An Overview Of GSA Schedule 520
GSA Schedule 520 is known in full as GSA Financial and Business Solutions (FABS) Schedule 520. This schedule serves as a contract vehicle by which finance oriented firms sell high-value services to agencies of the federal government. In short, GSA Schedule 520 provides structures that enable companies in the financial industry to contract with the federal government. The schedule provides details that stand for a negotiated contract between an interested company and the government. Some of the details include pricing, duration of the contract, the particulars of the services to be offered, and the general terms of the contract. The schedule has a broad scope of professional interests that include asset litigation services, debt collection, financial advisory services, and other crucial areas that fall within the financial industry.
Services That Fall Under GSA Schedule 520
Structurally, GSA Schedule 520 is designed for specific services that fall within the field of finance. Occasionally, federal government agencies require financial service support from competent companies in order to fulfill particular missions. Such companies must show sufficient proof of capacity in terms of expertise, logistics, and other details that meet the thresholds set by the federal clients. One of the crucial services that fall under this schedule is Auditing: Financial & Performance Audits, Recovery Audit & Transportation Audits. Companies that are contracted for this service are expected to perform a thorough audit across the different areas for the purpose of enhancing the aspects of transparency and accountability. Other services such as brokerage services require companies with sufficient capacity to engage various deals on the behalf of the government.
Other Listed Services under GSA Schedule 520
- Accounting and Budgeting
- Audit and Financial Training
- Debt Collection
- Independent Risk Analysis
- Asset Litigation and Support
- Billing, Payroll, Application & Claim Processing
- Financial Management
- Risk Assessment and Mitigation
- Transaction Specialist
Improving the Odds of Proposal Acceptance
Among the foremost challenges of securing a contract is having a proposal accepted. Usually, first-time applicants face a higher risk of failure than experienced contractors. GSA scrutinizes every contract with keen attention on the capacity of the firm to offer the specified services as provided by the terms of the contract. The risk of rejection is often raised by inconsistencies in the proposal and any mismatch between the applicant’s line of business and the services on offer. Therefore, it is advisable for interested companies to enlist the services of experts to help them draw quality contracts that have better chances of success. Reputed consultants have the capacity to manage the whole process and offer resourceful advice on other details that appertain to the schedule. Moreover, consultants tend to complete the proposal in a short time because they rely on the advantage of experience.
Negotiating the Pricing
Few things are as crucial to the merits of a schedule as pricing. Many companies begin on a bad footing because they do not consult intensively and extensively on the matter. It is important to negotiate a pricing strategy that will sustain the company’s stability for the period that the contract lasts. Moreover, a good pricing strategy offers a business the competitive advantage that it needs to survive in the volatile nature of the market. Companies that plan to apply for GSA Schedule 520 should consider the threats of inflation at some unspecified time in the future and negotiate on prices basing on appropriate safeguards that will shield them from the risks of bad business. Inexperienced contractors should consider enlisting the services of consultants on pricing. A poor pricing strategy can compromise the capacity of the company to provide quality services under the schedule.
Shoring Up Business with GSA Schedule 520
Once a company gets into the government contracting community, it begins receiving unique benefits and opportunities that ultimately translate into profitability, growth, and stability. Companies that work with the federal agencies under GSA Schedule 520 tend to elevate their reputation and trust on the market, which enhances the assurance of increased opportunities in the future. There is also a higher chance of such companies to secure other contracts with other federal agencies because the first opportunity offers proof of competence and trust. In order to improve the chances of business success under GSA Schedule 520, aspiring companies should keep in touch with the GSA Scheduler in order to get the latest information that often translate into opportunities. Many times, the agility and consistency of seeking resourceful information define the company’s competitive advantage.
If you are interested in getting on GSA Schedule 520, contact GSA Scheduler.