Government Contracting

Timekeeping for Government Contractors

Timesheets are a major component of a government contractor’s accounting system. But why are they so important? See below.

FAR 31.201 –2 (d) reads: A contractor is responsible for accounting for costs appropriately and for maintaining records, including supporting documentation, adequate to demonstrate that costs claimed have been incurred, are allocable to the contract, and comply with applicable cost principles in this subpart and agency supplements.

There are penalties for labor mischarging, requirements to ensure your organization is meeting, policies that need to be in place and more. Join us for a webinar on 11/1 where we will discuss requirements for employees and managers related to timekeeping and DCAA Audits that focus on timekeeping.

6 Reasons to Attend Deltek ProjectCon

Deltek ProjectCon, formerly known as Deltek Insight, is the destination for project-based business professionals to gather for inspiration, education and collaboration.

This year’s Deltek ProjectCon will take place on November 15-18^th at the Gaylord Opryland in Nashville, TN! PCI is excited to participate as a Platinum sponsor at this year’s event!

Check out these six reasons to register for DeltekProjectCon:

Deepen your Product Knowledge – This conference offers hundreds of product educational sessions teaching new skills, tips, and tricks. PCI will be hosting three sessions, listed below. Be sure to add them to your agenda!

CPSPON-13: How to use the MS Word reporting tool in Costpoint

CPSPON-14: Offers and Decisions

CPSPON-15: Do your contracts have CLINs/SLINs/ACRNs? Do your employees complain because they have too many project codes? See how ACRN billing will fix all your problems.

Networking! – Connect with thousands of attendees, Deltek leaders and visit with the PCI team in the Xpo Hall!
Ignite Innovation – Hear how companies like yours are leveraging Deltek’s solutions!
Certifications – Be sure to take advantage of the complimentary Deltek University certification exams while on-site!
Meet 1:1 with Experts – Meet 1:1 with the PCI team, Deltek Customer Care, Solutions Engineering team and more!
Enjoy your time! – There are a ton of fun activities planned throughout the conference such as philanthropic activities, special networking events and a customer appreciation party!

We hope to see you there! Register now to attend!

Powering Your Project Lifecycle With Deltek

Deltek delivers software and information solutions that enable superior levels of project intelligence, management, and collaboration. Their industry-focused expertise makes your projects successful and helps you achieve performance that maximizes productivity at every stage of the project lifecycle that fuels your business.

Win – Firms want to identify clients early and pinpoint projects worth bidding for and create effective proposals that position them to win new business. In this space, firms need business analytics and relevant marketing intelligence in order to find the perfect fit and win deals. Deltek GovWin IQ can help you win more business.

Manage – After winning a project, organizations need a good plan to optimize resources, manage costs and risks, and stay on time and budget. With a full team engaged on required work, project management goes beyond a simple checklist. Companies needs to have an optimal schedule across all of their projects, as well as understanding the granular requirements to drive maximum profitability. Learn more about how Costpoint Contract Management can help manage your contract needs.

Develop – A good plan helps to deliver a great project but developing your talent and having the right people in place, truly powers project success. Project based businesses need a modern, integrated, HR and talent management approach to truly track and predict labor costs, forecast recruiting needs as well as develop and monitor employee engagement as part of your comprehensive retention strategy.

Deliver – Project based companies strive to deliver efficiently on their contract obligations while running a smooth and profitable operation. To do this, firms need the capabilities to connect resources and materials back to projects, track cost breakdown, and manage project documentation and assets in a single location. This is where Deltek Costpoint can help you succeed.

Measure – Project based businesses seek to measure both specific project profitability and analyze company level performance in terms of cash flow, people utilization, compliance, and profitability. These KPIs help ensure overall company financial health and shape future pursuits. Companies can look at trends to a more efficient, productive, and profitable company. PCI’s Business Intelligence team can assist you in personalized reports for your business.

The stages of the project lifecycle represent the fundamental workflow of project-based businesses. Helping businesses gain a competitive advantage, automating processes across the project lifecycle.

If you are interested in learning more about how Deltek’s Project Lifecycle can help your business, contact us today.

Why You Should Use GovWin IQ As A Federal Contractor

The federal government contracting market is vibrant and healthy with the top opportunities for FY 2022 alone valued at more than $250B. Within this favorable & lucrative environment, contractors can win more business by using GovWin IQ.

