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The Value of Vantagepoint for Accounting

Posted by Theresa Depew on Wed, Nov 25, 2020 @ 11:35 AM

Value for Accounting

Accounting teams are typically some of the most engaged users of Deltek software having extensively worked with Vision and now Vantagepoint. With its cohesive environment, accounting teams can benefit so much from Deltek Vantagepoint, and if utilized properly, it can streamline accounting processes and promote transparency throughout the system. Let’s take a look at the value of Vantagepoint for accounting.

Creating Value for Your Team

Deltek Vantagepoint offers meaningful dashboards that give independence to executives and project managers alike. In doing so, this allows for accounting data to be viewed in real time, without the need to process reports and send to project staff. Some of the benefits that result from streamlined processes include:

  • Approval workflows keep business processes moving
    • Using approval workflows to automate daily tasks can reduce the time it takes to send final client invoices and process vendor payments. Vantagepoint allows for streamlined approvals on most functions in the system – timesheets, expense reports, accounts payable and client invoicing.
  • Intuitive search functionality allows for more timely record retrieval
    • Vantagepoint makes finding information quicker. Using Find on the menu allows you to quickly access a hub or area in the system.
    • When searching in hubs or reporting, simply type part of the field name and get a list of everything containing that name.
  • Financial statements and reports are available for timely and informed decisions
    • Dashboards are a great way to get a quick snapshot of your business regularly. Vantagepoint dashboards are intuitive and easy to create. Also, Vantagepoint is preloaded with the most common dashboards by role.
  • Firms in one location (clients and vendors are consolidated) allows accounting to view one record and understand the bigger picture.
    • The Firms hub in Vantagepoint allows you to view all clients and vendors in one hub. Clients and Vendors are linked in one record, allowing users to view client invoicing and vendor payments in one area. The records can be kept separate for reporting, if needed.

Bringing Teams Together

Tracking down employees to submit timesheets is typically an endless story that firms experience. With mobile time and expense, teams can get excited about more timely submissions because employees can use this to enter and submit timesheets and expense reports from anywhere. Receipts can even be uploaded from a mobile device, and an expense line can be created using Intelligent Character Recognition (ICR). With Vantagepoint, submitting timesheets and expense reports is not such a daunting task after all.

Another way that Vantagepoint brings teams together is streamlining and expediting the invoice review process. Accounting can quickly and easily issue draft invoices, and project managers can mark them up promptly. This clean process keeps the invoice cycle moving along. Other benefits include:

  • Automate bank reconciliation

    • Downloading transactions from the bank and importing into the Bank Reconciliation in Vantagepoint greatly reduces the time it takes to reconcile the bank. Setting up the import is quick and only needs to be done once.

  • Billing Made Easy
     
    • Use Batch Billing to run draft invoices and email directly to project staff for approval. In batch billing, once all options are selected, they can be saved to use for future batch runs. Example, if billing is run by project manager, Options can be saved by PM.
    • Streamlining of the invoice approval process, all approvals can be done within Vantagepoint. Project staff can view, make changes, view invoices after changes and approve all in Draft Invoice Approvals in Project Hub.
    • Flexible Billing Terms can be based on the project contract. Vantagepoint allows creation of the fee billing grid at the top level of the project but linked to each level. When you have a mixed project, Fee Based and Hourly, use sublevel terms to set up billing at different project levels.

  • Transaction Entry
     
    • In Vantagepoint, transactions are created and posted in the same area. Batch processing is no loner necessary. All transactions can be viewed in one screen, using the filter option to easily search.

Simplify Processes with Deltek Vantagepoint

Deltek Vantagepoint offers the tools and functionality to streamline processes between groups in an organization. The improved accessibility and collaborative features break down process silos and allow for a continual flow of information. Since invoices must be sent to receive payment, the streamlined process can shorten the billing cycle and keep cash flow in check.

