As year-end rolls around, it is vital to prepare for year-end close well in advance. Some may be wary of the task ahead, but do not get overwhelmed. Here are some things to consider to make this daunting task easier.  

Use A Year-End Checklist

Using a checklist will help you track activities that are complete and those that still need your attention. Some items you may want to add to your checklist are:

• Reconcile all cash accounts - Verify all transactions have been posted into Vision/Vantagepoint to ensure your general ledger balances matches your bank statements. Make adjustments as required.
• Final Invoicing – Process all client invoices for the fiscal year.
• Review outstanding accounts receivables - Follow up with clients who have outstanding accounts receivable beyond 30 days. Send past due statements and/or simply give them a call. Enter the results of your collection efforts in the comments section of Vision Invoice Review. Year-end is an excellent time to collect your outstanding receivables. If you determine there is uncollectable AR, be sure to write those invoices off.
• Review Unbilled detail - Time and expense transactions that cannot be invoiced to clients should be written off at this time.
• Fixed Assets – Fixed Assets are larger purchases that are made throughout the year (i.e. equipment, automobiles, furniture, computers, etc.). Are all fixed assets reported on the balance sheet still owned? If not, record the sale or disposal of these fixed assets. Verify the depreciation on your fixed assets as well. Make any necessary adjustments.
• Employee Expenses and AP - Verify that all accounts payable vouchers have been recorded in Vision/Vantagepoint. Make your 401(k), SEP IRA, and Simple IRA contributions, if you have not done so. Try and pay all your vendors and employee expense reports by year-end.
• Notes Payable - Verify notes payable (i.e. loans) amounts on your balance sheet match the statements from your lenders. Make adjustments if necessary.
• W-9’s – Order 1099 forms. Make sure all W-9’s from your vendors and/or contractors that are paid $600 or more throughout the year are on file. Don’t forget 1099’s should be mailed on January 31st. 1099 forms can be purchased from most office supply stores or you can order them for free from the IRS (gov).
• W-2’s – Order W-2 forms if you run payroll in Vision/Vantagepoint. W-2’s should be mailed by January 31^st.
• Budget for next year - Create your GL budget for 2018.

Bonus Year-End Tips

Here are just a few tips to make your year-end close just a little easier:

• Communication – It is vital to communicate to the rest of the firm that year-end is approaching and the important dates that they should be aware of: final timesheet due date, final expense report due date, etc.
• Create a calendar – Your calendar should contain all of your year-end deadlines: final AP check run, final timesheet due, final bank rec are all dates you may want to add to your year-end calendar.
• Create a year-end manual – Given that year-end procedures change very little from year to year, create a manual. With a manual to refer to, you no longer have to rely on your memory or cryptic notes you may have taken in years past.
• Reconcile on a monthly basis. Stay on top of your monthly reconciliations. Nothing adds to the stress of year end more than performing several months of reconciliations that could be done monthly.
• Recurring transaction files – If there are yearly JE’s or other transactions that you only post once a year, consider creating a recurring transaction file. Each year those files will already be in place so you don’t have to re-create them from year to year.
• Order year end forms well in advance. Why wait until the last minute to order your 1099 and W-2 forms? By ordering your forms in advance you know they are on hand when you are ready to process.

Get Ready for 2019

Deltek publishes the Year-End Bulletin each year. This is an excellent resource for preparing for year-end. Make sure to visit the Deltek Customer Care site to ensure you close out 2018 properly and your firm is ready for 2019.

One of the most time-consuming processes for accounting is accounts payable (AP). In fact, the entire process from receiving and reviewing invoices to paying the vendor is riddled with opportunities for errors. To make matters worse, 77% of invoices received by companies are in a manual format such as hard copies, PDFs and emails, and the average cost to process one invoice is $34. There is, however, a way to put an end to these ever-present accounting woes – automate the AP process.

