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When evaluating a CRM or ERP system, a critical component of the decision-making process is assessing the data migration effort. Beyond the software and consulting costs, data migration presents its own set of challenges and expenses. As organizations move to the latest ERP systems, such as Deltek or similar ones, understanding the migration process becomes key to ensuring a smooth transition.

So, when you're asking yourself, "Should I migrate my existing data to a new ERP system?", here are the 6 essential questions you should ask:

#1 How Valuable is the Data?

One of the first steps in the data migration process is to understand how valuable the data is to your current and future business operations. In today’s world of data-driven decision-making, your data is likely more valuable than ever.

With the rise of the latest software development, high-quality, accurate data has become a business asset. Data that isn’t frequently updated or no longer relevant might not be worth migrating. However, real-time data on sales, finance, and customer interactions should be prioritized. In some cases, you may need to archive historical data rather than fully migrate it.

When considering whether to bring data to the new system, consider these four questions:

1. Is the data frequently updated and is it accurate? 
2. How often is the data accessed/needed? 
3. Do you use the data in reports? 
4. Do you need the data to make business decisions?
5. If your answer to these questions is rare or never, then the data is probably not worth migrating to the new system.

#2 How Organized is the Data? 

Organized data is essential for smooth ERP migration. Data that isn’t structured properly or with inaccuracies will cause significant roadblocks during migration. ERP migrations should be focused on data cleanliness and consistency.

Some existing data that is being considered for migration may not be consistent across a given data field in a database record. For instance, inconsistencies in key fields (e.g., a phone number field containing text instead of numbers) will need to be corrected before data is moved. Migrating to any latest ERP system requires standardizing data fields to ensure compatibility.

So, evaluating the amount of manual clean-up required can help determine if the information is worth migrating. 

#3 How Long Would It Take Someone to Manually Enter the Data? 

One of the main concerns in an ERP migration is the sheer volume of data that needs to be transferred. As mentioned earlier, certain data is more efficiently entered manually into the new system. It is crucial to evaluate the effort versus the cost. Small data sets or data fields with only a few records may be better handled manually, but large-scale migrations benefit significantly from automation.

If a particular field contains only 50 data records, is it worth the cost of migrating it programmatically to the new system? On the flip side, underestimating the time and effort required for manual data entry can significantly extend the implementation timeline. Our experience has shown that when a firm opts out of a recommended data migration based on analysis, the success rate of the overall implementation tends to decrease substantially.

#4 Is A Conversion Utility Available for my Data?

In today’s ERP landscape, conversion utilities are often available to help automate and simplify the data migration process. These tools can significantly reduce costs and time, especially when migrating to popular ERP systems like Deltek. If a conversion utility is not available, working with a data migration expert who can create custom scripts may be necessary. Be sure you evaluate the cost of these custom tools before starting your migration process. 

#5 What is the Data Migration Vendor’s Migration Process? 

Selecting a vendor with a well-defined and proven migration methodology that addresses the preservation, security, and speed of migrating your business data is key to a successful ERP migration. As an example, below is Full Sail Partners’ migration methodology: 

1. Data Mapping/Assessment – This step involves defining the scope, outlining the migration strategy and approach, and establishing the desired timeline. A proposal will be provided, detailing the costs involved.
2. Data Cleansing – During the mapping phase, data that needs cleansing will be identified. The necessary data will be cleaned and organized in the current system to prepare it for migration. The data migration expert will also analyze the existing data and ask relevant questions to assess its quality. Improving the quality of source data in the current system enhances the success of automated data conversion.
3. Test Migration – Once the migration scripts are created and the data is verified with the client, a test database will be set up for review.
4. Migration Validation – After receiving the test database, the client will examine the data in the new system to confirm it has migrated as expected.
5. Final Migration – After the data is validated, a final migration date is scheduled. Typically, all data is backed up based on the timing of a firm's billing cycle or payroll cycle. The final migration is performed over a couple-day period. Once the final migration is complete and reconciled the system is ready for use, minimizing downtime between the old and new systems.
6. Post Migration – If any issues with the data are discovered after the final migration, occasional post-migration updates may be required to address those issues.

#6 How Experienced is the Migration Expert? 

ERP migrations are complex projects, and the expertise of the migration team can make or break the process. Experienced ERP consultants and migration specialists focus on data strategy and digital transformation.

Most data migrations require a mapping document. This defines the scope and ensures that the data will be imported correctly. An experienced data migration consultant provides this mapping document as well as valuable insight on potential issues that might occur during the data migration process. Before proceeding with data migration, it's important to understand the role and expertise of the data migration specialist within the firm.

