Accelerate Project & Financial Performance with Costpoint
Lower your risks and achieve more predictable results. Get the accounting controls and DCAA compliance every government contractor needs.
Project Accounting Software
Costpoint project accounting software provides an innovative, three dimensional financial architecture that helps to ensure every financial transaction is tied to a project, an organizational unit and a financial account. It allows you to track costs for each and every transaction, and every transaction is tied to a project. Projects can be grouped by portfolio or product line, or broken down into reporting line items, work breakdown structures and even the charge codes governing how individual resources are costed. With built in billing and revenue recognition formulas, controls and rules, you not only have the leading project accounting solution, but you also have a superior invoicing solution to turn time into cash faster with greater accuracy.
Designed with FAR, CAS and DCAA Compliance in Mind
There are two governing regulations—the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS)—that are the audit agency’s rulebooks. The Defense Contractor Audit Agency (DCAA) uses these two sources as their guides to formulate audits that ensure compliance.
Here are a few of the foundational FAR clauses, which all focus on cost and its application:
- Allowable Costs: FAR 31.201-2
- Unallowable Costs: FAR 31.201-6, CAS 405
- Direct Costs: FAR 313.202
- Indirect Costs: FAR 21.203
- Cost Pools, Pooling of Indirect Costs: FAR Part 31
These clauses cover many different types of audits such as cost incurred, pre-award, time keeping, billings and executive pay. Project-based ERP systems that are designed with FAR and CAS compliance in mind, make navigating the compliance landscape much easier, with reports designed specifically for incurred costs, compliant forms for billings, timekeeping systems that meet all of the government regulations and the ability to parse cost and allocations down to the transaction level which can help lower your risk during an audit.
Better Financial Analysis and Reporting
The integration of account, organization and project solidifies the ability to see data at every level of your organization. The accuracy of the data gives you unique insight into your projects and business. With this bottoms up approach, you will be able to achieve new levels of project intelligence, produce more trustworthy analysis and reports, make more confident forecasts and have easy to follow audit trails. Costpoint Project Accounting includes common financial reports like Income Statement, Balance Sheet and Cash Flow and also provides these reports and analysis and more:
- Incurred Cost Submission (Schedules A-O)
- Organizational Dashboards
- Milestone Invoice
- Labor Utilization
- Project Status Report
- Project Percent Complete
- Revenue Forecast
- Accounts Receivable Aging
- Intercompany Receivables
- Vendor History by EEOC Classification (SF 294 & SF 295)
Innovative Financial Architecture
Automatically tie every transaction to a project for the ultimate in cost control.
Powerful Project and Financial Analysis
Easily monitor financial performance at any project level to make data-driven decisions faster.
Always Audit Ready
Spend up to 80% less time on audits. Easily establish accounting controls.
Benefits by Role
Gain visibility and control of your company and make decisions on facts rather than fiction. With Costpoint you'll be able to view project and corporate financial information through powerful analytics that will help you understand your business better.
- Multidimensional views of corporate and project information
- Multi-company consolidations for faster corporate financial reporting
- Align business objectives towards profitable work
- Out of the box compliance capabilities reduce your TCO
- Thousands of Federal contractors rely on Costpoint
Learn how an ERP system purpose-built for project-based businesses boosts efficiency.
Using the right accounting solution reduces risk of failing a pre-award audit.
Get the basics of “allocability” and “allowability” that define CAS and FAR.
Discover how to shift your focus from operations to strategy with the right technology.
Find out why project-based ERP systems are essential for project-based businesses.