Reasons to Automate the AP Process

Let’s look at the benefits of automation:

• Save Time – Using optical character recognition (OCR) technology, AP automation software reduces the need for manually inputting information from an invoice into your firm’s accounting system
• Eliminate Errors – With less reliance on manual input, the element of human error is greatly reduced
• Faster Processing – AP automation software allows for faster approval since the software will flag invoices that have inaccurate information
• Reduce Double Payments – AP automation software will flag a duplicate invoice when on the rare occasion a company accidentally sends two or more of the same invoices
• Gain Greater Insight – With invoices in one system, firm leaders and the entire accounting staff can quickly evaluate spending using easy to read dashboards
• Improved Relationships with Vendors – By paying invoices faster, your firm will have a better relationship with vendors and even possibly get an early payment discount
• Better Staff Utilization – Instead of having accounting experts processing AP, they can work on more important accounting tasks

AP Automation Solution for Deltek Vision & Vantagepoint Users

For Deltek Vision and Vantagepoint, SAP Concur integrates with these ERP systems utilizing the Blackbox Connector integration. When you begin using Concur, you can have all your vendors email invoices to one specific email address. Concur will then use OCR technology to collect the information contained in the invoice which can be reviewed by a member of the accounting staff to approve or deny payment. Once approval has been given, a check or ACH payment can be made.

It’s important to note that Concur then uses Expense Types to link all invoices to the correct GL account. This information is then extracted on a nightly basis into your Deltek system keeping it up-to-date. See, it is actually quite simple. Let Concur AP automation work for your firm!

Full Sail Partners is pleased to announce that it has achieved SAP Concur Implementation Partnership (CIP) status after an extensive training process. The certification means our consultants will configure SAP Concur solutions for Deltek Vision clients. While Full Sail Partners has already been guiding Deltek Vision clients on how to connect their SAP Concur system with Deltek Vision, this endeavor expands our capabilities further to allow a more cohesive implementation process.

“As firms continue to incorporate and increase the use of technology to improve their employees’ experience, the value of solutions like SAP Concur are saving firm’s money by reducing mistakes and fraud, while providing further visibility into the firm’s spend,” stated Sarah Gonnella, VP of Marketing & Sales. “SAP Concur’s relationship with Full Sail Partners is incredibly strong and our expanded alliance will allow new customers to benefit from our knowledge of the professional services industry.”

Full Sail Partners chose two consultants, Nicole Temple and Theresa DePew, to go through the rigorous nine day training program. With many years of Deltek Vision ERP experience, these consultants are well equipped to take on the SAP Concur certification program. As a part of the CIP certification, Full Sail Partners can now configure the SAP Concur expense module that was previously provided by the internal SAP Concur team. Full Sail Partners services now include: policy evaluation, design, set-up, integration, review, validation, deployment training, overall project management, and handoff to support.

“Our Blackbox Connector enables Deltek Vision clients to leverage the power of SAP Concur expense and invoice capabilities and combine that with Deltek’s robust ERP system. However, during that process our staff identified we can also streamline the Concur implementation process and ensure a more successful implementation because of our staff’s knowledge of project-based firms,” commented Scott Seal, VP of Consulting.

Full Sail Partners is always seeking out ways to improve our client experiences which is why we were excited to obtain CIP status. Our firm’s familiarity with both SAP Concur and Deltek Vision will benefit our clients tremendously. With ample knowledge of both systems and how they integrate, our consultants can save clients time and vastly reduce implementation efforts.

SAP Concur is the world’s leading provider of integrated travel and expense management services and solutions. On the web, on a smartphone or on a tablet, SAP Concur’s cloud-based solutions deliver an effortless experience for employees and total transparency into spending, helping organizations of all sizes, industries and locations run better. We can help yours run better, too.

For more information, please contact Full Sail Partners’ Marketing and Communications Department. 

