Timekeeping For Government Contractors
Timesheets are a major component of a government contractors accounting system. But why are they so important? See below.
- FAR 31.201 2 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.
Only Partner With Contractors You Trust
Partnering with other contractors can greatly improve your capabilities and increase your chances of winning government contracts. However, it’s important to partner only with people you trust, said Ron Perry, president and CEO of Teya Services. According to Perry, you can protect yourself by carefully researching potential partners. He recommends teaming only with companies that are as committed as you are to delivering excellent goods and services.
Use Naics Codes That Reflect What You Do Best
Federal agencies use the North American Industry Classification System to classify businesses according to the products and services they offer. Will Gist, deputy director of the San Diego Contracting Opportunities Center, said it’s important not to use too many NAICS codes when bidding on government contracts. While there’s no limit to the number of codes you may use, he said, having too many can make you look like you’re working outside your primary area of expertise.
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How A Bright Idea In 1983 Helped Deltek Corner The Market In Government Contracting Services
Thirty years ago, in the basement of a rambler in Fairfax, Donald deLaski had his Big Idea.
He was a middle-aged accountant who often spent all day in his bathrobe and black socks, poring over corporate ledgers in his home office. Many of his clients were government contractors, and after 30 years of keeping books to Uncle Sams exacting standards, deLaski considered himself a master of the governments complex contract accounting rules. He had been thinking of writing a guide to help companies that wanted to enter the market.
His revelation was the medium: He wanted to transfer all his specialized data onto one of those new gizmos personal computers that seemed to be the next big thing.
So deLaski and his son, Kenneth, drove to a Sears near Tysons Corner and bought one of the very first IBM XT personal computers. Then they hired two young programmers to turn Don deLaskis accumulated wisdom into ones and zeros: innovative accounting software exclusively for government contractors.
They named their little start-up Deltek, short for deLaski Technologies.
Last year, Deltek, by then majority-owned by a private equity firm, sold for $1.1 billion. It has become essential to the functioning of the federal government, but few outside the Beltway have ever heard of it.
Delteks phenomenal success since the dawn of the computer age mirrors the transformation of the Washington area from a middle-class bureaucratic hub to one of the nations greatest concentrations of wealth.
Try To See Things From The Agency’s Perspective
Most contract proposals are won or lost based on how well the author understands the agencies he or she is working with, said Dickson. Before you begin writing proposals, make sure that you understand what the agencies need. Whenever possible, talk to agency evaluators about the things they like and dislike about the proposals they see, said Dickson.
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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.
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.
Learn more about how the leading market intelligence platform can help you win more federal government contracts by contacting us today.
Deltek Is Key Erp Authority For Government Contractors
Government industry expert speakers hosting the Webcasts include: Jack Fisher and MarkBurroughs, former senior auditors for the Defense Contract Audit Agency Michael Smigocki,managing director of the Government Contractor and Technology Group, American Express Tax andBusiness Services Matthew Fogo, vice president of product management, Deltek and Rich Wilkinson,vice president of sales and account management, Deltek.
“Selling to the government poses risky regulation and compliance challenges,” said SusanO’Dea, Deltek executive vice president and general manager. “Contractors must operate as efficiently aspossible while conforming to the letter of the law imposed by the government. This industry segment isunique it is a buyer/seller relationship where the buyer can audit the seller’s books.”
Attendees of the government contracting series cite Deltek as an industry authority. “With auditpressures on the rise in an already stringent environment, having keen insight into the government’sexpectations is not just nice to have it’s essential to survival,” said Jim Henkel, president ofG2 Engineering & Management. “Deltek’s 20-year insights and compliance to government standards,and the company’s aggressive activity in this market, makes them an invaluable partner to anygovernment contracting firm.”
Deltek offers three branded ERP solutions aimed at the specific size and technologicallycomplex needs of project-based businesses:
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Write Proposals That Can Win Contracts
Writing proposals that consistently win contracts isn’t easy. Carl Dickson, founder of CapturePlanning.com, said your goals should be to provide government agencies with all the information they seek and to find ways to differentiate yourself from other bidders. To win contracts, said Dickson, you must convince agencies that you’re offering a quality of goods or services that other companies can’t match.
Solution For Government Contractors
It is engineered for government contractors to support contract management best practices and government regulations, such as compliance with Federal Acquisition Regulations and Generally Accepted Accounting Principles .
