Redstone Government Consulting Blog | Deltek Costpoint

Income, earnings, and proceeds are various synonyms for the term “revenue,” but regardless of the terminology, the revenue recognized and reported is a strong indicator of business performance and stability. In this article, we will discuss Deltek Costpoint’s Revenue Worksheet and the benefits of utilizing it in recognizing revenue, calculating accurate bills, and identifying project discrepancies.

I find that depending on whether your job is on the Finance & Accounting (F&A) side or the Materials & Manufacturing side of the business, the perception of the capabilities and benefits of the Deltek Costpoint Inventory module tend to vary drastically.

Deltek Costpoint’s Time and Expense module is a powerful tool utilized by many government contractors and other businesses to collect labor hours and manage business expenses. The Time & Expense module’s flexibility aids in compliance and helps keep businesses DCAA audit-ready. Employees, managers, subcontractors, and others enter their labor hours and expenses as defined by company policy and established business rules. Deltek’s Time and Expense system allows for a variety of reporting and inquiring and can also aid in budget planning.

Costpoint Business Intelligence (BI) is a powerful reporting tool for extracting, analyzing, and formatting your data. Built on IBM’s Cognos Analytics with Watson platform, Cognos BI can be used to develop reports and dashboards, prepare visual data presentations, and explore the underlying data in your Costpoint system.

Costpoint’s automated overtime calculation streamlines your payroll process, ensuring compliance and reducing administrative burden. By leveraging Deltek’s Time & Expense module, you can configure custom overtime rules that automatically align with your company’s policies and state or federal labor laws. After updating the Overtime Hours Rules tab to reflect your companies’ business rules and to abide by state and/or federal labor laws and verifying the Pay Types Links subtask is correctly configured, which both can be found on the Timesheet Classes screen, along with changes within a few control screens in Time & Expense, you can ensure that your employees are documenting their time in accordance with your company’s policies and in compliance with any agreements you may have.

Mastering efficiency, ensuring compliance, and driving growth is a constant challenge for government contractors. Amidst these challenges, enterprise resource planning (ERP) systems like Deltek Costpoint emerge as indispensable tools for streamlining operations, managing finances, and facilitating decision-making. However, the true power of Costpoint lies not just in its software capabilities but in the hands of well-trained users who can leverage its functionalities to their fullest extent. Comprehensive training is a vital step toward maximizing the system’s value and driving organizational success.

Deltek Costpoint’s Billing Module is designed to facilitate the invoicing process while adhering to complex government regulations. Whether you’re billing fixed-price contracts, time and materials (T&M), or cost-plus contracts, mastering its capabilities can significantly enhance efficiency and accuracy in your financial workflows. In this article we delve into some fundamental tips and tricks to help you harness the full power of Deltek Costpoint for billing purposes.

As we get closer to the fiscal year-end for government and calendar year filers, now is the time to start thinking about cleaning up your subledgers!

In this article, we will explain what a subledger is, explain why it is a problem if they are out of alignment, explain how this happens, and then give you some ideas on what you can do to fix it.

Looking to streamline your procurement process? Now is the perfect time to begin reviewing your complete source to pay process to increase efficiency, productivity, integration, and revenue.

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.