Is their primary responsibility focused on data migration, or are they handling multiple tasks? Do they have experience migrating data like yours? A seasoned migration expert typically specializes in this area, dedicating most of their time to migration. Selecting the right expert is crucial, as it can minimize post-migration cleanup and ensure the data is accurately and efficiently transferred to the new system. be necessary. Be sure you evaluate the cost of these custom tools before starting your migration process. 

Data Migration Success Involves a Well-Thought-Out Plan

In many cases, migrating data is a must when implementing a new ERP system. However, by considering these 6 critical factors—data value, organization, manual entry requirements, available conversion utilities, vendor process, and expert experience—you can ensure a smoother transition and get the most out of your new system.

Data migration has evolved significantly over the years. Still, the key to success lies in a well-thought-out plan, comprehensive data assessments, and collaboration with experienced vendors and experts. If you're still unsure about your data migration process, then see how Full Sail Partners can help you with personalized migration strategies tailored to your specific needs by clicking the image below.

Did you know that over 75% of Deltek Vantagepoint customers are in the cloud today? That's right—every day, more Deltek Vantagepoint clients are taking their systems to the cloud. But what exactly makes project-based firms decide to make the move to the Deltek Vantagepoint Cloud?

Continuous Access to Your Data, Anytime and Anywhere 

Imagine this: you're at the airport, waiting to board a flight to a major work conference, with your presentation materials and agenda in hand but you need to check something really quickly. Or perhaps you're in a quiet coffee shop between client meetings, preparing for your next big pitch and you realize you are missing something that needs to be looked up fast. No matter your location, in the cloud, your data is always at your fingertips, as long as you have secure internet access and a web browser.

The Deltek Vantagepoint Cloud provides the peace of mind that comes with knowing you can safely access, extend, or update your data from any location. With a 99.9% average uptime, you can rely on your data being available whenever you need it. This level of accessibility is a game-changer for businesses that require flexibility and mobility. Whether you're working from home, traveling for business, or simply need to check in on a project while you're away, the cloud ensures that your data is always within reach. No more being tethered to a physical office or worrying about accessing critical information when you need it most. 

Ease Your Growing Pains as You Expand Your Business 

As your business grows, so do your technology needs. Managing hardware can become a significant distraction, especially as the need to upgrade and maintain legacy systems increases. By moving your business to the Deltek Vantagepoint Cloud, you can leave those growing pains behind. Focus on what matters most, growing your business while enjoying the benefits of no hidden fees. 

The Deltek Cloud offers several tailored options, allowing you to pay a clearly defined annual cost each year, eliminating the surprise costs that can occur with on-premise setups. Plus, you'll have a team of experts managing your cloud infrastructure, including servers, storage, networking, patching, software updates, and hardware procurement.

The scalability of the cloud is another significant advantage. As your business expands, the cloud can easily accommodate increased data storage and processing needs without the hassle of purchasing and installing new hardware. This scalability ensures that your IT infrastructure grows seamlessly with your business, allowing you to focus on strategic initiatives rather than technical challenges.

Know Your Data is Secure in the Deltek Vantagepoint Cloud 

Security is a top priority when it comes to your data. The Deltek Vantagepoint Cloud offers features like multifactor authentication, encryption, and monitoring systems to ensure your data is secure. Deltek, a best-in-class service provider for project-based firms, takes security seriously. Their Cloud Security Operations Team and Site Reliability Team provide constant monitoring twenty-four hours a day, seven days a week, and three hundred and sixty-five days a year to protect your firm against any threats. With the cloud, you can have confidence that your data will be safe, no matter the disaster. 

In addition to these security measures, Deltek also complies with industry standards and regulations, providing an extra layer of assurance. Regular security audits and updates ensure that your data is protected against the latest threats. This proactive approach to security means that you can trust Deltek to safeguard your sensitive information, allowing you to focus on your core business activities without worrying about data breaches or cyberattacks. 

Enhance Your Collaboration Capabilities

Furthermore, the cloud offers enhanced collaboration capabilities. Team members can easily share and access documents, collaborate on projects in real-time, and stay connected regardless of their physical location. This improved collaboration can lead to increased productivity and better project outcomes, as everyone has access to the most up-to-date information and the tools they need to succeed. 

The Cloud is Waiting for You 

The benefits of moving to the Deltek Vantagepoint Cloud are clear. From continuous access to your data to easing the growing pains of your business, to ensuring your data is secure, the cloud offers a reliable and efficient solution. It is time to join the growing number of project-based firms that have made the switch and experience the advantages for yourself. 