Many Deltek Vision customers have been a bit confused by the announcement of Deltek Vantagepoint (formerly Deltek for Professional Services). Well, Deltek Vantagepoint is the newly branded and freshly reimagined next version of Deltek Vision specifically built for professional services organizations. The starting point for Vantagepoint was Vision 7.6 and this initiative has been about accelerating the product to a pure browser-based interface which began with iAccess. Let’s take a look at Vantagepoint and the impact on Vision users.

Reimagined Next Version

Vantagepoint is the same great product with all the power of Vision using a fresh, modern interface that will be accessible to anyone, anytime from anywhere. This next version of Vision has impressive new features, reengineered workflows and expanded functionality. All of these enhancements were created based upon years of customer feedback taking Vision to a completely new level.

User Defined Content

As part of the upgrade to Vantagepoint, user defined content and configurations within Vision come along. Some areas will need to be reviewed to make sure things continue to work and look the way you want due to the functional improvements of Vantagepoint. However, the configured content will not be lost in the upgrade which is very similar to a typical Vision upgrade.

Custom Reports

In Vantagepoint, the reporting platform is SQL Server Reporting Services just like in Vision. The architecture and database structure of Vantagepoint is the same as Vision since Vision 7.6 was the starting point. Custom reports and/or invoice templates should continue to function in Vantagepoint. If a custom report references a portion of the database schema that changed in Vantagepoint, it will need to be reviewed with minor updates just like it would have with Vision upgrades.

Upgrade on Your own Timeline

During the transitional phase between Vision and Vantagepoint, the timing of the upgrade is up to the customer. Upgrade timing depends on what functionality your firm is using in Vision today. Vision 7.6 will remain in active support mode including updates until at least the end of 2022. Moving to Vantagepoint does not require a data conversion but rather all Vision data is simply upgraded. Just like with any Vision upgrade, there may be the need to accommodate functional changes.

Upgrade to Vantagepoint

More than 200 customers are currently using Vantagepoint today. For all Vision customers, there is an existing customer portal to learn about Vantagepoint https://dsm.deltek.com/Vantagepoint. All firms using Vision are encouraged to consume the portal content in order to ensure a smooth upgrade.

Full Sail Partners, a Deltek Platinum Partner, is pleased to announce that it has been selected as a recipient of the 2018 Premier Award for Client Satisfaction by PSMJ Resources and Client Savvy, creator of the Client Feedback Tool. This recognition only goes to firms involved in the AEC industry who have gone above and beyond to deliver a truly exceptional client experience.

The success of professional service firms depends on creating strong client relationships, specifically through the service delivery of a project. Full Sail Partners recognized this need not only for its own firm, but for others in the industry. In order to gain consistent feedback on their projects, Full Sail Partners identified a need to streamline and automate the process for Project Managers. This endeavor resulted in creating their first Blackbox Connector to share data between Deltek Vision and the Client Feedback Tool.

“Among other aspects of our CX strategy, Full Sail Partners has found great success in consistently using the Client Feedback Tool to gauge client insight and make appropriate changes to improve the client experiences,” stated Sarah Gonnella, VP of Marketing and Sales. “We are greatly honored to be recognized with this Premier Award for Client Satisfaction.”

For more than 40 years, PSMJ Resources, Inc. has been recognized as the leading publishing, executive education, and advisory group devoted completely to improving the business performance of A/E/C organizations worldwide.

Recipients of the Premier Award for Client Satisfaction are determined using data collected from 280,000 surveys across 300 firms. Based upon the surveys, firms which really stand out regarding client feedback are given this prestigious designation. The 2018 award winners will be recognized at the October THRIVE conference put on by PSMJ in San Diego.

“Full Sail Partners sets themselves apart from competition through creating great experiences and outcomes for their clients,” stated PSMJ Resources Founder and CEO Frank A. Stasiowski, FAIA. “As we hear more and more frustration from architects and engineers about downward pressure on fees, delivering a best-in-class client experience is one of the best ways to differentiate your firm.”

Client Savvy works with professional services organizations whose success depends on strong client relationships. Their commitment to clients is to help them align their client experience (CX) strategy, implementation, and measurement initiatives with their top strategic priorities.

