Redstone Government Consulting Blog | Deltek Costpoint

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.

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.