Full Sail Partners Blog

Get Your Firm and Deltek Vision Ready for Year-End 2018

Posted by Theresa Depew on Thu, Dec 06, 2018 @ 04:34 PM

 

Year End 2018 v2

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 31st.
  • 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.

Deltek Customer Care  

Topics: Accounting

Top Reasons to Automate the Accounts Payable Process

Posted by Ryan Felkel on Wed, Dec 05, 2018 @ 11:47 AM

 

AP AutomationOne 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!

AP Automation  

Topics: Technology Solutions, Professional Services, Accounting

Improve Your Expense Management Process

Posted by Ryan Felkel on Thu, Oct 11, 2018 @ 01:54 PM

 

Expense ManagementExpense management seems to be a difficult task for accounting personnel at many professional services firms. With a workforce that is constantly on the go, tracking spending and enforcing expense policies can provide a plethora of challenges. What if there was a better way to manage expenses? Let’s see what firms can do to improve the expense management process.

Streamlined Process from Start to Finish

Being on the go means employees must be able to book travel and track expenses from anywhere at any time. Employees and those who approve expenses need to be able to easily accomplish these things from a smartphone or tablet. So, an efficient expense management solution needs to have a user-friendly mobile feature available to all.

Accurate Collection of Information

Not only is it time consuming to have to manually enter information from receipts, it is also prone to errors. Firms should have an expense management solution with optical character recognition (OCR) capabilities. OCR technology enables applications to recognize printed or written text characters so users can take a picture of a receipt, and the application will add the name of the vendor, the dollar amount spent and the date to an expense essentially saving time and reducing errors.

Simplified Policy Enforcement

Sure, we all like to make travel for ourselves more convenient for our schedules and prefer certain hotels. However, the later flight and the preferred hotel might cost a lot more, and if the policy is to find the best deal, how can your firm know employees are sticking to it? Well, firms should have an expense management solution that compares the costs of flights and hotels to ensure employees are booking the best value. If a more expensive flight or hotel is required, employees can submit a request with a reason indicated.  

Integration with the Core Accounting Software

Several core accounting management systems have built-in expense management solutions. However, they often lack the key features mentioned above. This means firms may need to look for a third-party solution provider to gain these benefits. It is important that the third-party solution integrates with the core solution, so do your research to find one that helps keep your expense management process streamlined.

Picking the Most Efficient Expense Management Solution

It is said that business travel expense is the second most difficult operating expense to manage. By moving away from paper receipts and automating the expense management process, firms can gain better control of employee spending. So, what are you waiting for? Find the best solution to improve your firm’s expense management processes.

Vision Integrates with Concur 

Topics: Technology Solutions, Professional Services, Accounting

Introducing Deltek Vantagepoint

Posted by Ryan Felkel on Wed, Sep 05, 2018 @ 03:13 PM

 

Deltek VantagepointWhen Deltek for Professional Services (DPS) 2.0 is released, it will have a new name - Deltek Vantagepoint. In addition to the name change, there will be several enhancements to improve the user experience for both back office and front office users. Here is a sneak peek of how Deltek plans to take the breadth and depth of the Vantagepoint solution to the next level.

Say Goodbye to the Smart Client

With the release of Vantagepoint 2.0, Deltek will begin to push users away from the smart client and direct them to the web browser version. Using this version, they will be able to access Vantagepoint from any device that is connected to the internet using any browser they desire. Think of it this way - Vision is the smart client and iAccess is the web-based version. Keep in mind that if your firm is still using Vision, you may want to consider using iAccess more to get comfortable with the look and feel of Vantagepoint.

Proposals Engine

The proposals engine is now being introduced to Vantagepoint, and it is a great feature. For marketing, the proposal process can be extremely time consuming. With the proposals engine, a person creating a proposal can go through and check off boxes based on the requirements of the RFP, and Vantagepoint will automatically create the proposal. It can include images and pictures, employee resumes, past work examples, references and more.

Combined Opportunities and Projects

The opportunities hub is going away and is now being combined with projects. This has a huge upside for business development. By tracking an opportunity as a project, time and associated costs can be captured to help determine the price of pursuing new work. Additionally, a timeline with milestones and reminders can be developed to ensure business development is staying on top of winning the opportunity.

