In this Deltek Vision How-To Video, users will learn how to save report options as defaults, save selections, and save favorite reports in Deltek Vision.
Full Sail Partners Blog
Many firms are not familiar with what the multi-company feature in Vision does or that it even exists. Therefore they are not certain if multi-company needs to be enabled in their database. As a consultant that specializes in multi-company implementations for more than four years, I wanted to pass on some tips for firms considering this feature.
What is multi-company?
Multi-company is part of the Vision Core Financial Application. Vision multi-company allows a firm to manage more than one company in a single database and streamlines the process of managing accounting functions between companies when resources are shared. There is no limit to the number of companies that can be maintained in Vision. By utilizing multi-company, each company operates as a separate entity but data sources such as clients and contacts can be shared across the enterprise. However, other data sources such as employees are company specific. Projects can be set up so that phases are owned by certain companies. Multi-company also makes it easier to switch from one company to another without having to log in and out of the Vision database.
Should my company enable multi-company?
There are several factors to consider before enabling the multi-company feature. One primary factor to consider is how will your companies interact with one another? When resources are shared, how will the company loaning their staff or paying expense on other company’s behalf be compensated? There are several approaches to intercompany billing and should be part of the planning discussion during the implementation process. Do any of these companies conduct business in a currency other than US dollars? These and other questions should be addressed during the planning process and will help you determine if multi-company is a good fit your firm.
This topic is discussed during the initial planning meeting. Some firms determine that multi-company is not an option and instead opt to explore alternatives. Organization reporting within Vision is a great alternative. In Organization reporting, the companies would be included in the organization structure. The “maintain separate balance sheets” feature in Vision would also be used as well as the labor cross charge feature to move revenue, labor and cost between companies.
What are the implications of turning on multi-company?
Once you turn on multi-company, it cannot be turned off. So before enabling multi-company, a well thought out, carefully planned implementation of this feature should be discussed. Additionally, the creation of a test multi-company environment will go a long way in preparing your finance staff and all of your employees for all of the new features a multi-company database has to offer. Even if companies don’t interact with each other, the database still has to be configured as if they do.
What new multi-company features are available in Vision 7.0?
In earlier versions of Vision, there were two rate methods to choose from in intercompany billing, cost plus a multiplier or the billing rate established in the project’s billing terms. A new feature in version 7, allows you to establish rate tables between companies. This new feature gives you more flexibility when charging the other companies in your enterprise for borrowing resources.
Has your firm implemented multi-company? Leave a comment and let us know your experience and be sure to check out our other "Tips & Tricks" articles.
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.
In addition to the tips above, Deltek publishes the Year End Bulletin each year. This is an excellent resource for year end preparation of your Deltek Vision System.
Just remember to stay focused and keep organized and along with the tips outlined above, you will be surprised at how easy and stress free year end will be!