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.

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)