Simplified Transactions

Moving forward, transactions will be managed within a single location. Users will go to one place within Vantagepoint to enter, edit, report, post and approve transactions. Additionally, you will have the option to enter transactions without files and to post on entry. The line item detailed view will still be available.

Project Information Management Integration  

Deltek Project Information Management (PIM) will now be integrated with Vantagepoint. It will be easy to find since it will be a tab in the project record. By using PIM, firms can easily share project related documents and information within one platform.

Expanded Dashpart Designer

The new improved dashpart designer allows users to create custom dashboards with information that is important to them. They can select bar and line graphs, pie charts, or other graphics as part of their dashboards. Additionally, users will have enhanced control for grouping, sorting, filtering and totaling data all within the dashpart.

Improved Reporting

The reporting screen will now have a preview menu. When users create a report, the multiple clicks required in the past will be eliminated. The reporting tool will also include charts and graphs.

What Deltek Vantagepoint 2.0 Means to Your Firm

One thing is for sure - 2018 to 2019 will be a transitional time for Deltek Vantagepoint. As Deltek continues to further develop Vantagepoint, more features will be added to further enhance this solution. The most important take away for users is that they need to be aware of the changes coming and they need to be ready to embrace them.

Reach Full Sail!  

Topics: Professional Services, Project Management, Accounting

Revenue Recognition Impacts from FASB ASC 606

Posted by Ryan Felkel on Wed, Aug 01, 2018 @ 02:37 PM

FASB ASC 606 On May 28th, 2014 the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly issued the Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. At the end of 2018, the way professional services firms recognize revenue from contracts with customers will be significantly impacted. ASC 606 will require firms to recognize revenue when goods or services are transferred to the customer in an amount that is equivalent to the goods or services delivered at that point. Let’s break this down into layman’s terms.

Basics to Revenue Recognition

The revenue recognition principle is an accounting guideline that requires revenue to be shown on the income statement in the period in which it is earned and not in the period when payment is collected. Furthermore, payment can be received prior to or after the delivery of a good or service, but the income statement must reflect the payment for the period in which it was billed. This is part of the accrual accounting basis as opposed to cash basis of accounting.

Impacts of FASB ASC 606

When FASB ASC 606 rolls out, professional services firms that are subject to audit will be required to apply this new standard. The new guideline establishes a five-step process to govern contract revenue reporting:

  1. Identify contract(s) with a customer
  2. Identify performance milestones in the contract
  3. Determine the transaction price
  4. Allocate the transaction price to the performance milestones
  5. Recognize revenue when the performance milestone has been met

Additionally, if a professional services firm is still utilizing an outdated accounting system or an internally created system, these systems may not be capable of supporting the ASC 606 guideline.

Using the Right Accounting System for ASC 606

Fortunately, Deltek Vision and Deltek for Professional Services users have the right system to accommodate the changes brought on by ASC 606. Since these are project-based ERPs, revenue generation is easily recognized by using the project management tools that are part of these systems. As a result, firms can recognize revenue when milestones are achieved. This is done by using basic revenue generation factors like:

  • Job to date spent
  • Percentage of completion
  • Milestones or deliverables being met

Get Your Firm Ready for ASC 606

Good news! Your firm still has time to prepare for these changes. In most cases, applying the five steps mentioned above will bring your firm into compliance. However, these steps may not apply to all your contracts or for all professional services firms. If you are unsure if your firm is compliant, reach out to Full Sail Partners for more information.

Get Prepared for ASC 606 

Topics: Accounting, Project Management, FASB 606

Reasons to Automate the Accounts Payable Process

Posted by Ryan Felkel on Wed, Jun 27, 2018 @ 04:36 PM

Invoice AutomationThe accounts payable (AP) process is one of the most important tasks a firm performs daily. Although accounts payable automation is not new technology, it has come a long way over the years. It’s surprising that so many firms have not embraced this technology to improve the AP process. Maybe it’s because they feel doing it manually will be more accurate, or they think their current process is efficient and cost-effective? So, let’s take a look at the benefits of automating the AP process and see if these preconceived notions have merit.

Going Paperless and Reducing Error

Accounts payable is a paper-intensive process that requires printing, copying, storing and retrieving papers. Additionally, manual processes are slow and are prone to human error rather than being more accurate as one may think.  With AP automation, invoices are stored digitally, and both paper costs and manual entry are eliminated saving money and ensuring accuracy.

