How Costpoint Timekeeping Works
Costpoint Timekeeping generally begins when an employee selects the applicable time period and records hours against authorized projects, tasks, or charge codes. The system can then apply configured validation and approval rules before the timecard becomes part of the organization's financial records.
Supervisors or designated approvers review submitted time for completeness and appropriate labor classification. Once approved, the information can feed project accounting, payroll-related processes, billing, and management reporting. This creates a connection between daily employee activity and the financial performance of individual contracts or projects.
- Time entry: Employees record hours against authorized work assignments.
- Validation: Entries are checked against configured rules and available assignments.
- Approval: Supervisors review labor records before final processing.
- Accounting: Approved labor contributes to project costs and financial reporting.
Labor Classification and Project Costing
Accurate labor classification is central to effective Costpoint Timekeeping. Employees may work across direct projects, indirect activities, administrative functions, or other organizational activities, and each type of work can require a specific charge code or labor category.
When employees consistently select the correct project and task, finance teams gain a clearer view of labor consumption. Project managers can compare actual labor with budgets, while accounting teams can use approved time to support cost accumulation, indirect allocation, billing, and contract reporting.
For government contractors, the DCAA Timekeeping & Labor Cost Tracking Guide provides educational guidance on DCAA timekeeping requirements, labor cost tracking practices, compliance rules, and maintaining audit-ready records.
Timekeeping Compliance and Controls
Strong controls help ensure that time records represent the work actually performed and are submitted within the organization's required procedures. Employees should understand which activities require direct or indirect charge codes, when corrections are permitted, and who is responsible for reviewing submitted time.
Timekeeping Compliance describes the practices and controls used to maintain accurate, authorized, and properly documented time records. In an audit and controls environment, consistent approvals, correction procedures, access permissions, and supporting documentation can help demonstrate that labor records were maintained according to organizational and contractual requirements.
Connection to Financial Accounting
Timekeeping data becomes financially useful when it connects accurately with accounting structures and downstream transaction workflows. Labor costs can be associated with projects and cost objectives, while related financial transactions require consistent coding and classification.
For example, during invoice capture, extraction, validation, matching, GL coding, approval, and posting, the chart of accounts provides the accounting structure needed to classify transactions consistently. Coordinating timekeeping classifications with these financial structures can improve the reliability of project costing and financial reporting.
ERP Integration and Data Flow
Costpoint Timekeeping operates as part of a broader ERP environment rather than as an isolated employee activity. User roles, project structures, charge codes, labor categories, accounting rules, and reporting workflows can all influence how timekeeping information moves through finance operations.
Organizations evaluating deltek environments or planning ERP integration and migration should consider how timekeeping data connects with project accounting, payroll, billing, and reporting. Maintaining consistent data structures across connected finance workflows helps reduce reconciliation effort and supports dependable project-level financial information.
Timekeeping Data and Cash Management
Approved labor data can contribute to accurate project billing and customer receivables, which creates an indirect connection between timekeeping and cash management. When project labor is recorded and classified correctly, billing teams have better supporting information for customer charges and contract reporting.
After customer payments are received, cash application involves matching payments with customer accounts, remittances, deductions, and unapplied cash before posting receipts. Reliable upstream project and billing data can support cleaner downstream reconciliation and stronger cash visibility.
Best Practices for Costpoint Timekeeping
Effective timekeeping depends on clear procedures, accurate project structures, timely submissions, and consistent review. Organizations can strengthen the process by establishing practical rules that employees and supervisors can follow every pay or reporting period.
- Require employees to record time against the correct project and charge code.
- Set clear submission and approval deadlines.
- Review unusual labor classifications or unexpected project activity promptly.
- Maintain appropriate user roles and access permissions.
- Document correction procedures and retain required supporting records.
- Reconcile approved labor with project costing and related financial reporting.
Summary
Costpoint Timekeeping connects employee labor records with project accounting, compliance controls, billing, and financial reporting. Accurate time entry, appropriate labor classification, timely approvals, and disciplined access controls help organizations maintain dependable project cost information. When integrated with broader ERP and finance workflows, timekeeping becomes a reliable source of labor data for operational and financial decision-making.