Heather Stroud is a Senior Consultant in the Deltek Costpoint group at Redstone Government Consulting. She primarily works in the Accounting, Projects, and Planning modules. Redstone GCI's Costpoint Group works with our clients to implement Deltek Costpoint, create customized training, and assist with day-to-day processing. This two-part video and article discuss some common Deltek Costpoint questions and complaints we hear from our clients.

We work with our clients to implement Costpoint, create customized Costpoint training, and assist with day-to-day processing. We will sit down today to go over some common Costpoint questions we hear from our clients. Costpoint just doesn't seem to be intuitive or user-friendly.

Our Costpoint team has an overview presentation that will take you through the system's flow, explain how to understand the core configuration, and explain how that translates to your general ledger, project reporting, and financial statements. Costpoint can be a bit overwhelming at first. Our team provides customized step-by-step procedures with screenshots and one-on-one training to help your staff become comfortable with the software.

We are a very small company with no current government contracts, but we hope to win work soon. Is it worth my time to jump into Costpoint now versus down the road once we have grown?

Yes, always, yes. We can design your Costpoint system to meet your needs today and leave room to grow for future work. By implementing early, you will put yourself in a position to pass a DFARS accounting system audit. This also sets you up for the inevitable DCAA accounting system audit. Costpoint has 20 steps to any task that used to be one to two steps in our old accounting software.

Why is it so complicated?

Some of these steps are built-in mechanisms for data integrity and incorporate an approval process within the system. This helps integrate the DCAA review and approval requirements we discussed earlier. A good example is timesheets.

The manager approving the timesheet should review each employee's project and project labor category and verify that against the statement of work. We can't make the approvers check the data, but the system forces a second set of eyes to be responsible for that data. Yes, Costpoint does require many steps for common tasks.

Because of its flexibility, it can be complicated. However, with the proper configuration, settings, and project structure planning, the system can provide a solution to offline Excel spreadsheets commonly used for pricing, proposals, invoicing, and budgeting. Multiple tables are affected on the back end when you post a transaction in one module.

There are 1,400 tables in Costpoint. All transactions from time, expense, accounts payable, and accounts receivable are automatically posted to the general ledger during the Costpoint posting process. The project ledger is updated through a series of processes based on the data posted to your general ledger.

This removes the potential for human error when entering data into the general ledger and project ledgers. Ultimately, this helps the integrity of the data being passed to your customers through invoicing and project reporting.

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Written by Heather Stroud

Heather Stroud Heather joined Redstone Government Consulting, Inc. in December of 2017 as a Consultant. Her areas of expertise include supporting government contractors in the implementation and operation of Costpoint, assisting with employee training and providing outsourced accounting services, including general ledger, unbilled analysis, reconciliation, accounts payable, accounts receivable, payroll, and payroll taxes. Heather specializes in best accounting practices, from setup and training to monthly processing. Heather has over 14 years’ experience in government contracting, supporting a wide range of contract types and customers. Her areas of expertise include program control, financial analysis and forecasting, government cost accounting, and procurement. Heather’s hands-on technical experience in all aspects of the business department provides a unique set of expertise for our clients. Heather has led numerous Costpoint implementations and re-implementations for the Accounting and Projects modules. She has worked directly with our clients to design accounting systems that are meaningful and useful for each individual client. Heather also assists contractors with the implementation of the new Subcontractor module and Budget & Planning module within Costpoint. She provides training in these modules and has developed desktop procedures that allow for a quick and seamless transition and implementation of both modules. Heather is Costpoint certified in Billing & Accounts Receivable, Accounts Payable, Projects, General Ledger, and the Master Costpoint Certification. Heather graduated with a Bachelor of Science Degree in Financial Management and a minor in Economics from the University of Alabama in 2006.

About Redstone GCI

Redstone GCI is a consulting firm focused on fulfilling the needs of government contractors in all areas of compliance. With a singular mission to help contractors through the multiple layers of “red tape,” we allow contractors to focus on what they do best – support their mission with the U.S. Government. We are home to a group of consultants made up of GovCon industry professionals, CPAs, attorneys, and retired government audit and acquisition professionals.

Our focus and knowledge of audit and compliance functions administered by DCAA and DCMA will always be at the heart of what we do. However, for the past decade, we’ve strategically grown to support other areas of the government contractor back-office with that same level of focus and expertise. We’ve added expertise in contracts management, subcontract administration, proposal pricing, various software systems, HR and employment law, property administration, manufacturing, data analytics/reporting, Grant specialists, M&A, and many other areas. When we see a trend in the needs of contractors, we act to ensure we can provide the best expertise in the market to fulfill those needs.

One thing our clients can be certain of is that with the Redstone GCI Team in your corner, there is no problem too big and no issue too technical for our team to tackle.

Topics: Vlog, Deltek Costpoint