Redstone Government Consulting Blog | Deltek Costpoint

In today's fast-paced business landscape, staying ahead of the competition requires agile and comprehensive financial management solutions. Deltek, a leading provider of enterprise software for project-based industries, has once again demonstrated its commitment to innovation with the release of Deltek Costpoint 8.2 starting in July 2023. This eagerly awaited update brings a host of new features and improvements designed to streamline operations, enhance user experience, and maximize productivity. In this blog post, we will delve into the exciting enhancements that Costpoint 8.2 offers, including time and expense improvements, dark mode integration, simplified navigation, in-app learning guides, and the availability of Redstone Government Consulting to assist businesses in deploying this world-class ERP solution.

It has been a busy and exciting third quarter here at Redstone GCI! We have become both a certified Costpoint GCCM implementation partner with Deltek and an approved Deltek Pro Bookkeeper partner! Somehow, we are already in the final quarter of the fiscal year, and it looks to be a quarter full of new opportunities and year end preparations.

Source

As a small business you know all too well the challenges of managing your back-office accounting activities with limited resources. The headache that comes with reconciling data from an entry-level third-party accounting tool and trying to maintain governmental compliance standards, while being prepared for a contract audit at any time, can be overwhelming for a small finance team.

Wow! It’s hard to believe half the year is already over. Summertime brings great outdoor time in the sun, much needed vacations, and a slowdown period of accounting deadlines. Hopefully, the hustle and bustle of year end closing, audits and Incurred Cost Submission are now complete and the summer months can provide valuable work time to catch up with any back burner projects, as well as an opportunity to get a head start on upcoming year-end needs. Here are some suggestions for your third quarter focus:

• Reconciliations
• Backlog
• Training
• Government Fiscal Year Preparedness
• Schedule FUN Time!

Now that year end and quarter 1 is behind us, what is next? If you guessed Incurred Cost Submissions (ICS), you are correct. June 1^st is fast approaching and there are a few housekeeping items you can do to ensure that your accounting team has an efficient and painless process ahead of them.

Heather Stroud is a Senior Consultant in the Deltek Costpoint group at Redstone Government Consulting. She works primarily in the Accounting, Projects, and Planning modules. The Costpoint Group works with our clients to implement Costpoint, create customized Costpoint training, and assist with day-to-day processing. Redstone’s President, Asa Gilliland and Heather Stroud are going to sit down to go over some common Costpoint questions and complaints we hear from our clients.

Heather Stroud is a Senior Consultant in the Deltek Costpoint group at Redstone Government Consulting. She works primarily in the Accounting, Projects, and Planning modules. The Costpoint Group works with our clients to implement Costpoint, create customized Costpoint training, and assist with day-to-day processing. Redstone’s President, Asa Gilliland and Heather Stroud are going to sit down to go over some common Costpoint questions and complaints we hear from our clients.

The Redstone GCI Costpoint group recently attended a Deltek partner meeting to learn more about the changes coming in the latest 8.1 version release. A highly requested feature from our client base, this update contains real time integration of data between Costpoint and Time & Expense. The system will no longer need to pass data back and forth for UDTs (User Defined Tables) 1-11, which include the major master data of Account, Project, PLC, Pay Type, and Organization.

Source: Deltek blog

A full DCAA Business System Audit can be the longest and one of the most difficult audits a government contractor can experience. To provide some perspective, at a recent audit of one of our clients, DCAA sent 15 auditors to perform the audit. In general, our experience is that these audits take 12 months to over 18 months for DCAA to perform.

Deltek Costpoint Planning provides access to up-to-date, accurate information for developing, adjusting, auditing, approving, and re-forecasting project budgets and annual operating plans. We usually see three types of users in the Planning module: Business Development, Project Managers, and Project Control/Financial Analysts. Business Development users have access to develop new business budgets. Project Managers can create project budgets and run meaningful reports allowing them to make real time decisions and properly manage their programs. Project control/financial analysts can develop organization budgets and reconcile corporate and project budgets more accurately to better forecast their indirect rates.