Improving Employee Productivity

The AP process is a repetitive and time-consuming manual task. For instance, processing an invoice manually requires a person to copy information from an invoice and add it to the accounting books. When a firm automates the AP process, employees are relieved of doing these tasks and can focus their efforts on more profitable pursuits. 

Getting Insight into Your Firm’s Finances

It’s difficult to manage your firm’s finances if you can’t see them. Solutions like spreadsheets or pen and paper hinder your firm’s ability to generate accurate financial reports. Furthermore, being able to see who you owe money to allows you to predict future firm spending and avoid late payment fees and penalties. With AP Automation, your firm’s financial picture is easily accessible and therefore manageable.

Gaining Control of the Procurement Process

Procurement policies are hard to enforce if you do not have a way to approve a purchase before it’s made. Using an automated AP solution allows firms to setup an approval process that ensures purchases are in compliance with firm policy. Firms can gain control of their spending by knowing when a purchase is made prior to being issued an invoice which promotes transparency.

Automate Your Firm’s AP Process

With actual reduction in error, cost savings and a clear view of firm finances, the preconceived notions of not using AP automation are certainly without merit. And there’s even more benefit to automation. An automated AP solution allows vendors to submit invoices to a designated email address or webpage which reduces the risk of losing invoices. It also ensures you pay your vendors on time which makes them happier to work with your firm. Is your firm ready to automate?

Vision Integrates with Concur 

Topics: Technology Solutions, Accounting

How to Measure a Project’s Financial Health

Posted by Michael Kessler, PMP on Wed, Jun 06, 2018 @ 03:06 PM

Project HealthFor many firms, measuring the financial health of their projects requires them to utilize a variety of different analytics and statistics. However, firms often use project invoices as the primary and only measurement to determine the financial health of a project. Although project invoices are an important element in both a project and firm’s concern, they aren’t necessarily a measure of success. 

Besides key performance indicators (KPIs), which are leading indicators geared toward firm management, there are other statistics firms need to consider. These include measurements at specific milestones to help evaluate a project’s financial position and make proactive decisions to keep a project on track or facilitate corrective actions.

The Essentials to Determining a Project’s Financial Health 

For starters, some key components of the evaluation entail every project being documented with: 

  • A current and accurate fee
  • A work breakdown structure (WBS) reflective of fee and scope
  • The proper revenue recognition method 

Understanding the Components of a Project’s Financial Health 

To best focus on the financial success of a project, firms should use job-to-date (JTD) as the measurement of time. Here are some key stats that can be found or created in Deltek Vision’s Project Earnings Report: 

  • Profit or Variance – This provides a comparison between revenue/earnings and spent at either cost or burden. For projects billed on time and materials (T&M), the project profit should be built into billing rates and therefore a zero variance is an indication of profitability. A negative variance is the result of the writing off time charged. For fixed fee/lump sum work, the goal is to incur the minimal amount of cost while still executing the scope and not compromising the quality. 
  • Projected Profit or Variance – In order to calculate this metric, an estimate to complete (ETC) needs to be updated and managed. Using the ETC plus the JTD cost results in an estimate at completion (EAC). By comparing the EAC to the Fee, we can establish how healthy the project will be when complete. This can also be a good indicator of scope creep. Additionally, using actual and projected profit in tandem provides 4 scenarios and a matrix approach can be developed for the review of a project’s financial health: 
  1. JTD is showing a profit but projecting a reduction in that profit moving forward
  2. JTD is showing a profit and continued or increased profit is forecasted
  3. JTD is showing a loss but some or all that loss can be mitigated moving forward
  4. JTD is showing a loss that will continue or grow 
  • Direct Labor Multiplier – How much revenue is being generated per labor dollar charged is key to managing a specific project and beneficial to measuring against the firm’s overall metric and the goals set. At the inception of a project, the budget will provide the estimated multiplier. Keep in mind that a statistic requires having something to compare it to.
  • Work in Process (WIP) – This is calculated as the difference between project revenue and the amount invoiced. Furthermore, this will help mitigate any at risk to earnings from a project. If revenue is accrued, we must be mindful of the time associated with it being billed and collected. Deferring revenue can minimize or mitigate the risk. 
  • Backlog – Indicates what is left to be earned. In other words, it is the future available revenue stream. When combined with all projects, it provides one of the lines on a KPI graph. In addition, it reflects the required full time equivalent man hours to complete and deliver contracted work. 