Moreover, the Deltek Vantagepoint Cloud is not just a technological upgrade; it's a strategic move that can transform the way your business operates. By embracing the cloud, you position your firm for greater agility, security, and growth. So why wait? The cloud is waiting for you - are you ready to take your business to new heights?

As the leaves change from a cool green to the burning hues of fall, you can almost hear the annual groan that emanates from marketing and business development departments everywhere as we ponder next year’s budgets. We’re feverishly cramming numbers into spreadsheets, struggling to get that final hit rate report from the ERP system, and perhaps even consulting with a local palm reader, all with the goal of accurately predicting the future - next year’s sales!

In this article, we'll break down the often-overwhelming process of developing an annual sales budget, providing a clear guide to understanding key sales metrics, evaluating your firm's capacity, and crafting a realistic strategy. We’ll explore different approaches to achieving sales goals by analyzing key combinations of services and clients, offering practical insights into how firms can align their business development efforts with broader growth plans. Whether you're working with existing clients or exploring new markets, these strategies will help you set and meet achievable targets for the year ahead.

Review Your Professional Services Sales Vocabulary

Many of us in the professional services industry don’t approach our sales vocabulary as clearly as we should – or worse, it’s just that “s” word that nobody wants to talk about. Let’s quickly review some common numbers:

1. New Backlog: The rest of the world usually calls this number sales. It generally answers the question about the measured period, such as, how much NEW billable work did we book/contract/sell? You might sell the project in one year but could deliver it over several years.
2. Earned Revenue: This number values the work we actually did in the measured period, and is recognized as such, whether we billed for it or not. Learn more about earned value in this article.
3. Billings: This number is the total of all the invoices your firm sent in the measured period. Again, depending on how you count the beans, this number may or may not match Earned Revenue.

It’s imperative that we clarify what thing we’re aiming for and how to budget for it. Most professional services firms have a theoretical limit to what they can deliver, based on staff size and utilization. But is there a limit to how much new work you can sell?  

Let’s Work Backwards

It’s important to know what your firm’s revenue goals are. There will be ongoing work and repeat work to put toward those revenue goals. The difference is the number that the sales team, whether dedicated sales team or seller-doers, will need to secure. You will also want to take your hit rate into consideration, perhaps from the last three years. Learn from it! How much work do you need to chase to secure the right amount of dollars?

Metrics are valuable to track and being in tune with your firm’s key performance indicators is a must. What targets can you manage weekly and monthly to help reach your goals annually? And how does that fold into the firm’s goals? Alignment is key.

Mix Up Your Sales Efforts

Once you know the goals, you’ll now turn to the “how.” Here’s the point – these numbers all work together, but marketing and business development departments are usually focused on “New Backlog” when discussing sales. So, where does the new backlog come from? It comes from the strategic combination of two variables: The services you sell and who you sell to—your clients. Your job is to figure out the best mix of these combos to achieve the firm’s overall growth plans. Easy right?

Let’s have a brief look at the different ways we can combine our new backlog variables.

Combo 1 - Sell the Same Services to Existing Clients

Unless you offer bread, milk, or toilet paper, this combo can only take you so far. If you sell a corporate headquarters design project to ACME, Inc., when will they buy the next one? Large retail rollout programs and compliance-required assessments/surveys/reviews are good exceptions to this challenge. Watch out for “better, faster, cheaper” competitors led by well-dressed daredevils focused on Combo 4 described below.

Combo 2 - Sell the Same Services to New Clients

We should always analyze how to position our core offerings to new clients – in new markets or new geographies. Many firms claim about 80% of the new backlog is repeat work, meaning 20% has to come from this combo and Combo 4. Leverage your highly experienced professionals who like to build new relationships.

Combo 3 - Sell New Services to Existing Clients

Maybe ACME, Inc. doesn’t need a corporate headquarters designed this year but really needs help with a facilities management system. Here’s a little secret: Your existing clients trust you and would prefer to buy new services from you rather than from someone they don’t know. Build internal partnerships between your key relationship managers and the technical leader(s) of the new services. These communications and relationships can be tracked in your CRM for better management. This cross-selling method can often result in additional work for your firm. Watch out for experienced competitors focusing heavily on Combo 2.

Combo 4 - Sell New Services to New Clients

Get into LinkedIn and line up the cold calls! OK, that may be excessive, but this is definitely the final frontier in selling professional services. You’re convincing people who don’t know your firm to buy services for which you don’t have a track record. Totally possible, but not for the faint-hearted. This combo often requires strategic hires or acquisitions, which might be the only way to beat the competition in the other combos. Do your research. You may get lucky, but your competition in Combo 1 knows you’re coming.