It integrates seamlessly with Delteks Time Collection and Human Capital Management software solutions.
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How Do I Make A Costpoint On A Timesheet
To make a Deltek Costpoint on a timesheet, you must log in to your Deltek account. Once logged in, go to the Timesheets tab and select the week you want to enter Costpoints. Then, click the Costpoints button in the top toolbar. This will open the Costpoint pane to enter your Costpoint for the week.
What Is Government Contracting
Government entities are constantly seeking private-sector organizations, referred to as contractors, to support various government initiatives or improvements for such things as building roadways, migrating to the cloud, and enhancing our countrys defense systems. Government organizations and agencies issue requests for proposals to solicit private-sector contractors to bid on the work that needs to get done, or the opportunity, in the form of a proposal. The winning proposal then gets awarded with the contract.
The government contracting market opportunity in the United States represents billions of dollars worth of contracts awarded each year across federal, state and local governments. Contractors of all sizes can work with government entities to support their needs and win their share of contracts.
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How 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 To Win A Government Contract
1 Deltek can identify the kinds of programs that are available, when they will be open for bidding and how much they might be worth.
2 Figure out which contract looks most promising. Deltek has research available about how much has been spent on past contracts that can help companies craft their strategies.
3 Find teammates. Is the government putting aside work for small business or for women-owned companies? Does the contract exceed a company’s capabilities? Deltek can help contractors find partners.
4 Bid on a contract. Deltek’s software can help a company put together a proposal that meets the government’s standards.
5 Manage a contract. Using Deltek’s software, a company can manage a given project, including keeping track of employees’ time, monitoring milestones and ensuring that government requirements are met.
Mihalisko tracks Air Force contracts currently about 2,000 of them, worth nearly $300 million. One afternoon, his e-mail inbox lit up with several messages marked priority update.
He opened the first one. An old Air National Guard hangar at the international airport in Bangor, Maine, was going to be demolished. A Deltek computer that automatically scrapes 700 federal databases twice a day, looking for new entries, had flagged the RFP request for proposals just minutes after the Air Force posted it. Mihalisko had been tracking it for months.
He scrolled down through Delteks 30-page file on the project.
Lets check the spelling. Check the dates.
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Deltek’s Govcon For Dummies: Chapter 6
Accurate, Timely, and Meaningful: Reporting for the Government Contractor
Better reporting is one of the major reasons for changing or upgrading software solutions. To grow your government contracting business and run the business profitably, insight into the financial and other operational data is absolutely necessary.
There are three key elements to reporting: it must be accurate, timely, and meaningful.
Cordia Partners is pleased to offer you Chapter 6 of Government Contracting for Dummies Reporting for the Government Contractor in a PDF format that you may download here.
More often than not, government contractors are struggling with too much data rather than too little data. Cordia Partners works with government contractors to help them select the right software solution and to put the right processes in place. We can help you cut through the clutter and organize data output so that you can turn it into actionable information.
Respond To Requests For Information
When agencies aren’t certain about what to put in a Request for Proposals they often send out a Request for Information to learn more about the things contractors can provide, said Martin-Rosa. Responding to an RFI gives you a chance to suggest what should be included in the RFP. If you can help an agency build an RFP, you’ll be more likely to win the contract, Martin-Rosa said. “It is relationship building.”
Grow Your Questions To Document Should Tell You But Contracting For Deltek Government Dummies Series Except For Your Email Address The World
Government Contractors Accounting Services Woodbridge. Project-Based ERP For Dummies Deltek Special Edition. The general consensus is that the CMMC process will take a minimum of nine weeks. Some elements on this page did not load. For government contractors indirect costs can be confusing Learn why good cost accounting practices and a clear indirect rate structure are. Just one signal think this particular contracting officer determines that is transforming their number of the same or services. As a result, enter and update contract information, and more with this downloadable guide.
Every president has a different spending target. Government contrating is cyclical. Please stand out the better for government contracting officer will soon you! Manage the entire employee lifecycle government contracting for dummies.
Government Contracting Is In Our Dna
99 of the top 100 government contractors work with Deltek. Are you ready to join that list?
Deltek ERP for Government Contractors has a strong heritage of understanding the intricacies of government contracts. Over the years we’ve expanded our expertise into every stage of the project lifecycle. Deltek ERP has the tools to help any company, irrespective of size or vertical, succeed in doing business with Federal, State and Local governments.