It is important to note that all the above work in tandem. For example, backlog can be derived from the ETC. 

Make Your Project Profitable 

Measuring the financial health of a project requires using several metrics. Additionally, projects should be monitored during the entire cycle from inception to completion. This will allow project managers to foresee possible shortcomings and take corrective action.

Revenue Generation  

Topics: Professional Services, Accounting, Project Management

Spend Management Reporting Made Easy

Posted by Tanya Drake on Wed, May 09, 2018 @ 11:30 AM

Spend Management ReportingFinancial reports are essential to every organization for providing information about the health of a business to internal stakeholders as well as interested outside parties. For many firms, this is a manual process which requires significant time and resources to collect expense and invoice details, code them to the ledger, and then organize high-level summary information. Your accounting staff shouldn’t be spending their time organizing data, but instead analyzing the data to help your firm make better business decisions.

What’s the Solution?

To get started, SAP Concur has organized the key information into many standard dashboards, tiles and over 180 reports available in the standard report catalog. Many of the standard dashboards include the bulk of information your teams need, but they can also be personalized to meet specific requirements or preferences. These dashboards, tiles, and reports can be used to assist managers in tracking budgets and forecasting for future cashflow management. Tracking elements include spend by expense type, time-period, and project or department.

Why SAP Concur Reporting?

To budget for future spending and forecast future cash needs, you need to understand what you have spent in the past and what spend is still outstanding. Firms often use the processed spend data from within their financial or enterprise resource planning (ERP) system. However, the challenge firms face is real time access to spend and accrual data that hasn’t yet been submitted into their ERP system. Concur Analytics Data is available in real time and is available before the expense report or invoice is submitted for payment.

Get to Know Tiles

Tiles in Concur can be used by themselves or pulled into dashboards for a more comprehensive view of spend.

  • Top 5 Spend by Category allows users to easily view where your spend has been incurred. This lets you quickly determine if it is incurred in the expected categories, if spending needs to be reduced, and where might make the greatest impact. Accountants can then utilize the Spend Analysis dashboard or Expense Entry Analysis Details report to drill further into the categories and spend by vendor to help negotiate better pricing with your top vendors.

Concur 1

  • Top 5 Entry Exceptions by Category enables users to easily view exceptions. This allows your team to identify the impact of any policy changes and see the policies with the most violations that should be investigated further. For even more visibility, they can then drill down into the Policy Exception Detail or Spend Analysis dashboard as well as the Expense Exception Analysis for both Report Level and Report Entry Level reports.Top 5 Entry Exceptions by Category
  • Accrual Detail lets you identify the largest opportunity to take action on with outstanding spend, and specifically which individuals carry the largest value of outstanding spend. Your managers can either find training opportunities with these top individuals or focused spending cuts. For your accounting staff, this tile will help you determine the impact to future cashflow during tight budget cycles.

Accrual Detail

  • Credit Card Transaction Report is one of the best features since it enables you to easily regain hours or even days’ worth of your accounting staff’s time. Although it may not be the sexiest feature, it is critical for keeping your data in compliance. This report lists all credit card transaction details imported into Concur. It can be used as a comprehensive listing or as an ad hoc exception report to look at certain subsets of credit card transactions. Organizations with a corporate card program need to reconcile their credit card transactions with the card statement to ensure all expenses are being processed, and this report can assist with that reconciliation. Also, this report can be grouped by Employee, then sorted by Posted Date to mirror the format of the credit card statement for simplified reconciliation. Another version of this report, the Unassigned Credit Card Transaction report, can help you quickly find those expenses which have been accrued are not yet assigned to an expense report.

Credit Card Transactions

Take a Deep Dive with Reports

For more in-depth analysis and details, reports can help streamline your workflows and drill down into the data you need. Custom reports can also be created by the Concur team if your requirements fall outside of the standard options.

Quick Access with Dashboards

You can start with one of many pre-built dashboards or create your own from scratch by adding tiles and reports to existing templates. While there are many dashboards available, some of the top ones include the Expense Overview dashboard and Policy Compliance dashboard. 