Serving Over Selling in the Professional Services Industry

While we can’t completely avoid the annual budgeting process, we can look at it differently. You’re in the business of professionally serving others. Instead of simply looking for more projects, more offices, or more technical credentials, why not look for the best ways your firm can serve more people next year, and get paid for the value you created?

Use the combinations above as a framework and correlate the targets for each to your firm’s overall strategic plan and annual business plan. Tada! Now you’ve got a growth target that everyone can embrace. Happy budgeting, and more importantly, happy serving!

Learn How to Streamline Your Sales Process with a Successful CRM Rollout

If you're looking for more insights on how to successfully implement a CRM system to support your firm's business development and sales goals, be sure to check out our recent LinkedIn Live session, "How to Successfully Roll Out a CRM System." In this session, we share best practices, common challenges, and tips for ensuring a smooth rollout that drives both adoption and results. You can watch the full discussion by clicking the image below.

I believe we could all say, we question what gets put into the ‘snail mail’ these days. Especially if it is a sizeable check for your professional services firm. Will it arrive on time? Will it be lost? Will the check end up in the wrong hands? So many variables!

Not only are you concerned with the ability of the check to show up at its destination, but the timeline of when the payment will clear the bank. Sometimes this can take weeks, which might affect how fast you can reconcile your books. Add in the influx of employees working from home, and now you have even more concerns with printing the actual checks.

Accounts Payable (AP) as a manual process increases the likelihood of potential fraud and creates uncertainty, which could eventually affect your professional services firm’s cash flow. So how does a company simplify this process, alleviating the longer timeline and potential for discrepancies? You automate your Accounts Payable process!

Benefits of Automating Your AP Process

The AP process is one of the most important tasks a professional services firm performs daily. Automating it allows you visibility into every vendor payment easily to see its status, and an automated AP process can be fully integrated and streamlined to your preferences.

Although AP automation is not a recent technology, it has come a long way over the years. It is surprising that so many firms have not embraced this technology. 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 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 paper. Additionally, manual processes are slow and are prone to human error rather than being more accurate as one may think. The paper-based process of printing and mailing checks can be transformed into a digital process of selecting, processing, and scheduling your electronic payments against your AP.

With AP automation, invoices are stored digitally, and paper, shipping costs, and manual entry are eliminated, saving money and ensuring accuracy, while also speeding up the entire payment process. Your increased visibility into payment status will also help simplify reconciliation and help to avoid duplicate entries.

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. There is no longer a need to manually reenter information for ACH payments or to recreate a physical check with automation.

When a professional services firm automates the AP process, employees are relieved of doing these tasks and can focus their efforts on more profitable pursuits. The opportunity for error is lessened and more time is available for your employees to be more productive in other areas of business.

Getting Insight into Your Firm’s Finances

It’s difficult to manage your professional services 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. With automation, digital audit trails for all payments whether it be a physical check, credit card, or an ACH are available to ensure you clearly see what stage each of your payments is in.

You can immediately offset the liability and reconcile payments versus waiting for them to clear. Furthermore, being able to see who you owe money 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 set up an approval process that ensures purchases are in compliance with firm policy. Professional services firms can gain control of their spending by knowing when a purchase is made prior to being issued an invoice which promotes transparency.

Automating AP is a Win-Win Situation for All

With actual reduction in errors, 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.

With the opportunity for error decreasing and your employees' productivity increasing, it is a win-win situation for everyone involved. AP automation also ensures you pay your vendors on time, which makes them happier to work with your firm. Not sure if your firm is ready to automate?

Ensure the Success of Your Business by Utilizing Specialized Services

Staying competitive requires not only adopting the right systems and tools but also ensuring they have the right support structures in place. Whether a company is implementing a new software system, optimizing current processes, or managing its finances, specialized services like consulting, training, and outsourced accounting are essential to success. These services ensure businesses leverage their systems effectively, empower their teams, and optimize financial operations.

Each of these services plays a unique role, however, together they provide a comprehensive strategy for business growth and efficiency. Moreover, experts available from each area play different key roles in ensuring the success of your business. Let’s take a look at the difference between these three crucial services and see what they each offer your company and the overall benefit of utilizing them.

Consulting

At its core, consulting is about providing expert advice and strategies that align a company's systems with its specific business needs. Modern software systems — like Enterprise Resource Planning (ERP) platforms — are designed to help companies streamline processes, control data, and optimize workflows. However, even the most sophisticated systems are not a one-size-fits-all solution. Without proper setup and customization, these tools may fail to deliver their full potential. This is where consulting services come into play.

