Redstone Government Consulting Blog | Deltek Costpoint

The Costpoint group at Redstone Governtment Consulting concluded a great event with Deltek in April during which DCAA representatives gave a keynote session on Accounting System Requirements (or SF1408). Just reading the SF1408 can be confusing or make the requirements seem complicated. However, if you understand the basics and know how Deltek Costpoint can achieve the requirements it can be easier to ensure you are ready for a DCAA review.

What is the state of your contract tracking? Are you using a spreadsheet? Do you scramble during an audit to locate and update contract briefs? Is modification information stuck with contracts, and is cost & revenue data stuck in finance? Do you want to connect your data from lead to opportunity to contract to project to close out? Are you manually tracking important FAR clauses and flowing those down to your subs?

The Costpoint team at Redstone GCI recently concluded a great event with Deltek, during which DCAA representatives gave a great keynote session on Accounting System Requirements (or SF1408), which was followed by another informative session by our group on how Costpoint meets those requirements. With this article, I wanted to review some of the key points from both presentations for those who missed the event. Now, I will warn you that this is written for those new to the idea of an approved accounting system and its associated requirements. It is not written for the hard-core government accounting system veteran. I will not cover every aspect or criteria related to the standard accounting system audit; instead, I will try to find a somewhat entertaining way to talk about accounting systems and the SF1408 requirements, in particular.

Redstone GCI's Deltek Costpoint group is hosting Redstone GCI's Day with Deltek on April 11th. This FREE event will include sessions with Deltek and Redstone Government Consulting experts, networking opportunities, and 4 CPE credits. This year's event includes sessions on CMMC, system audit preparation, and even a live report writing training session. We will also have a special lunch and learn session with a DCAA representative.

Do you have employees in Alabama? There are some changes to the overtime rules you need to be aware of for employers in Alabama.

New Rule for Filing 1099s: The IRS rule TFA 23O1 reduces the electronic filing requirement from a threshold of 250 Information Returns down to 10.

Yes, you read that correctly. If you file more than 10 Information Returns after January 1, 2024, you are now required to submit those forms electronically. Employers must calculate the total number of Information Returns to determine if they meet the threshold, including 1099s, W-2s, 1098s, etc.

This means if you have a total of 4 Form 1098s and a total of 6 Form 1099-NEC, you must file electronically. All forms must be submitted to the appropriate party and through the IRS site utilizing IRIS or the “Information Returns Intake System” by the due date.

In government contracting, Deltek Costpoint stands out as a comprehensive enterprise resource planning (ERP) solution designed to meet the specific needs of government contractors. One crucial aspect of financial management is the indirect rate true-up process, a fundamental component of invoicing within the Deltek Costpoint system. In this blog, we will explore the intricacies of Deltek Costpoint indirect rate true-up invoicing, shedding light on its significance, the process involved, and its impact on government contractors.

As we approach the end of the year, it is time to shift our focus on closing the fiscal year and preparing the upcoming fiscal year. Closing the fiscal year in Deltek Costpoint involves a series of steps to ensure accurate reporting, compliance, and a smooth transition into the new fiscal period. In this blog, we'll provide a guide on the steps for closing the fiscal year in Deltek Costpoint, focusing on both the General Ledger and Project aspects.

One key feature that makes Deltek Costpoint the top solution for government contractors is its ability to manage the segregation of direct and indirect costs, especially through its Project Account Groups. In this blog, we'll discuss Project Account Groups in Costpoint, what they are, their importance, and how to use them to segregate costs properly.

Many things can hamper the successful implementation of a new accounting and ERP system. Although our team specializes in Deltek Costpoint implementations, we believe the following six mistakes can create significant pitfalls for the implementation of any system.