How Deltek Costpoint Solves The 10 Biggest Procurement Issues facing Government Contractors
Here are the first 5 problems facing GovCon procurement professionals and how automating procurement with Costpoint Procurement software helps solve them. Check back - we’ll cover the rest in a new blog next month.
- Vendors fail to meet quality assurance and item detail requirements: With Costpoint procurement software, POs are flexible and designed to contain information needed, from quality assurance (QA) requirements to item details. It can auto-populate standard clauses to save time and ensure consistency for all project purchases, while still including specific QA requirements as determined by the project. You can create standard and free-form text notes and print them right on the purchase order, so now your flowdowns to suppliers are automated. You can also view requisition compliance before PO creation.
- Subcontractor activities take twice as long to manage - Prime contractors can search and source subcontractor resources with specific requirements, for example security clearance, then bring those resources onboard much like regular employees, capturing their time and billing the project. Costpoint records all labor and subcontractor processing requirements. It also imports purchase orders and subcontract purchase order status updates from ASCII files into Costpoint – seamless integration with barcode scanning tools.
- Orders lack charges down to the project level – Costpoint is designed for project based businesses delivering on government contracts. You will appreciate the seamless interface with accounting at project, account and organization levels. Automation eliminates busy work such as duplicate data entry and reconciling work. Costpoint automatically validates project oriented charge codes in every transaction from request to check. You can use approved purchase requisitions to generate purchase orders – no need for data entry. You also have a choice of 2 or 3 way PO matching on good or services. And, inventory is 3-way matched. User-defined approval flows automate a lot of much needed communication and also put you in a good position to control and monitor progress while also capturing data for those pesky audit trails.
- Tracking conditions, locations and maintenance on fixed assets take a lot of time – Costpoint Procurement helps you standardize and automate, for example the basis of depreciable cost will flow from the voucher into assets module. You can auto-create assets from POs, receiving and AP, track company and government owned assets from purchase to disposal at the supplier and subcontractor levels, and track and report on asset cost and depreciation expensed. Do it your way with numerous user-defined fields. Ramp it up with barcode scanning options.
- Vendor payments made prior to full receipt or on discrepant material - Paper methods for receiving usually mean delayed data entry and difficulty in communicating rejections and partial shipments. Use Costpoint to automate receiving and track incoming items, their acceptance, rejection or shortage, all seamlessly tied in with accounts payable to restrict payments. You can control and allow for early shipments too.
Solution Speed Session
This is a great time to include your procurement department in your digital transformation, or quite simply – speed up and improve the efficiency of your procurement department by enabling them to eliminate cumbersome and error-prone paper processes with a digital procurement system.
Costpoint Procurement software provides electronic requests, approvals and work-flows to purchase order, receipt/accept, and accounts payable vouchering of Invoices; a fully automated and integrated process in one scalable system.
See what procurement technology can do for you. Watch this webinar to see procurement automation in action. WATCH NOW