A qualified consultant can assess a company’s current processes, identify areas for improvement, and help configure the system to meet those specific needs. Consultants are not limited to the initial setup of systems; they are valuable at any stage of a company’s journey. From identifying new functionalities that address evolving needs to optimizing existing features, consultants offer an often-needed outside perspective and the specialized knowledge that can be critical to enhancing system performance.

For example, after implementing a new ERP system, a company might struggle with inefficiencies or underutilized features. A consultant can step in to reconfigure the system, ensuring that workflows are optimized for productivity. Additionally, they can offer guidance on how to leverage newer features as systems update over time. This proactive approach ensures that businesses stay ahead of the curve, continually optimizing their tools and processes in alignment with their goals.

Training

Having an up-to-date and properly configured system is only part of the equation. No matter how advanced a system is, it can only be as effective as the people using it. This is where training becomes critical. Training empowers staff to fully understand and utilize the systems at their disposal, ensuring that the company gets the maximum benefit from its investment.

Without proper training, even the most well-designed system can become underutilized or misused. Employees may only know the basics or might default to outdated methods, even when new, more efficient processes are available. A common issue occurs when staff fall into a routine of "this is how we do it here," becoming resistant to change and unaware of new features or improved processes that could significantly enhance their productivity.

A structured and continuous training program solves this problem. Regular training allows staff to stay current with new system updates, understand best practices, and adopt more efficient workflows. Additionally, as businesses grow and evolve, so do employee roles. Ongoing training can help newly promoted staff adjust to their expanded responsibilities, ensuring they understand how to fully utilize the system to meet the demands of their new positions.

Furthermore, training isn't just important for new hires. Existing staff also benefit from continuous education, especially when software systems release updates or new features. As trainers are experts in their own right, this specialized service empowers employees with the necessary skills to ensure the company remains competitive in a fast-paced business environment.

Outsourced Accounting

Finally, as with any business, accounting is a vital function. It's the backbone that ensures invoices are sent to clients, payments are made to employees and vendors, and management has access to accurate financial data for decision-making. However, maintaining an in-house accounting team can be costly and time-consuming, particularly for smaller firms. This is where outsourced accounting services provide a lot of value.

Outsourced accounting involves hiring an external team to handle various accounting tasks, either as a supplement to an internal team or as a full-service solution. This can range from day-to-day tasks like data entry, timesheet management, and expense reporting to more complex functions like bank reconciliation, project budgeting, and financial analysis.

One of the main advantages of outsourced accounting services is the consistency and expertise it brings. These services are performed by professionals with specialized training and experience often across multiple industries. As a result, companies benefit from tried-and-tested processes that help optimize financial operations and ensure compliance with the latest regulations.

Additionally, outsourcing provides flexibility. A company may not need a full-time in-house accounting team, especially during periods of low activity. By outsourcing, businesses can scale their accounting needs up or down based on demand, ensuring cost efficiency. For example, a business might require additional accounting support during tax season or when undergoing rapid growth. Outsourced accounting services can step in to fill these gaps, ensuring financial operations run smoothly without burdening the in-house team.

Moreover, outsourcing allows management to focus on core business activities rather than having to deal with the complexities of accounting. Using this specialized service provides a reliable team to handle the finances, so companies can concentrate on growing their business, confident that their financial operations are being managed by experts.

A Holistic Approach to Business Success

Incorporating these unique and specialized services into your business strategy can significantly improve efficiency, productivity, and therefore, overall success. Consulting services ensure that your ERP or other business systems are set up in alignment with your company’s specific goals and processes. Training empowers your team to use these systems to their full potential, ensuring that your investment in technology is fully realized. Outsourced accounting provides expert financial support, filling in gaps and ensuring that your company’s financial operations run smoothly and efficiently.

Whether your company is just starting out or looking to refine its existing operations, investing in these specialized services can help. By utilizing these services, businesses can streamline operations, reduce costs, and achieve their objectives more effectively. Take advantage of these services and position yourself for long-term success.

In recent years, many companies have been looking to streamline operations, increase efficiency, and reduce costs. One area where businesses of all sizes can significantly benefit is through outsourcing their accounting functions. But is outsourcing right for your firm? Let’s explore the various types of businesses that should consider using outsourced accounting services and talk about why outsourcing may be a great option for them.