The Expense Overview dashboard is a perfect starting point for budget, cashflow management, and policy compliance all in one place. This dashboard can be used as a starting point to create a new custom “Spend Management” dashboard. Managers can use this detail for budget and forecasting purposes. Personalization recommendations are to retain the Spend, Accruals, and Top 5 Spend by Category tiles as well as adding additional tiles: Spend Summary Trends, Spend Change by Category, and Accrual Detail.

Expense Overview

The Spend Analysis dashboard is an incredibly functional dashboard that offers users an in-depth analysis on total spend for a given period along with a summary breakdown of that spend by Expense Type and associated detail. This dashboard can be easily filtered to show specific Spend Categories, Expense Types, or Employees for total spend analysis or grouped and sorted in ways that are meaningful for specific tasks. It allows leaders to identify what their teams have spent in a given period. They can even track individual spending patterns to identify specific areas for follow-up or track improvements in spending behaviors. This report is versatile in that it can be filtered to show trends in spending patterns or behaviors. If more detailed analysis is required, use the Expense Entry Analysis Detail report.

It is recommended that an organization review their travel policy once a year and adjust as needed. It is important to consider the potential impact of a policy change before one is implemented. If an organization does not have a limit on cell phone reimbursement, but needs to create a policy on this expense, the Spend Analysis dashboard can be reviewed to identify average reimbursement rates to establish a baseline for a new policy. This dashboard can also be used to assess the impact of such a policy change to identify how many individuals would have been out of policy if the value was changed.

Spend Analysis

SAP Concur is a Complete Spend Management Solution

With over 180 reports available in the standard report catalog, Concur can help you quickly and easily analyze your Travel, Expense, and AP automation program to gain valuable insight into how to proactively manage all aspects of your business’s finances. It’s been said that knowledge is power, but having too much information can be as bad as not having enough. You need to be able to see spend clearly so you have more time to run your business. As your business and reporting needs evolve, let Concur and Full Sail Partners help you capture and monitor the data you need.

Concur Spend Management

Topics: Accounting, Technology Solutions

STOP THE MADNESS with AP Automation

Posted by Tanya Drake on Wed, Apr 04, 2018 @ 11:35 AM

Invoice In almost every business we walk into, AP is the cause of significant, but often overlooked, strain and costs. From sorting through emailed or paper invoices and tracking checks to manually entering accounting information often requiring corrections, these tasks are huge time consumers. Do you know how many people are managing this in your business, and how many hours they spend each week/month? Think about what else they could be doing with this time and how much money could be saved.

Just the Facts

Did you know that 77% of invoices received by companies are in a manual format – either hard copies, PDFs, emails or faxes? The average cost to manually process just one invoice is $34. Using a manual system, there is limited visibility into who needs to get paid what and when, not to mention the possibility of late fees or the dreaded double payment. To add to this issue, any disruptions or delays in payments can jeopardize critical vendor relationships.

By automating your invoices into and through your system and eliminating errors, the average cost per invoice is 80% less. Multiply that times all your invoices and see how much you can save. It just makes financial sense to go with AP automation.

Using AP Automation

With AP Automation, you can connect every step from purchase requests to processing and payment with one solution eliminating paper and costly mistakes. Invoices of all types get captured electronically and matched against POs and goods received before being automatically routed for approval.

The process is a very simple one. The vendor sends an invoice to an email you provide that automatically routes into Concur. The Concur system uses optical character recognition (OCR) to read the invoice and fills in the:

  • Vendor information
  • Payment request type
  • Request name
  • Invoice date
  • Net payment terms
  • Invoice & PO number with invoice received date
  • Currency type and amount
  • Shipping and tax
  • Line item descriptions, quantities, and unit price 

Your staff simply reviews the invoice, makes any corrections necessary, fills out the Project, Phase & Task information, as well as Expense Type, then submits the invoice to be routed through your process. Your firm can also establish policies to automatically route invoices from specific vendors or projects to the appropriate staff members and to code those invoices and flag exceptions.

Your firm’s approval process can be as simple or complicated as you need. The approver has the ability to approve, approve and forward or send back to the submitter. A comment can also be added that will communicate the reason for not approving. The communication thread is maintained with the invoice as it flows through the system and even after it is paid. You can always see what was discussed during the approval flow.

