As 2023 gets into full swing, many businesses are focused on continued growth. While this is a great pursuit, it is essential to consider how your business systems can handle that growth and help you prepare for the year ahead. It is possible to get by with generic accounting software like QuickBooks or a home-grown legacy ERP system, but when the DCAA and auditors come knocking, you will need a proven and trusted purpose-built solution to handle your project accounting and audit preparation.
Check out our latest blog below to learn why 2023 is the year to move on from QuickBooks to Deltek Costpoint, and why it might be time for your business to do the same.
• Project Management Capabilities
• Complex Invoicing and Billing Requirements
• Enhanced Reporting and Analysis
• API Integration
• Audit Trail and Preparation
• Security and Compliance
Deltek Costpoint and QuickBooks are both popular financial management software options for small to medium-sized government contractors. However, Deltek Costpoint offers a range of features and benefits that make it a more suitable choice for our specific industry.
One of the primary benefits of Deltek Costpoint is its extensive project management capabilities. It allows contractors to track project budgets, labor costs, and expenses in real time, enabling them to make informed decisions and stay on track with their project timeline and budget. In contrast, QuickBooks is primarily focused on accounting and does not offer the same level of project management functionality.
Another advantage of Deltek Costpoint is its ability to handle complex billing and invoicing processes. Government contracts often have specific billing requirements, such as the need to bill on a cost-reimbursement basis or the requirement to submit invoices on a regular basis. Deltek Costpoint is equipped to handle these requirements and can generate accurate invoices that meet the specific needs of government contracts. QuickBooks, on the other hand, is not designed for the complexity of government billing and may not be able to handle the specific requirements of these types of contracts.
Best Accounting Software for Government Contractors in 2023
In addition to its project management and billing capabilities, Deltek Costpoint also offers strong reporting and analysis tools. This can be particularly useful for government contractors as they need to provide regular reports to their clients and stakeholders. Deltek Costpoint allows users to generate detailed reports on project performance, labor costs, and expenses, which can be useful in demonstrating the value of their work and identifying areas for improvement. QuickBooks, while offering some basic reporting capabilities, does not have the same level of depth and flexibility as Deltek Costpoint.
Another benefit of Deltek Costpoint is its integration with other software tools. Government contractors often use a range of software tools to manage their operations, including project management software, time and attendance systems, and human resources software. Deltek Costpoint can be easily integrated with these tools, allowing contractors to streamline their processes and eliminate the need to manually enter data into multiple systems. QuickBooks, on the other hand, may not offer the same level of integration with other software tools.
One additional benefit of Deltek Costpoint for government contractors is its comprehensive audit trail and audit preparation features. Government contracts are frequently subject to audits, and contractors need to be able to provide detailed records of their financial transactions and project management processes. Deltek Costpoint includes an audit trail that tracks all changes made to financial records and project data, making it easier for contractors to prepare for audits and provide the necessary documentation. This feature can save contractors significant time and effort in the audit preparation process and reduce the risk of errors or omissions. In contrast, QuickBooks does not offer the same level of audit trail functionality, which could make audit preparation more challenging for contractors using this software.
One final benefit of Deltek Costpoint is its focus on security and compliance. Government contractors are required to adhere to strict security and compliance standards, and Deltek Costpoint is designed to help contractors meet these requirements. It includes features such as multi-factor authentication and data encryption to protect sensitive information and ensure compliance with industry regulations. QuickBooks, while offering some security features, may not have the same level of emphasis on compliance and security as Deltek Costpoint.
In conclusion, Deltek Costpoint is a superior financial management software option for small to medium-sized government contractors compared to QuickBooks. Its extensive project management capabilities, ability to handle complex billing processes, strong reporting and analysis tools, integration with other software tools, comprehensive audit trail and audit preparation features, and focus on security and compliance make it the ideal choice for contractors in this industry.
The Bottom Line
Take your government contracting business to the next level with Deltek Costpoint.
Click here to learn more and see how this powerful financial management software and our consulting services for Deltek Costpoint including - implementation, data conversion, process improvement, system reviews, training, and more can benefit your company.