GovWin IQ serves contractors that are selling to the federal government by providing 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 federal government contracts.

HOW TO COMPETE

Understanding the federal market is key to being successful at federal government contracting, whether you are an experienced vendor or a new entrant. GovWin IQ provides key insights and opportunities to help you navigate this complex, cumbersome world.

BENEFITS

PLAN BEYOND THE PROPOSAL

Discover opportunities months, or even years, before they go to bid in the form of forecast pre-RFP intelligence.

FIND A QUALITY PARTNER

Identify quality teaming partners in a specific location, level of experience, or set-aside category in our exclusive GovWin Network™ of contacts.

CAPTURE MARKET INSIGHTS

Detect market potential based on data analysis conducted by our research support team along with easy-to-use data breakdown tools within GovWin IQ.

NEXT STEPS

Looking to grow your sales with federal agencies in 2022? Master the ins and outs of this complex but lucrative market with this free guidebook. Guide: Federal Contracting 101: The Basics

Learn more about how the leading market intelligence platform can help you win more federal government contracts by contacting us today.

PCI Launches Astrata Platform for Deltek Costpoint Integrations

PCI is proud to launch Astrata, a solution to enhance our customers software integration capabilities and user interface.

Astrata is a new solution providing simple integrations with banks, credit card providers, travel management systems and payroll providers; allowing all data to be stored in Deltek Costpoint.

PCI’s Astrata platform takes third party software integrations with Costpoint to a whole new level. Astrata excels where most middleware falls short, providing an interactive, customized integration for every customer.

With partnerships across many industries, the Astrata platform provides repeatable and reliable integrations for Costpoint users. Far too many companies in the Government Contracting space claim integrations to different platforms, but in reality, they have never connected the platforms to an ERP. With Astrata, every integration is established and simply applied to your system with the customization you need to meet your business requirements. With unique capabilities like Costpoint payroll tax services, credit card reconciliations and payroll reconciliations, Astrata offers integrations that will have a positive impact to your organization’s productivity.

“I could not be prouder of the effort put forth by the team at PCI to develop a tool that will change how people work!” said Martin McGann, Founder and Owner at PCI.

Learn more on PCI’s Astrata solution here.

How to Win Business as a Small to Mid-Sized Government Contractor

WHAT’S THE BEST WAY TO GET STARTED IN GOVERNMENT CONTRACTING?

Getting started in government contracting can be complex, from finding a good-fit contracting opportunity for your business and submitting a winning bid or proposal, to staying in compliance throughout the length of the contract and getting paid for your efforts. One way to get ahead is to arm yourself with information and analysis related to the government contracting lifecycle as you begin exploring new opportunities to do business with the government.

HOW WOULD YOU EXPLAIN THE GOVERNMENT CONTRACTING LIFECYCLE?

To succeed in government contracting you need to understand the stages of a government opportunity, from start to finish, and what your business needs to do at each stage. Below are the stages a typical contract goes through.

Pre-RFP: Government plans to spend on a project

Solicitation: Opportunity goes out to bid or RFP

Proposal Preparation: Contractors create a proposal to win the business

Contract Award: Government awards the winning vendor(s)

Contract Fulfillment: Business begins to provide products or services

Performance Monitoring: Business manages and monitors the delivery of the product or service

Audits/Compliance: Business passes audits by remaining compliant

Contract Completion: Contract period ends and cycle begins again

WHAT IS THE BEST WAY TO FIND GOVERNMENT CONTRACTS?

Federal Government Contracts:

Federal government agencies use several methods of advertising their intent to spend money, including socioeconomic set-aside programs and government websites such as SAM.gov. Sometimes agencies also offer a preview of coming solicitations by hosting industry days. In order to find federal government contracts that best match your company’s core competencies, you’ll want to determine which agencies have the most best-fit opportunities.

However, relying exclusively on government websites to find federal government contracts can be a time-consuming and lengthy process. Though most federal contracting opportunities appear on SAM.gov or other government websites, private companies like Deltek have tools such as GovWin IQ that track likely opportunities up to five years before a bid or a request for proposal (RFP) is actually issued. The best way to find federal government contracts is to leverage these tools to identify federal spending areas well in advance, then prepare your company’s go-to-market strategy for when those opportunities are released.

