Five ways Deltek Costpoint can strengthen compliance and boost efficiency for government contractors

Costpoint is designed to accelerate government contracting success by providing built-in capabilities and compliance guardrails. The solution can support various compliance standards such as federal acquisition regulation (FAR), Defense Federal Acquisition Regulation Supplement (DFARS), Cost Accounting Standards (CAS), Defense Contract Audit Agency (DCAA), Defense Contract Management Agency (DCMA) and FedRAMP, ensuring that contractors meet regulatory requirements easily. This compliance readiness opens the door to new contracts with stricter requirements, expedites contract awards, and can enable faster payments with fewer rejected invoices. By minimizing the risk of audit findings and penalties, Costpoint helps contractors navigate the complex landscape of government contracting with confidence.

Costpoint offers government contractors the ability to automate financial processes, which significantly expedites billing and provides real-time visibility into costs. Automation reduces the time spent on back-office tasks, allowing contractors to focus on driving success for their business. By streamlining common financial processes, Costpoint helps contractors optimize their cash flow and resource allocation, ensuring that financial management is efficient and effective. This leads to shorter invoice cycles and improved cash flow management, which are critical for maintaining the financial health of the business.

Costpoint integrates front-office and back-office functions, and helps streamline the hand-off between business development, finance, contracts, project control, HR, and operations. This integration ensures that all aspects of providing services to the government are more efficient, from opportunity pursuit to contract closeout. This comprehensive approach to the project lifecycle ultimately leads to better project outcomes, better past performance quals, and higher future win rates.

Costpoint is proven to scale with the growth of government contracting businesses. It can support businesses of all sizes, from small firms to large, as well as multi-national organizations. Costpoint software-as-a-service (SaaS) offers reliable performance, lower total cost of ownership (TCO), and high availability and data security. This built-in scalability and reliability enable contractors to focus on strategic growth initiatives rather than routine maintenance. While Costpoint needs to grow and change as your business does, it’s highly configurable and scalable.

Costpoint provides government contractors with real-time data and analytics capabilities, allowing them to make informed decisions based on accurate performance metrics. The solution offers over 300 out-of-the-box reports and dashboards tailored for government contractors, eliminating manual entry and consolidating financials. Contractors use Costpoint to identify risks and predict future trends. This data-driven approach ensures continuous improvement and helps contractors measure performance, maximize utilization, and serve their government clients effectively.