Startups and Small Businesses

Startups and small businesses often operate on tight budgets and with limited resources. Hiring an in-house accounting team can be costly, both in terms of salaries and benefits and in the time it takes to train and manage staff. For many small businesses with only a few initial employees, outsourcing the firm’s accounting needs offers a way to access high-quality financial expertise without the need for full-time hires. For startups and small businesses, the cost savings alone would be a key reason to outsource. Without the worry of salary, benefits, and training expenses, these types of firms could get the expertise they need with access to professional accountants who understand the firm’s specific needs. Furthermore, outsourcing accounting offers scalability where your firm could easily scale up or down based on your business’s growth or change over time. For startups, in particular, the financial landscape can be unpredictable. Having an outsourced accounting team means you get expert guidance without the overhead of maintaining an internal team. This allows your leadership team to focus on what is important, the mission and building the company.

Growing Businesses

This brings us to the next type of company that could benefit from outsourced accounting services, growing businesses. As businesses grow, their financial needs become more complex. Companies entering new markets, expanding service offerings, or increasing their customer base need robust financial management to handle everything from payroll to cash flow forecasting and tax compliance.

There are several different reasons that growing businesses would benefit from using an outsourced accounting team. Foremost, outsourced accounting services offer stability, ensuring that your financial operations continue without interruption, regardless of employee turnover in your internal team. Next, outsourced accounting teams stay up-to-date on the latest accounting software and financial tools, ensuring your business benefits from modern, efficient processes. Finally, outsourced accounting teams are already equipped with the skills and systems knowledge needed to handle your financial operations, eliminating the need for internal training programs.

Professional Services Firms

Another type of company that could benefit from outsourced accounting services is the professional services firm. Consulting firms, marketing agencies, law firms, and other professional services providers often have variable billing cycles and unique accounting needs. These firms typically bill by the hour or project, making cash flow management and profitability tracking essential.

In the case of professional services firms, streamlined billing, and invoicing are critical needs. Using outsourced accounting services can ensure accurate tracking of billable hours, invoices, and expenses. Moreover, outsourced accounting teams can focus on cash flow optimization. They can help you manage uneven cash flows while keeping you compliant with tax and regulatory requirements. Another crucial need for professional services firms is real-time reporting. With outsourced accounting services, these types of firms can get insights into financial performance that will aid in decision-making, without the burden of managing a full-time accounting department.

Firms Facing Rapid Technological Change

Outsourced accounting services can also be beneficial for businesses experiencing rapid technological change. For firms such as those in the tech industry or digital startups, the pace of growth can overwhelm internal teams. Keeping up with the latest accounting software, compliance regulations, and financial best practices can be a full-time job in itself.

So, outsourcing in these situations can make a lot of sense. First, using outsourced accounting services, these types of firms could get access to the latest tech. Outsourced accounting teams stay updated with the newest accounting software, automation tools, and best practices, ensuring these businesses remain at the cutting edge.

These types of firms can also benefit from strategic financial planning. With access to experienced CFOs and financial strategists, businesses can make data-driven decisions to guide their growth. Finally, with outsourcing the accounting functions, there can be a dedicated focus on innovation. With the financial side handled by experts, your internal team can focus on innovation and product development.

Outsourced Accounting Awaits

No matter the type of company, outsourcing accounting functions can offer significant benefits, from cost savings and scalability to accessing specialized expertise. Whether you’re a small startup, a growing business, or an international firm, outsourcing provides the flexibility and support you need to manage your financials efficiently. By allowing experts to handle the complexities of accounting, you can focus on what you do best, growing and innovating your business.

So, do you think outsourced accounting is right for your business? Assistance is available to start an evaluation of your current needs and weigh the benefits of external expertise. You might just find that it’s the missing piece to help you streamline operations and scale efficiently.

With Deltek ProjectCon 2024 on the horizon, excitement is building for the premier event designed for project-based firms. Set to take place from November 12-14, 2024, at the Gaylord National in the Washington, D.C. area, this year’s conference promises to deliver valuable learning experiences, key industry insights, and unparalleled networking opportunities. As a Gold Sponsor, Full Sail Partners is proud to contribute to the event through educational sessions, strategic kiosks, and a commitment to empowering firms through Deltek Vantagepoint.

Let’s take a closer look at how to prepare for Deltek ProjectCon 2024 and make the most of this exceptional event.

Full Sail Partners: Empowering Firms Through Expert-Led Sessions

One of the highlights of Deltek ProjectCon 2024 will be the sessions led by industry experts, and Full Sail Partners is proud to be at the forefront of these educational opportunities.

Terri Agnew, Principal Consultant at Full Sail Partners, will be presenting "From Analysis to Action: Optimizing Your Vantagepoint Investment.” In this session, Terri will walk attendees through the transformative power of a Navigational Analysis.