State & Local Government Contracts:

State and local (SLED) government agencies spend more than a trillion dollars every year, so devoting time and energy to building a SLED market business plan is well worth the effort. If you are wondering how to find state and local government contracts that align to your business, your first step should be to determine which levels of government you want to sell to, and which regions are best fits. Then find those agencies and register to business with them by signing up for their procurement portals, which differ by state. You can save time by signing up for a government business development tool like GovWin IQ that can track opportunities from each of those agencies you are targeting.

Once you have defined your target governments, you need to understand how and when they spend. Unlike the federal government, SLED agencies set their own fiscal year schedules and their spending patterns often align with their state’s fiscal year start and end dates. It’s important to understand your target agencies’ fiscal year and spending patterns to pinpoint when you will find the most best-fit government contracts from those agencies.

WHATS THE BEST WAY TO FIND SMALL BUSINESS GOVERNMENT CONTRACTS

If you meet the definition of a small business you may have access to a wealth of small business government contracts. Governments offer a number of small business set-aside contracts through a variety of programs:

8(a) Business Development
Women-Owned Small Business (WOSB) Programs
Minority-Owned Small Business (MOSB) Programs
Service-Disabled Veteran-Owned Business (SDVOSB) Programs
All Small Mentor-Protégé Program

Small businesses often break into new fields or gain contracting experience through subcontracting, and serving on a prime contractor’s team (teaming). It is a way of getting experience that often allows you to avoid some of the complicated compliance requirements and challenges competing against more established vendors, yet gaining some experience and past performance. Searching for opportunities from one of the above programs, or seeking out teaming and subcontracting opportunities, can help you find small business government contracts that best match up with your company’s strengths.

HOW DO YOU BID ON GOVERNMENT CONTRACTS?

Once you have identified the types of government contracting methods and vehicles that exist in the market, you should follow these steps and take action.

Select the methods and bid opportunities that best suit your business. Determine whether you are best suited to pursue a large contract, an opportunity as part of a bigger vehicle or subcontracting or teaming opportunity, and develop a list of target agencies.
Determine which socioeconomic categories, if any, fit your business. These might include designations like women-owned (WOSB), service-disabled veteran-owned (SDVOSB) or minority-owned (MOSB). These categories can give you a big advantage.
Identify your target opportunities – and pursue them. You can often find those opportunities through tools like GovWin IQ, the industry’s leading platform to help you find government contract bids and gain awareness of upcoming opportunities up to five years before the solicitation is even released.
Submit a strong proposal. Make sure to highlight your company’s core competencies and outline why your business stands out. You can also leverage market intelligence to differentiate your offering from those of the competition.

WHAT’S THE BEST WAY TO SEARCH FOR GOVERNMENT CONTRACTS?

While government websites can be sources to search information on the basic elements of government contracting, like bids and RFPs, companies succeeding at selling to the government are taking proactive steps to go beyond the basics to find all of the information they need.

The best way to search for government contracts is to identify keywords and phrases that align to your business. Leveraging a market intelligence platform like GovWin IQ can help you quickly identify upcoming opportunities that truly match your team’s capabilities, so that you’re not wasting your time scouring hundreds of opportunities to find the ones that are perfect for your team.

HOW DO YOU WIN GOVERNMENT CONTRACTS?

After identifying and pursuing opportunities that fit your business, there are specific tactics you can take to connect with the right decision makers and put your best foot forward in order to beat out the competition and win a government contract. By being proactive, getting ahead of the bid or RFP, and putting your business in a position to win, you can ensure a steady stream of revenue from your government business.

For more information, contact us today.

The Risks of using QuickBooks as a Government Contractor

If you’re using QuickBooks or other generic accounting software, your business is at significant risk. There’s a reason why those products are shrink-wrapped. It’s the only thing that’s holding them together.

A few questions to ask yourself:

How long could your business operate without receiving contract payments?
What if you couldn’t generate an invoice because your timekeeping solution is noncompliant?
Could you make payroll if a payment suspension froze your line of credit?

When you’re using QuickBooks, these are more than hypothetical questions—they are real risks that government contractors face today.

The Challenges of Accounting in Government Contracting

The federal government has unique requirements for compliance, as well as accounting for project

costs. Most generic systems, like QuickBooks, can’t meet those federal regulations. QuickBooks

doesn’t provide the level of control required or the level of reporting needed to adequately document and cost your projects.

A project-based system is absolutely essential for any sort of project- or service-based business.

If the project itself is the core of your business, you need a system that is built just for projects.