Deltek Vantagepoint Visuals

Manage Your Employee Expenses Like A Pro

Posted by Theresa Depew on Wed, Jun 03, 2020 @ 11:35 AM

Expense management

When employees seek reimbursement for employee-paid expenses, chances are good that far too much time is spent looking for receipts. Often, there is also the question of limits, processes, and details around submitting an expense report. Wouldn’t it be great if there was a software that could manage employee expenses with a seamless process, helping you navigate expenses like a pro? Fear not, as such automation is possible with SAP Concur. Even more, SAP Concur integrates with Deltek Vision and Vantagepoint through the Blackbox Connector to simplify your expense reporting processes.

With SAP Concur, you can see all expense data in one place, offering the big financial picture while making the process easier for your employees. Yes, it can be a win-win for all. Let us look at some of the advantages an automated and integrated expense management tool can offer.  

Makes the Process Easier for Users

While submitting an expense report can be a very frustrating task, it is a necessary business process that cannot be overlooked or eliminated. Usually, it does take administrative or overhead time for some often-extensive searching. Fortunately, SAP Concur can give employees an easier method of submitting expenses on a routine basis with the following features: 

  • Mobile Tools – Users have full access to expense report functions via a mobile device, allowing employees to submit, review, and approve on the go. Having full expense functions on a mobile device makes submitting expenses quick and easy. There is no more waiting until you are back at your desk to complete expense tasks.
  • Receipt Capture – SAP Concur removes the need for a scanner, and never having to use a scanner to upload receipts one by one is priceless. Simply snap a picture of a receipt using your mobile phone camera and start a report from your mobile device, saving processing time.
  • E-Receipts – Transaction data from airlines, hotels, restaurants, and car companies can be automatically captured to create accurate, detailed expense reports. Receipts can be sent directly to your SAP Concur profile, allowing you to quickly add the expense details without having to organize receipts. As soon as the receipt is emailed, it appears on the home expense screen.
  • Credit Card Feeds – Your corporate or travel card transactions are directly fed into SAP Concur for expense processing. This functionality is marvelous; firms no longer need to manually import charges into an ERP or expense program for users to expense or for reconciliation. When a charge is made, the bank sends the transaction to SAP Concur. From there, users will see it on their home expense screen, and it is ready for expensing.

As you can see, the expense management process can be more efficient for employees, allowing them to focus their efforts on earning new business, serving the client, or working on current business. With an easier process, employees can submit their information timelier, and accounting can invoice clients sooner on billable expenses, helping to shorten the invoicing cycle.

Even Accounting Thinks This is Snazzy

Accounting teams are often the ones tracking down the missing details or having to reject submissions for details that were overlooked. By automating expense management and integrating it with your accounting system, SAP Concur can be implemented with workflows, ultimately helping everything flow more smoothly. Here are some of the features that accounting teams can look forward to:

  • Automated Travel Policy – Workflows can be set to warn or stop expenses from being submitted based on your company’s expense/travel policy. Using the audit rules takes the guess work out of policies. Workflows allow the expense audit/approval process to move quickly and efficiently. Auditors and approvers do not need to spend hours verifying every policy detail; most can be set up as a rule and not allowed.
  • Reporting – SAP Concur offers simple spend monitoring, schedule reports, and customizable reporting. The software offers out-of-the-box reporting, which is quick and easy to use. Reports can also be downloaded in different formats – Excel, Word, PDF. If the report needed is not available, it can typically be created and saved for future use.
  • Integration – A comprehensive financial picture and reliable reporting can be gained by connecting to your enterprise resource planning system (ERP), Deltek Vision/Vantagepoint. Integrating SAP Concur with Deltek Vision/Vantagepoint allows a constant and consistent flow of financial data. New or changed employees and projects can be pushed into SAP Concur through an automated feed. Also, expense reports that are approved/processed in SAP Concur will be fed into Deltek Vision/Vantagepoint nightly and be ready for posting. So, no more need for double entry at many levels.

Wins All Around

As you can see from the highlighted features, SAP Concur can eliminate many pain points that come with expense reporting. The right expense management software creates a smoother process for firms, which benefits the employees, supervisors, and accounting team alike. We can all agree that any process that can be automated and ultimately improve a business should be given consideration. Everyone will be pleased with timely expense reimbursement so start managing your expenses like a pro with SAP Concur.

Concur Spend Management

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  

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