Costpoint
Encyclopedia
Deltek Costpoint is a project accounting
software package sold by Deltek
. Costpoint is the "high-end" of the three main project accounting software packages sold by the company.
Deltek Costpoint's niche in the project accounting software market is its tailoring for use by government contractors, which have unique government regulations (mainly the Cost Accounting Standards
and the Federal Acquisition Regulations
). Among Costpoint users are L-3 Communications
, Northrop Grumman
, CSC
, Serco Inc., SAIC
, Lockheed Martin
, Triple Canopy Inc and SGIS.
Deltek Costpoint has a number of different modules and functions arranged in a tree structure. The software has a breakdown of folders into Accounting, Projects, People, Materials, and Others. Opening up Accounting, for instance, it breaks down into the functions of General Ledger, Accounts Payable, Accounts Receivable, Fixed Assets, Travel, and Multicurrency. Each of those functions breaks down into subfunctions. Some items, like the time and expense module, is a separate Deltek product which must be bought in addition to Costpoint (but which can also be used with the other Deltek products).
Unlike generic software solutions (e.g., those for financial services, manufacturing, etc.), Costpoint is project-centric out of the box. It has functionality built-in that is unique to the requirements of government contractors like support for WAWF-RA (Wide Area Work Flow) for the Department of Defense; support for all standard and required forms including 1034's, 1035's, and DD250's; unlimited number of pools that makes it easy to automatically allocate indirect costs; and built-in formulas based on contract type (cost plus, time and materials, etc). Costpoint has extra modules available for government contractors that are also project manufacturers.
With company's latest product release, Deltek Performance Management, Costpoint customers also have access to a "GovCon" library of reports (including Incurred Cost Submission) to ease the complexity and time involved being compliant with government regulations.
Project accounting
Project accounting is the practice of creating financial reports specifically designed to track the financial progress of projects, which can then be used by managers to aid project management....
software package sold by Deltek
Deltek
Deltek, Inc. is a software company that specializes in accounting and related software programs to be used by government contractors and similar businesses.-History:The company was founded as Deltek Systems, Inc...
. Costpoint is the "high-end" of the three main project accounting software packages sold by the company.
Deltek Costpoint's niche in the project accounting software market is its tailoring for use by government contractors, which have unique government regulations (mainly the Cost Accounting Standards
Cost Accounting Standards
Cost Accounting Standards are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements...
and the Federal Acquisition Regulations
Federal Acquisition Regulations
The Federal Acquisition Regulation is the principal set of rules in the Federal Acquisition Regulation System. This system consists of sets of regulations issued by agencies of the Federal government of the United States to govern what is called the "acquisition process"; this is the process...
). Among Costpoint users are L-3 Communications
L-3 Communications
L-3 Communications Holdings, Inc. is a company that supplies command and control, communications, intelligence, surveillance and reconnaissance systems and products, avionics, ocean products, training devices and services, instrumentation, space, and navigation products. Its customers include...
, Northrop Grumman
Northrop Grumman
Northrop Grumman Corporation is an American global aerospace and defense technology company formed by the 1994 purchase of Grumman by Northrop. The company was the fourth-largest defense contractor in the world as of 2010, and the largest builder of naval vessels. Northrop Grumman employs over...
, CSC
Computer Sciences Corporation
Computer Sciences Corporation is an American information technology and business services company headquartered in Falls Church, Virginia, USA...
, Serco Inc., SAIC
Science Applications International Corporation
SAIC is a FORTUNE 500 scientific, engineering and technology applications company headquartered in the United States with numerous federal, state, and private sector clients...
, Lockheed Martin
Lockheed Martin
Lockheed Martin is an American global aerospace, defense, security, and advanced technology company with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in Bethesda, Maryland, in the Washington Metropolitan Area....
, Triple Canopy Inc and SGIS.
Deltek Costpoint has a number of different modules and functions arranged in a tree structure. The software has a breakdown of folders into Accounting, Projects, People, Materials, and Others. Opening up Accounting, for instance, it breaks down into the functions of General Ledger, Accounts Payable, Accounts Receivable, Fixed Assets, Travel, and Multicurrency. Each of those functions breaks down into subfunctions. Some items, like the time and expense module, is a separate Deltek product which must be bought in addition to Costpoint (but which can also be used with the other Deltek products).
Unlike generic software solutions (e.g., those for financial services, manufacturing, etc.), Costpoint is project-centric out of the box. It has functionality built-in that is unique to the requirements of government contractors like support for WAWF-RA (Wide Area Work Flow) for the Department of Defense; support for all standard and required forms including 1034's, 1035's, and DD250's; unlimited number of pools that makes it easy to automatically allocate indirect costs; and built-in formulas based on contract type (cost plus, time and materials, etc). Costpoint has extra modules available for government contractors that are also project manufacturers.
With company's latest product release, Deltek Performance Management, Costpoint customers also have access to a "GovCon" library of reports (including Incurred Cost Submission) to ease the complexity and time involved being compliant with government regulations.
External links
- Deltek Costpoint product page on Deltek's Official website