Redstone Government Consulting Blog | Deltek Costpoint

If you’ve ever found yourself scratching your head over why the Project Status Report (PSR) doesn’t match the Revenue Worksheet (Rev WS), you are not alone. These two reports serve different purposes and speak two distinct languages. But to truly understand the differences, you must start with what is happening behind the scenes in the Costpoint Project Ledger.

In this multi-part article series, we are highlighting some of the lesser-known Deltek Costpoint Procurement features that we regularly find manufacturing clients are not taking full advantage of. In many cases, they are features that users are not even aware exist. There is so much capability contained within Costpoint, and our goal at Redstone GCI is to help you unlock the full potential of the immensely powerful Deltek Costpoint tool that you are already paying for! In procurement, given how transactional & repetitive the tasks are, small changes to how you utilize Deltek Costpoint can multiply out to a large ROI and make life easier for your Procurement team, your stakeholders, and beyond.

Project status report (PSR), job status report, project summary, many names for the same thing…a report that gives the user a summary of the information associated with a project. The project status report in Deltek’s Costpoint is a snapshot of a project's current status at any given time. It contains data from many different sources and is useful to Accounting, Project Management, and Leadership to assess the current position of a project or contract. This report has a range of options to provide users with the specific information related to the project they would like to review.

Are you taking full advantage of all the features that Deltek Costpoint’s Procurement modules can provide to your Manufacturing business? We regularly work with clients to assess their current utilization of the procurement modules and make recommendations on how they can better utilize this powerful capability. In this multi-part article series, we will discuss some of the many Costpoint Procurement features that we want to ensure you are aware of, to help your manufacturing procurement processes run even better. Many of these apply even if you are not a manufacturing business and are just procuring goods & services.

Government contracting can be volatile at times, with programs being at risk, under a stop-work order, or even canceled. This can create challenges to the back-office maintenance of the contracts in your Deltek Costpoint environment. In this article, we will discuss how to navigate these challenges properly. We’ll also explore key tools and best practices in Deltek Costpoint to help streamline your contract close-out process. Our goal is to help you mitigate potential risk and maintain project control in your system.

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.