Attendees will learn how to evaluate their current systems, identify inefficiencies, and implement actionable recommendations to maximize the value of Deltek Vantagepoint. Whether firms are facing staffing changes, operational bottlenecks, or simply looking to improve their processes, this session offers real-world strategies to drive success. Terri will share examples of client success stories, providing attendees with tangible methods to refresh and optimize their internal practices.

Another presentation will come from Jake Lucas, who will lead a session titled "AI Solutions for Vantagepoint Enabling Next-Level Productivity." As AI continues to revolutionize industries, Jake’s session will explore how out-of-the-box and custom AI solutions can enhance the operational capabilities of project-based firms using Deltek Vantagepoint.

Attendees will not only gain insights into the power of AI but will also learn about potential challenges, such as AI hallucinations and unreliable data responses, and how to address them. Jake will provide practical tips for integrating AI with tools like Microsoft Teams, offering firms a way to streamline workflows and increase productivity.

Whether you are new to AI or looking to deepen its application within your organization, this session will equip you with the knowledge needed to leverage AI effectively.

Supporting Clients: Learning from BSA LifeStructures and kW Engineering

At Full Sail Partners, we pride ourselves on not only delivering expertise but also supporting the success of our clients. This year, two of our clients—BSA LifeStructures and kW Engineering—will be showcasing their innovative solutions during Deltek ProjectCon 2024, and we encourage attendees to explore these sessions.

Ashley Dishroom of BSA LifeStructures will present "Unlock Pursuit Success: Go/No Go Process." In this session, Ashley will demonstrate how BSA LifeStructures has overhauled its CRM system to improve decision-making during project pursuits. By documenting strategic clients and prospects, and integrating a go/no go decision-making process, BSA LifeStructures has been able to boost efficiency and improve project hit rates. This session offers valuable insights for firms looking to enhance their CRM capabilities and refine pursuit strategies.

Similarly, Kris Johnson from kW Engineering will be leading a session titled "Project Pulse: Optimize Project Health, Drive Action, and Unlock Insights with Dashboards." With an overwhelming amount of project data, many firms struggle to prioritize actionable insights. Kris will show how kW Engineering’s "Project Health" dashboard consolidates critical KPIs into a single metric, ensuring project managers and executives can make informed, timely decisions. This dashboard has become an essential tool for project health monitoring, and attendees will learn how to create their own dashboards to drive better project outcomes, improve profitability, and boost cash flow.

Connect with Full Sail Partners at Our Kiosks

Beyond the educational sessions, Full Sail Partners will be hosting a two-sided kiosk in the XPO hall, providing attendees with direct access to our experts. Our kiosk is designed to offer guidance on a wide range of topics, from Deltek Vantagepoint consulting to group training, hosting, and outsourced accounting. Our team is dedicated to helping project-based firms streamline their operations and achieve cohesive, efficient results.

In addition to consulting services, we’ll be showcasing our Blackbox Connector, which offers ready-to-deploy integrations that allow firms to quickly connect Vantagepoint with third-party applications. The beauty of the Blackbox Connector lies in its simplicity — our catered solutions allow firms to streamline operations without the need for extensive technical knowledge.

If you’re looking to optimize your processes or connect your systems more effectively, find us at kiosk #2 just to the left of the XPO entrance. This is the perfect place to start a conversation.

Prepare for Success at Deltek ProjectCon 2024

Deltek ProjectCon 2024 promises to be a cornerstone event for project-based firms looking to enhance their operations, explore the latest innovations, and build valuable connections within the industry. Whether you are attending to deepen your understanding of Deltek Vantagepoint, explore AI-driven solutions, or connect with industry experts, Full Sail Partners is here to support your journey.

Our sessions, led by Terri and Jake, will offer insights that you can implement immediately to optimize your systems and drive productivity. Additionally, we encourage you to learn from our clients’ presentations and discover new ways to enhance your firm’s CRM processes and project health monitoring.

Don’t forget to stop by our kiosks during the event, where our crew will be ready to provide live demos and discuss how we can help you unlock the full potential of Deltek Vantagepoint. As proud Gold Sponsors of Deltek ProjectCon 2024, we are excited to meet you, share our knowledge, and help you take your firm to the next level!

At Full Sail Partners, we understand the intricate demands of running a successful business. And a major part of running a successful business is managing your financials with precision, accuracy, and efficiency. To help you achieve this key component to sustained growth, Full Sail Partners offers a full-service accounting practice that is tailored to your professional services firm’s unique needs. So, let’s discuss the first steps and then take a comprehensive look at the outsourced accounting services Full Sail Partners provides to ensure your business stays on course.

