Full Sail Partners Blog
Why do project-based firms struggle with billing, time, expense, and transaction entries? Simply stated, firms lack the systems to support the unique challenges of professional services firms. Accounting professionals at project-based firms depend on the timely billing of their projects for the success of their firms’ bottom line. By streamlining accounting processes with Deltek Vantagepoint, project-based firms can increase cash flow and profitability.
1. Efficient Entering of Timesheets and Expense Reports
Using Deltek Vantagepoint, project-based firms can reduce the time it takes for employees to enter timesheets and expense reports using the Time & Expense Mobile App. Using the Vantagepoint Time & Expense App, employees can submit timesheets and expense reports while travelling. As a result, there is no more waiting until employees are back in the office to scan receipts; just snap a picture on a mobile device and the app will use intelligent character recognition (ICR) to start the expense line. Now, submitting and approving time and expenses on the go is simple which reduces the burden for employees as they enter time and expenses. Ultimately, this improves the process of client invoicing.
2. Improved Firm Cash Flow with Document Management
Project-based firms can improve their cash flow with Deltek Vantagepoint by speeding up the invoice process with document management. Within Vantagepoint, users can utilize the database to store receipts and AP Invoices by attaching them to each transaction. Additionally, they can utilize billing terms to include back-up documentation with the client invoice which greatly reduces the time it takes for billers to search and copy all supporting documentation that needs to be sent to the client.
Another added bonus of a virtual document management solution within Deltek Vantagepoint is that there are no more piles of papers needing to be recycled. If receiving AP invoices electronically or journal entry requests via email, there is no need to print; simply save and attach in Vantagepoint. Documents can be attached in AP vouchers, expense reports, units and journal entries. Vantagepoint is bringing firms a lot closer to a paperless and remote-working world!
3. Digitized Client Invoices Speed Up Billing Process
The interactive and batch billing tools in Deltek Vantagepoint digitize the client invoice process which speeds up the billing process and shortens average collection time. Vantagepoint allows billers to submit draft invoices electronically and use saved searches in batch billing to group invoice by project manager, principal, or by invoice approver. The billing tools notify invoice approvers electronically that a draft is ready for review, and approvers can use the draft invoice approval feature to mark-up and enter comments using the new PDF editor function.
Approvals also happen electronically with no more paper approval or emails to keep track of any longer. The system will keep an approval audit trail, and billers can see all comments and mark-ups made to drafts in Interactive Billing. Billers make the changes and produce the final invoice in either Batch or Interactive Billing. Ensuring all firms have a billing contact, invoices can be emailed, with back-up attached, directly to the billing contact out of the database.
4. Reduced Manual Data Entry with Workflows and Approvals
With Deltek Vantagepoint, leveraging workflows and approvals streamline transaction processing, and reduce manual data entry. Vantagepoint users can utilize electronic approvals for timesheets and expense reports. Furthermore, approval workflows are flexible and can accommodate many steps if needed, and approvers can approve timesheets and expense reports anywhere by using the mobile app. The accounts payable workflow provides an electronic approval audit trail and document management within the database leaving no stacks of papers. Even more, the absence request workflow allows managers to keep track of each employee’s schedule which helps with ensuring coverage on projects when needed.
5. Streamlined Repetitive Tasks Using Recurring Transactions
Recurring transaction entries can be done to streamline repetitive tasks for Deltek Vantagepoint users. Utilizing recurring transactions in Deltek Vantagepoint will reduce the time it takes each month to enter the same transaction. Additionally, using transactional imports for multi-line transactions will ensure accuracy and allow more time for other tasks.
Save Time, Save Paper, Save Money with Deltek Vantagepoint
Interactive billing, automation, and leveraging workflows means less wasted time and more time to focus on the bottom line. These features are all available with Deltek Vantagepoint, and with this intuitive solution, managing billing, time, expense, and transaction entries becomes that much easier saving firms lots of money. Not to mention so many trees! Don’t forget to check out the other features offered to users by Deltek Vantagepoint.
