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Get WorkBook Certified in the Deltek Learning Zone (DLZ)

The content in this blog has been repurposed from our partner, Deltek.

Deltek University are delighted to announce the launch of the WorkBook Core Certification, giving you the opportunity to validate your WorkBook expertise by completing the WorkBook Core Certification examination.

A Deltek product certification is a great opportunity for professional development. Many Deltek customers are already taking the time to add new learning and development opportunities to their weekly to-do list and getting Deltek Certified helps demonstrate their value by going a step further with product certification. Getting noticed by your peers for earning your Deltek Certification will help demonstrate the value you bring to your organization.  

The new examination will test your WorkBook knowledge with 75 multiple-choice questions covering Inbox and navigation, Time and Expense, CRM, Scheduling, Jobs, Settings and the mobile app. The Finance and Administration module will have a separate exam launching in 2022.

Once you successfully complete your exam, participants will receive an email with a link to the Deltek certification badge and a certificate of completion, which you can proudly display on your email signature or Linked-in profile.

Product certifications are valid for two years and provide quantifiable proof of product proficiency and industry expertise – a great way to help advance your career and improve overall job performance.

Deltek customers can access the exam through the Deltek Learning Zone. You can get help with logging in here or if you have any questions, please contact us at any time.

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.

6 Steps To Effective Resource Planning And Revenue Forecasting For Your Agency

Optimizing resource plans and correctly forecast revenue becomes even more urgent in a challenging economic climate for agencies. Here are six steps for agency leaders to take to implement effective resource planning and revenue forecasting. To learn more about how to get started with resource planning and how to implement optimized revenue forecasting within your business, view WorkBook in Action videos here.

1) Determine the Right Rhythm of Business

What is the right cadence for your team? Decide which reports are most useful to review weekly, versus which are more effective to evaluate monthly or even quarterly.

 

2) Set the Right Ownership

Whether it is the project manager, resource manager, or department heads, who is the right person at your company to manage the process? Or you may even need a dedicated planner role in order to guarantee the work gets done.

 

3) Choose the Right Project Team

It can be tempting to start a project with whomever is available, however it’s critical to have all the right decision makers in the room. By starting with the right team, you’ll save time rather than having to shift people in the middle of a project.

 

4) Keep It Simple

The number one reason resource planning fails is if it’s not implemented in a simple way. Resource planning is only as strong as the weakest link – keep the process simple so that everyone knows how to do it.

 

5) Define the Rules of Planning

Try to limit the number of projects that people can work on at a time – precious time is lost when people are forced to switch between too many projects. Limiting the number of projects will result in greater efficiency.

 

6) Integrate Revenue Forecasting in Planning

By implementing revenue forecasting into your resource planning process, you’ll be able to make better decisions about what projects to take or the best way to utilize your resources efficiently.

Is it Time to Digitally Transform your Contract Management Process?

Effective contract management is one of the key fundamentals to running a successful government contracting business. It is imperative to establish effective contracts processes to manage, track and deliver on your contractual obligations. If not managed properly, your business can become vulnerable to potential penalties and fines due to failure in legal compliance, or struggle with higher operational costs as a result of inefficient contract processes.

Contract Managers are often challenged to locate contract information in both the pre-award and post-award process. Contract information is usually stored on shared drives, physical paper in filing cabinets, spreadsheets or in a document management application making it more time consuming to quickly locate important contract details. This slows down the process of responding to data calls from contract officers, providing contract status updates within their company, communicating with subcontractors and other vendors and makes the process of identifying binding FAR/DFARS clauses on contracts very challenging.

To help Contract Managers organize contracts in a single place, have more accurate records of FAR/DFARS clauses and help track other compliance issues like Organizational Conflicts of Interest (OCI), Costpoint offers an integrated Contract Management solution that supports managing all of your contract data from opportunity identification to contract closeout. Unlike other contract management solutions, Costpoint Contract Management is the only solution designed for government contractors that can digitally transform the entire contract management process with a single solution that connects business development to finance in order to reduce operational costs, improve communication and negotiate better contracts.

To learn more on how to effectively manage your GovCon contracts, join us for our contract’s webinar on July 15th at 2:00 pm EST!

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