“Firms committed to delivering great client experiences are twice as likely to be recommended by their clients, three times as likely to realize above-average financial returns, and consistently attract and retain better employees. Full Sail Partners commitment to listen and act is a foundational component of every great client experience strategy.”

For more information, please contact Full Sail Partners’ Marketing and Communications Department. 

Firms complain that there aren’t enough candidates when a job opening needs to be filled yet many firms aren’t taking the necessary steps to ensure they have candidates in the hopper when a position opens. Do projects just fall out of the sky? Ok, maybe on a rare occasion, but most of the time you must nurture relationships in order to be considered for a project pursuit. Recruiting should be looked at in the same way. A great way to find the best fit for your firm is to identify potential candidates before a position opens and develop these relationships.

Finding Potential Candidates

Recruiting should involve more than just your HR department and executives. Just like marketing and business development, recruiting should be something all staff members do. Some firms have found that having a referral process can be a great way to encourage employees to share the news, but even more important is letting your employees know to keep their eyes out for anyone that might fit the firm’s corporate culture and have skills needed within the company. The best recruiters leverage their staff within the company to help them do their jobs. Here are places employees can find potential new recruits: 

• Social and informal connections happen all the time and staff can use these interactions as informal recruiting sessions. Potential recruits can come from current projects, partners, vendors, neighbors, and social events. Asking the right questions can provide you with a plethora of information regarding whether any of the people you deal with would be good matches for your firm.
• Conferences and networking events are also convenient places to meet potential candidates. Conferences and association networking events are specifically geared for your industry. Sometimes individuals you meet might be great teaming partners or they might be just what you are looking for if a position comes available. Collect those business cards and ask some deeper questions about their jobs and you have a talent pool without having to officially recruit.
• Social media is another easy way to recruit for candidates. Whether you tweet or connect with others via LinkedIn, there are a variety of ways to find qualified people that fit with your company culture. Just keep in mind what skills you are looking for on a consistent basis, and you will have plenty of options in the world of social media.
• Job fairs, of course, are also appropriate places to find potential candidates. Even without an open position available at your firm, people at job fairs are looking to find where they fit in so when something does come up with your firm you have options. Simply gather names and resumes and you will get an immediate talent pool, or better yet, send them to your website to upload their information into your Talent system. 

Nurture Those Potential Candidates

In the Deltek Clarity report, project-based firms stated that their top challenge was finding qualified talent. I would beg to differ since talent is always around you and most likely available if you nurture the relationships. I suspect your challenge is just not identifying the talent when you come across it. 

Once you find potential candidates, it’s important to capture their information so you can pull from a talent pool. Using the Deltek Talent Acquisition system, recruiters and managers can quickly add resumes to talent pools allowing you to access your potential candidates by categories when a position opens. These talent pools allow you to keep lists of candidates with specific requirements or needs. 

We know great Project Managers or Marketing Coordinators are hard to find so you could tag potential candidates as you come across them. Instead of waiting until the position needs to be filled to start your search, with talent pools you can quickly send a templated email asking candidates you have met in the past, that have been pre-qualified, to submit for an opening. Imagine how much easier and quicker recruiting can be by taking a more proactive versus reactive approach.

Improve Hiring Efficiency

For project centric businesses, people are your competitive advantage. Ensuring solid talent management best practices within the business means assuring you can find the talent quicker than your competition. See how Deltek Talent can improve your employee hiring process.

It’s important to keep in mind that Deltek Insight is about much more than just Deltek and its products. This annual networking event always offers so much to those who attend - from what’s new with accounting standards to inspiring stories from keynote speakers to opportunities to exchange ideas with colleagues. For those who didn’t have the opportunity to attend Deltek Insight 2018, here are some interesting things we learned this year.

