The House That Deltek Built: Move-in Ready
No matter how big your government contracting “family” gets, you’ll never outgrow your house—if it’s constructed by Deltek.
In the first post of this series, we talked about Costpoint as the perfect starter home for small government contractors AND as a forever enterprise resource planning (ERP) home, no matter how large a company becomes or how quickly it grows.
Now, we’ll go into more detail about some of the capabilities unique to Costpoint when it comes to ERP products for small and medium businesses (SMBs).
Tracking—and Winning—New Contracts
Let’s say you run a 25-person shop, and you want to pursue larger, more sophisticated contracts. You need a solution that will help you track opportunities—and win them. Costpoint is unique among ERPs for SMBs because it includes contract management that enables the whole process, from opportunity identification to project initiation, invoicing and contract closeout. No other solution for SMBs can do that.
Customer Testimonial: Altamira Technologies delivers full-spectrum advanced engineering, data analytics and cyber operations to the defense, intelligence and homeland security communities. Mindy Waldren, Altamira’s Department of Defense (DoD) contracts manager, says, “The biggest benefit of Deltek Costpoint Contract Management is the visibility of everything going on in your company. We now have effective organizational management and monitoring of all aspects of our business, from our pipeline, to contract closeout, and every step in between.”
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A Really, Really Smart IQ Solution
According to the 2019 Deltek Clarity Government Contracting Industry Study, the overall market for government contractors remains healthy, as government spending has continued to increase. Businesses are seeking to make the most of the bullish spending environment by pursuing growth and profit-maximizing strategies. Firms are optimistic about next year’s sales in the government market. Small and medium businesses are making aggressive, double-digit growth projections into next year, while large businesses are also expecting growth, but at a slower pace than in previous years.
Contractors can take full advantage of this favorable and lucrative environment with GovWin IQ, which provides the earliest awareness of new opportunities, deep planning intelligence, potential teaming partnerships, and the strategic insight that businesses need to get ahead of the competition and win more contracts. SMBs that use other solutions have to partner with third parties that have GovWin IQ capabilities. Deltek’s product is regarded as the leader, and we can fully integrate it with Costpoint in the contract management section of the solution. That’s a no brainer.
Customer Testimonial: The quality environment and safety manager of a small professional services business says, “We use GovWin IQ for sourcing for new contracts and for identifying detailed information, like expiring contract data, teaming sources and agency contact info, that we couldn’t get from public sources like FBO. It’s also miles ahead of other services on the support front.”
A Structure, is a Structure, is a Structure—Or Is It?
Okay, now that you’ve won that huge defense contract, how will you structure it? With any other product for SMBs, you’ll immediately run into limitations that hamper project success. They allow for two levels of accounting, but most defense contracts require a deeper project structure that enables contractors to do the work, account for it, and gain better business intelligence that improves project governance and increases future opportunities.
Unlike other products, Costpoint gives you the flexibility and strength of up to a dozen project structure levels. That lets you manage your profits and losses to extremely detailed project levels; if one area is underperforming, you can take corrective actions to keep it on track and avoid the whole project going south. That just isn’t possible with two-level accounting.
Costpoint’s three-dimensional accounting also provides better governance of every penny. Generally, transactions are posted to an account and a sub-account in a general ledger. Costpoint’s financial architecture consists of three elements: the organization (the who), the account (the what) and the project (the why). Depending on a company’s unique needs, you can set up the financial architecture to see how each division, department or even business team is performing.
That’s a far cry from products based on project and task. Here’s an example: If the project is building a house, one task is pouring the driveway. To pour the driveway, you need to pay someone to survey the property, someone else to dig out the area to accept the concrete, and someone else to deliver, mix and pour the concrete. Costpoint accommodates all of those tasks, and that level of detail just isn’t available in other products.
Customer Testimonial: “We are better able to implement our project structures with Costpoint,” says Director of Finance Kris Ford of Highpoint Global, an IT service management company that recently grew from 40 people to 250 in a year. “The flexibility with Costpoint Business Intelligence allows us to perform better analysis at organizational, department, project and task levels. We are able to slice and dice our income statements so that our executives can make better, data-driven decisions while managing our growth,” adds Ford.
More to Come
In the final post of this series, we'll cover more capabilities that only Costpoint gives SMBs, and you’ll hear more from customers of all sizes why Costpoint is the last ERP they’ll ever need. So, please stay tuned for more on subcontractor management, human capital management, data security, time capture and iRAPT, and fixed asset management.
- Business Development
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- Costs and Expenses
- Deltek Clarity
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- Enterprise Resource Planning
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- Government Contracting
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- Project Management
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- Time and Expense Management