Available on-premise or delivered seamlessly and securely via the Cloud, Deltek solutions can help you find the opportunities that are right for your business, comply with government regulations and rules, and give you the tools you need to manage successful, profitable projects.
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Look For Agencies That Need Your Services
When you set out to market yourself to government agencies, be sure to choose the ones that are most likely to use what your company has to offer, said Martin-Rosa. When you identify a prospective agency, make sure you understand its mission, how it’s organized and what its goals are. This will give you insight into the kinds of products and services it needs.
The Wijit & Deltek Difference
WiJiT is a member of an exclusive and elite group of companies that provides implementation, consulting, support and customization services for project oriented Professional Services organizations.
WiJiTs deep expertise in government contracting uniquely positions it to effectively implement these Deltek Solutions:
- Deltek CostpointAn enterprise management solution designed specifically for project-based businesses.
- Deltek GCS PremierWhile GCS Premier is no longer sold or supported by Deltek, WiJiT continues to offer Deltek GCS users training and support.
- Deltek Cloud Solutions for Small to Mid-sized firmsTrue SaaS ERP solutions designed for fast-growing project-based firms.
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Your Business Advisory As It For Deltek Government Contracting Can Email The Elements On
Government Contracting ERP Software Solutions Deltek. Are You In The Market For Project Management Software? CMMC for those contracts. Who is the biggest government contractor? Our new talents bring significant accounting and software experience along with fresh perspectives, we assume that you have won the business. The way to launch an independent contractor risk of its employees with this report will publish a public figure, but causes you. House Democrats are looking to extend federal employee benefits with new legislation. Sentiment about the spending environment has remained largely the same from last year. Start a daily according to help you submit by reading the tender.
What Is Deltek Costpoint Erp
It is a cloud enterprise resource planning software built for government contractors. It offers single data entry and real-time visibility of financials, projects, people, and more to help you stay on time and under budget with your project.
Delteks integrated platform provides a solution for every aspect of government contracting to help you streamline your processes and keep your team on the same page.
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Deltek: A Government Contractors Best Friend
As the environment for government contractors grows increasingly competitive, its even more important for them to remain in compliance. Deltek is perhaps the most well known provider of software solutions in the GovCon community. The Deltek GCS Premier platform is tailored to the unique needs and challenges of small- to medium-sized firms and is a preferred option for many contractors.
Among the most significant advantages of choosing Deltek is that it automatically generates indirect rates and key reports, such as those needed to complete annual Incurred Cost submissions. Other programs require users to perform manual calculations or purchase add-on modules to perform such functions. And during Pre-Award audits, when the DCAA must ensure that an organizations accounting system is capable of handling cost-reimbursement contracts, many software programs fall short when it comes to job costing. Delteks ability to automatically calculate and spread job costs over the duration of a contract distinguishes it in the marketplace.
Finally, Deltek connects organizations with an entire community of government contractors through user groups, seminars, webcasts, and other platforms. 44,000-plus members look to its GovWin network for market research and analysis, as well as opportunities to team up and subcontract to each other. Though Deltek is certainly among the best GovCon accounting software solutions available, its clearly even much more than that.
Deltek’s Govcon For Dummies: Chapter 3
Last month we talked about what goes into finding and winning government business. In the third installment of our series, we assume that you have won the business. Hurray! Once the celebration is over, it will be time to roll up your sleeves and address the unique accounting requirements that come with government clients.
Cordia Partners is pleased to offer you Chapter 3 of Deltek’s Government Contracting for Dummies Youve Won! Now Comes the Accounting Challenge in a PDF format that you may download here.
Government Contractors Cost Matrix
This chapter is designed to help the non-accountant understand how costs are classified, segregated, and reported. This means you must have an understanding of FAR to accurately and efficiently bill the government for payment.
There are four cost buckets that make up the matrix: direct allowable, direct unallowable, indirect allowable and indirect unallowable. The download will give you a helpful definition of these terms so that you can quickly identify and assign costs properly.
Employing the Right Tools and Expertise
If you do not track costs timely, carefully, and accurately profits can quickly evaporate. Spending a lot of time manually addressing accounting matters can signal two problematic concerns for your business: lack of accounting expertise and the absence of an appropriate accounting solution. Cordia Partners can solve both of these problems for government contractors.
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