Fun Facts Learned at Deltek Insight 2018

• FASB ASC 606 impacts must be taken against retained earnings in 2018.
• Deltek Vision will continue to be supported through at least 2022.
• Deltek products are evolving and one new enhancement is “Hey Deltek” - the natural language processing and interaction creation like Siri and Alexa.
• Johnny Cupcakes doesn’t actually sell cupcakes but t-shirts. So many people love his creative branding and messaging.
• “Failures are just experiences. Experimenting is how we grow,” according to Johnny Cupcakes who started 16 companies before he was 16. Most people think they might fail so they don’t even get started. His advice? Take more chances and fail faster. When we fail, we learn, and failure helps us redefine priorities in life allowing us to be successful.
• B2B and B2C are old fashioned concepts. You should now think H2H (human to human connection). How is your role and work impacting lives and making them better? This human connection is what brings us closer and builds memories.
• Johnny Cupcakes also suggested “do more of what makes you happy,” which reinforces that human touch. Life is too short. Your clients have the same needs as you. Doing more of what makes you happy in return makes those around you happy.

Deltek Insight is Always Full of Information

As always, this year’s conference provided much value to those who attended. If you want to know more about attending Deltek Insight in the future or have any questions about this year’s conference, reach out to us using the link below. We hope to see you at Deltek Insight 2019 in Orlando, Florida.

Full Sail Partners is dedicated to helping businesses be the best they can be. Therefore, we consistently provide a variety of resources offering much insight to our clients. These can be found on the resources tab of our website. From webinars and webcasts to whitepapers and events, we want to ensure our clients run at maximum efficiency. Let’s check these resources out.

FSP Webinars & Webcasts

With our webinars and past webcasts, you gain insight on valuable information from leaders and industry experts. Our webinars focus on many relevant topics providing you the tools needed to move your firm forward. If you missed a webinar, we have an archive page with all our past webinars. Just request the video and a PDF of the presentation you are interested in by filling out the form to the right. Some of our most recent past webinars include; Talent Solution Speed Session: Career Paths, and What to Measure, How to Measure, and Making Sense of it All. Don’t hesitate to find a webinar that will help you! 

Events & User Groups

Full Sail Partners conducts virtual user group meetings to help our clients learn more about Deltek products. We encourage you to contact your area representative to meet and network locally while viewing our virtual presentation as a group! The largest networking event for Deltek users is Deltek Insight, and this year it is November 5^th-8^th in Dallas, TX. The Full Sail Partners’ team will be presenting at Deltek Insight and topics include DPS (Vantagepoint), workflows, accounts payable process, and functional database. If you want to attend these classes at Deltek Insight 2018, you can register here. Interested in a Full Sail Partners’ speaker for one of your events? Fill out the form to the right of the Events & User Groups’ page and specify your company, topic, and how many people! 

Whitepapers

Full Sail Partners provides complimentary whitepapers as a part of an ongoing effort to provide information about the newest technology and industry standards. These resources can help your business stay ahead of the competition. There are many to choose from to learn about solutions for your project-focused business. Some of these include: Benefits of an Enterprise Resource Planning System, Growth and Transition, and Top 10 Recruiting Metrics HR Should Care About. Be sure to check out all of the amazing whitepapers we have to offer. 

eBooks by Deltek

To ensure users get the most out of their systems, Deltek has published a Dummies eBook series that addresses the importance of several tools and industry best practices. If you are interested in downloading a copy of an eBook, simply fill out the survey including your name and email. Some of the eBooks we have to offer include: Talent Management for Dummies, Resource Planning for Dummies, and Planning a Great Project for Dummies. Whatever topic you are struggling with, there is an eBook to help. 

Keep Learning! 

The more knowledge firms have, the more smoothly they will run. Full Sail Partners strives to continuously provide information to our clients that helps them achieve maximum efficiency and stay ahead of the competition. Keep an eye out for more resources as they come available!

