Deltek Costpoint(R) 6 Improves Cash Flow and Simplifies Government Compliance

Deltek Costpoint(R) 6 Improves Cash Flow and Simplifies Government Compliance: "Deltek today announced Costpoint 6...

Costpoint 6 provides a number of new capabilities aimed at streamlining billing and providing greater visibility over cash flow. These capabilities include support for Wide Area Work Flow (WAWF) invoice submissions, Accounting Classification Reference Number (ACRN) billing, GSA and other discount schedules, and “what-if” cash forecasting. The new WAWF functionality eliminates the need for government contractors to manually enter project data into Department of Defense (DoD) billing systems in order to be paid. These new enhancements streamline billing cycles, eliminate manual processes, and improve return on liquid assets.
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Costpoint 6 also provides new capabilities that can ensure reporting accuracy and compliance with federal regulations such as Sarbanes-Oxley (SOX). Deltek offers a new audit trail application which provides executives with strong, effective controls to monitor and audit access to sensitive data managed by Costpoint. The latest release of Costpoint provides a new Segregation of Duties capability which can detect and prevent employees from committing innocent errors or engaging in fraudulent activity. Finally, Costpoint offers 165 out-of-the-box SOX reports to streamline compliance requirements. This latest release of Costpoint builds upon a proven track record of enabling companies to meet strict federal requirements like those from the Defense Contract Audit Agency (DCAA) and Defense Procurement and Acquisition Policy (DFARS).
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Costpoint 6 delivers a wealth of new capabilities throughout the solution. Key enhancements include:

* Wide Area Workflow (WAWF) supports electronic submission of bills enabling compliance with Department of Defense (DoD) requirements, improving data accuracy and streamlining billing.
* Billing Enhancements such as Accounting Classification Reference Number (ACRN) Billing and GSA schedule support greatly reduces billing cycles and data errors.
* Enhanced Cash Forecasting provides “what-if” forecasting scenarios based on timesheets, journal entries, purchase orders, vouchers, and A/R balances entered in Costpoint.
* Multicurrency Consolidations enable organizations to revalue balance sheet accounts from prior years, making it easier to compare year-over-year financial results.
* Integration Console that enables Costpoint reports and processes to be easily shared, providing real-time integration between third-party applications and Costpoint.
* Accrued Leave Journal Entry automatically records the true financial liability of employees’ accrued leave, so companies accurately capture leave costs and automatically post them to the General Ledger.
* New Master Production Scheduling (MPS) module helps project manufacturers plan and align their production processes more closely with customer requirements."