Gain Visibility into the AP Process

All this is great, you say, but I still need visibility. With Concur, you get all these benefits plus easy to access reports and dashboards that allow you to track many KPIs, including:

  • Invoice accruals
  • Invoice cycle time
  • Top vendors by spend - to help give you visibility into where you can negotiate to lower your costs 

If you’re also using Concur for your expense reports, you can truly capture your entire firm spend with one solution and view reports and data across all areas in one place. Below is a diagram that demonstrates the Concur Invoice process: 

Concur AP Invoice Process

Concur Integrates with Deltek Vision

How does this all get back into Deltek Vision, you ask? With the Blackbox Connector, integrating Vision and Concur is simple. Of course, there are some mandatory fields that must be synced – for example, the Vendor ID and name. However, you can choose what additional data is synced.

Do you need to send the vendor type to Concur? Have you added a custom field you wish to include? The Blackbox Connector mapping will allow you to sync the fields you want with a simple click and drag. This works on any field from Vision into Concur. All you do is ensure that a field is in Vision and is in Concur to hold the data. Within some limits, you can also control what comes back into Vision for the AP transaction file including the images associated to the invoices.

Your accounting team will likely be concerned about everything going to the correct GL Account. Concur uses Expense types for the entry data. The Blackbox Connector for Vision to Concur allows for these Expense Types to be translated into Vision GL Accounts based on the project type used, which allows for your GL coding to be automated and standardized, significantly reducing errors.

What about the periods? How do you control what period this goes in? Simple, the AP transactions go into Vision as an unposted status. This gives you the ability to post the transaction to the correct period.

Stop the Madness

AP Automation is a simple phrase that, as you can see, solves a not so simple challenge facing almost every firm. In addition to lowering your costs, you also get the added benefits of better control over and improved visibility into your spending. Automate AP and free up your team to take on bigger challenges and make a greater impact on your firm!

Vision Integrates with Concur

Topics: Accounting, Technology Solutions

Understanding Project Budgets in Deltek Vision

Posted by Michael Kessler, PMP on Thu, Mar 08, 2018 @ 03:03 PM

Project Budget

More often than not, firms that use Deltek Vision can find project budgets in the Budget and Revenue tab of the Project Info Center. There you will find a series of fields that will be further defined later in this blog. Before we go too far down the rabbit hole, let’s dive into some basics. 

Deltek Vision Project Info Center

A good place to start is the Project Info Center, and whether you use the Budget and Revenue or Contract Management tab, the definitions are the same. Deltek Vision refers to budget as total compensation, but in very simple terms, it is your contractual fee or upset amount. It is statutory, referring to the agreed upon amount between seller and buyer. In no way should this be minimized as Vision uses it for many calculations and processes, but it may not necessarily be the budget. Here are some key terms you should be familiar with: 

  • Direct Labor is the portion of the contract value that relates to your firm’s effort and you can segregate WIP and backlog specifics to this amount using revenue categories
  • Direct Expense is other direct costs such as travel that is part of your fee and not a pass through
  • Compensation is the sum of Direct Labor and Expense in Vision
  • Direct Consultants are third party consultants that are part of your fee and not a pass through
  • Reimbursable Expenses are other direct costs such as travel that are going to be passed (possibly with a markup) to your client through invoicing
  • Reimbursable Consultants are third party consultants that are going to be passed (possibly with a markup) to your client through invoicing
  • Reimbursable Allowance is the sum of the Reimbursable Expense and Allowance
  • Agreed Upon Contractual Value is the sum of the Compensation, Direct Consultant and Reimbursable Allowance 

Furthermore, all these fields are available for reporting and revenue calculations. 

Locating Budget Amounts in Deltek Vision 

It is important to remember that even though these amounts are available in the Billing module, they are not systematically linked. It is true, however, that total compensation is the maximum that can be invoiced or earned. This amount is external client facing. Keep in mind, this is not the project budget. 

What, what, what? The above is not a budget? In the case of a fixed fee or a lump sum project, we would expect the total compensation to reflect the budget, but the budget should be comprised of labor and expense loaded hours/amounts over a proposed schedule based on fee and scope. Simply stated, a budget is internal and should be used for comparison to actual costs charged to the project. 

Maintaining Project Budgets 

In closing, budgets should be re-visited and re-casted. If managed properly, firms will gain high levels of profitability. A key take away is that, for fixed fee or lump sum projects, performing under budget creates “windfalls” or the difference between the total compensation that was invoiced and earned.

Deltek Vision Navigational Analysis  

Topics: Professional Services, Accounting, Deltek Vision