The goal of an Enterprise Resource Planning (ERP) system is to integrate all aspects of a business from finance to CRM to HR. To have and maintain a successful business operation, accurate and timely information must flow between all the different business functions. With an ERP in place, there is visibility into operations which provides greater control over the business. However, while all businesses benefit from an ERP system, one size does not fit all. Project-based companies are distinct and thus require ERPs suited for their needs.

Unique Financials

Unlike firms just selling products to be shipped, project-based firms have financials reflecting more specific details. Project-based financials are focused on resources, projects and clients. Project-based firms are concerned with billing and time and materials needed per project which is vastly different than a firm that simply tracks inventory. Since project-based financials are so particular, project-based firms should have ERP systems that are equally so.

Deeper Function of Resource Management

Resource management for project-based firms is also a lot more involved. Project-based firms must manage both clients and projects matching the scope of a project to delivery. More than just people, resources here mean skills needed in a project and determining when certain skills are to be used. CRM with projects is built around proposals and recurring client interaction. With the intricate nature of running projects, project-based firms require ERP systems set up to manage resources in this more complex way.

Designed for Different Roles in the Firm

Executives, accountants and project managers all have different focal points. Executives want to see that the business is financially sound and that customers are satisfied. Accounting needs to be able to make sure billing is being completed on time. Project managers must collaborate with everyone to make sure the work is getting done and that people are being utilized by tracking workers as they come off a job. Project-based ERPs are specifically built for all these key roles ensuring efficiency in operation.

Complete Visibility into Business

With project-based ERP systems, every transaction is tied to an account, organization and project. The general ledger account describes expenses, the organization describes who is doing the work and the project is the source of revenue. With these elements linked, financial reports, invoices, payroll and project status reports are all available to show the whole picture of the business providing complete visibility.

Match the ERP to Firm Needs

With a project-based ERP in place, project-based firms will be able to make proactive decisions with current, real-time data. Generic ERP solutions do not meet the needs of project-based companies. Project-based ERPs are specifically designed to ensure that all aspects of project management are tied together to provide an accurate view of project profitability and company health.

It used to be that people needed companies - employees were loyal, jobs were scarce, and everyone accepted the standard employment package offered. Today, things are very different. Companies need people – talent is hard to find, few make long term commitments, and many are demanding a lot more than before. Project-based companies are particularly impacted since without the right people in place, projects suffer, customers suffer and so does the bottom line. Therefore, having an applicant tracking system is a necessity to deal with the challenges of talent acquisition.

Expediting Talent Acquisition

These days, companies are the ones trying to convince talent to join the firm while the competition is courting them as well. It is crucial that the time it takes from sourcing candidates to interviewing to offering positions is greatly shortened. An applicant tracking system provides a clearer picture of the entire process. It shows right away if any of the steps are taking longer than necessary and allows firms to be more efficient in the hiring process. Project-based companies need the right people available at the right time to keep projects running smoothly.

Talent Pools

With people moving around as much as they do today, firms should always have a reserve of potential talent. An applicant tracking system helps with creating and maintaining these pools of talent. When resumes are entered, HR can flag those candidates who would be good fits for future opportunities. So, if a project manager leaves unexpectedly or a new project is won, a talent pool is immediately available to contact which reduces the delay in staffing. Nothing is worse for project-based firms than having to put off a project start date because of lack of appropriate personnel.

Candidate Experience

Another benefit of an applicant tracking system is that it ensures a positive candidate experience. The candidate’s experience moving through the hiring process has a huge impact on whether an offer will be taken. Firms must make candidates feel that they are valued. An applicant tracking system makes it easier to stay connected with candidates, so they feel informed and not forgotten. Project-based firms will not only have excited quality talent coming on board from this positive experience, but word of mouth will spread creating a talent pool for future projects.

Invest in an Applicant Tracking System

Project-based firms make money when projects are done on time and to customer satisfaction. Without the right personnel on the project, firms are destined for failure. An applicant tracking system expedites the hiring process by reducing inefficiencies and encouraging quality talent. Firms can easily overcome the challenges of talent acquisition by investing in one today. What is your firm waiting for?