But a generic system, even one that’s project based, isn’t enough in a federal contracting environment. You need a system that’s purpose built for the government contracting environment. Accounting in government contracting is unique and frequently difficult. Unlike commercial firms, cost is your primary accounting concern. It’s essential to manage how costs are classified, segregated and reported.

Other critical elements of contractor accounting include:

Classifying costs as either direct or indirect
Classifying costs as allowable or unallowable
Accounting for costs by project AND at the
lowest work breakdown structure (WBS) level
Managing and pooling indirect costs
Supporting government-mandated billing
formats (e.g., DD250, 1034, 1035)

Learn more about why you should consider switching to Deltek Costpoint for your project based ERP solution, contact us today.

Click here for more information on Deltek Costpoint.

The Most Important Reason to Automate Payments Now

Written by Derek Halpern, Nvoicepay

A funny thing happened while I was writing this article. While I conversed with our editorial consultant on how to approach the struggles companies are facing in the current global climate, she received this email:

The names are changed for privacy purposes.

The email’s writer, “John,” is not the only accounts payable (AP) professional sending out emails like this. We’re in uncharted territory, and the rules are changing every day. But one thing we know for sure is that payments will always have to go out and that with workers ordered to stay home, it’s very difficult to cut live checks, as John and countless other accounts payable professionals are finding. Priorities have shifted, and remote supplier payments have jumped to the top of the list.

No doubt, AP departments will find a way to get it done. Paying invoices is a core function of every company, and people are working overtime to reach out to suppliers and get them paid electronically. Maybe there is some delay, but these companies will make it through the crisis.

But I think there’s more to learn from this whole experience than just solving a short-term problem. When we go back to “normal,” do we want our old payment processes to do the same, or is this our opportunity to start making long-overdue infrastructure upgrades?

Magnifying the challenges

AP is one of the last bastions of paper processing in the enterprise, and it comes with challenges. According to the latest research from AFP, companies still make 42 percent of their payments by paper check. All those processes that are involved with paying by check—printing them, hunting for approval and signatures, and stuffing envelopes—are culprits of inefficiency.

Back-end support adds another wrench into the process. Delays and errors are inevitable, so who do suppliers call when they’re missing a payment, or they’ve found an error? Processes for resolving these supplier issues in-house are maddeningly reactive.

Now these challenges are magnified, forcing us to think differently about how we run our businesses. A surprising number of people still think that making payments by check works, and up until recently, it’s been hard to argue with that. It’s not as efficient as it could be, but people have their check processing routines down. As more employees work from home, processes that required in-office attendance are no longer feasible. Just like John, many companies are reaching out to their suppliers, asking for different ways to make their payments. The new challenge: finding a way to securely store the data their suppliers provide them. Financial technology (fintech) companies have solved for this exact problem, and are ready to add value to AP workdays.

When most people think of adding technology to their business payments process, they usually imagine outsourcing the check writing process, doing ACH payments through their bank, and maybe having some kind of virtual card program.

Most fintechs have moved beyond that kind of disjointed offering. They look at the whole end-to-end process and implemented a process that streamlines payments and mitigates the risk of maintaining extensive supplier data by offering supplier services.

Beyond operational efficiency

Until now, the drive for supplier payment automation focused primarily on improving operational efficiency. As payment fraud rises, buyers have turned their attention to reducing the associated risk. Business continuity has not really been part of the conversation; if it came up, concerns got pushed aside as unlikely worst-case scenarios. Now is the time to address the elephant in the room, and push through the uncertainty to strengthen our AP teams.

We don’t know what the new norm is yet, but it seems clear that we’ll see a rise in remote work. The ability to quickly move so many operations online has been one source of resiliency during this time. Companies are learning more about roles previously considered to require a presence at headquarters. They’re finding that many HQ functions can be accomplished remotely by taking advantage of automation and cloud technology.

At a minimum, remote capabilities cater to the business continuity strategy that meets today’s needs. But in many cases, the other benefits like added security and supplier support make automation adoption a no-brainer. By removing the stress of getting manual check payments out the door, AP teams are freed up to apply their time to more beneficial and critical tasks.

Learn more

Join PCI and Nvoicepay on 10/14 for an overview of Nvoicepay and Costpoints API integration.

“This article originally appeared on Nvoicepay’s blog https://www.nvoicepay.com/resources/blog/the-most-important-reason-to-automate-payments-now/”