly when they have received a new Federal contract. This may be a slow process for some companies.
- Some may be surprised at just how many companies have similar names in the Federal space. This is why it is imperative for companies to ensure they are updating their contracting revenue with the correct DUNS number and Cage codes, and for researching companies to use the DUNS number for searches as well. Federal customers are sure to search by DUNS number as well.
- Beyond the possible mix-ups with commercial accounts as mentioned above, human error and miscommunication within a company can lead to a drastically altered revenue.
- In-line with the revenue requirement for only Federal business, total reported revenue should include any subcontracting awards made to a contractor. However, these subcontracting dollars are not always included by the contractor in the total.
These tips should provide a better understanding of the reporting capabilities of SAM.gov and DSBS for small businesses, as well as some caveats that researching companies may face in the reporting. The EZGovOpps platform has provided a solution to some of these reporting issues for a more accurate representation of company revenue. By combining reported revenue gathered from Federal sources with new task order activities, the cloud-based market intelligence platform will automatically update company profiles with a current, more accurate representation of company revenue. This is only one example of the many robust company reporting tools which makes EZGovOpps the premiere web-based intelligence tool for government contractors. Sign up for a free trial today for a further glimpse at how EZGovOpps will allow you to follow procurement trends, produce personalized opportunity forecasts, and receive custom analyst-updates for a complete understanding of the Federal contracting market today.
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