First Steps

Our team of highly skilled bookkeepers and accountants will evaluate your current systems and processes by way of navigational analysis. By reviewing your professional services firm’s standard operating procedures, not only are we able to get a better understanding of what your unique needs may be, but we are also able to provide ways of streamlining systems and offer possible solutions to outdated workflows. We can then work together to create a customized schedule of services that will help lead to improved financial management and greater efficiency within your professional services firm.

Outsourced Accounting Services Offered

Centralized Communication & Information Exchange

Full Sail Partners maintains a dedicated MS Teams site and email address to facilitate safe and secure communication and information exchange. Whether it's sensitive bank deposit information, EFT/ACH files, AP Vouchers or Disbursements, project revisions, or invoicing, simply forward all relevant communications to your safe and secure client-specific email. Our team will manage these items in an efficient and timely manner.

Deltek Info Center/Hub Maintenance

Our Info Center (Vision)/Hub (Vantagepoint) maintenance services keep your professional services firm's critical information up to date and organized.

• Firms (Contacts, Clients, and Vendor Records): We can revise or create new firms, ensuring that all details such as contact/client/vendor names, numbers, addresses, and any additional contact information you may need are accurate.
• Employees: From adding new hires to managing job cost rates, banking, and termination details, we can handle all employee-related data.
• Projects: We can manage the setup of new projects based upon signed agreements, or revision of existing projects with change orders - including contract information, billing terms, and status updates.
• Accounts & Account Group Tables: We can create and maintain General Ledger Accounts and Account Group tables, ensuring accurate GL tracking and reporting.

Timesheet Management

We can ensure prompt and accurate timesheet postings, providing detailed labor reports by employee and Month to Date/Year to Date utilization reports, all in accordance with your submission policies (weekly, biweekly, semimonthly, or monthly).

Expense Report Processing

Our Expense Report services include payment review, posting, processing, and EFT/ACH file creation for seamless online banking upload. Detailed employee ledger reports can be provided upon request.

Accounts Payable Management

Our Accounts Payable services cover voucher and disbursement entry, scheduled AR Ledger reporting, cash requirements tracking, and paper and electronic payment processing. We can provide EFT/ACH file creation and posting of check payments allowing the client to print checks in-office.

Accounts Receivable Management

We can manage daily cash receipt posting (including paper, credit card, and ACH) as well as client invoice adjustments as necessary. Rate Table maintenance is also available to ensure accurate project reporting.

Invoicing/Billing Management

We manage monthly invoicing in alignment with each project’s contract terms and specific Project Manager requirements.

Employee Benefit Accrual

We can manage payroll entry in accordance with your firm’s payroll schedule (bi-weekly, monthly, specific date(s), etc.) as well as manage employee benefit accruals in accordance with your company policies. We are also able to handle the annual opening of new benefit years.

Month End Processing

Our month-end services include journal entries, bank and credit card reconciliation, and financial report generation such as balance sheets, income statements, and detailed General Ledger reports. We can also manage the opening and closing of accounting periods.

Project & Project Management Reporting

We are able to provide comprehensive project management reporting, including weekly project details, earnings reports, and unbilled detail reports to keep your projects financially on track.

Year End Processing

Our year-end services include 1099 initialization, the opening of new benefit years, and generating 1099 PDF files to be printed, mailed, and filed with the IRS by your firm.

Specialized Services

We additionally offer specialized services such as revenue generation, salary job cost adjustments, and overhead allocation to enhance the accuracy and efficiency of your financial operations.

Ready to Improve your Professional Services Firm’s Financial Management?

At Full Sail Partners, we are committed to providing a complete suite of accounting services tailored to your business needs. Our team undergoes regular and extensive training, including Deltek Pros certification, ensuring that your financial operations are managed with precision and care. This allows you to focus on what you do best - growing your business. Let us help you navigate the complexities of financial management, so you can sail smoothly towards success.

Have you ever found your professional services firm in the position of losing your in-house bookkeeper suddenly either permanently or temporarily? This could be the result of the birth of a child, other health issues, or the employee taking another opportunity in another field or firm. Whether temporary or permanent, this can throw your accounting cycle into turmoil. Often this person is the only employee who knows the financial accounting system of your firm and it leaves a huge void in the accounting side of your business.

Or perhaps you are a small firm that does not need a full-time accountant to process your transactions, but you want to leverage the power of your ERP and need a cost-efficient option. You just need a solution that would allow you to access trained bookkeepers and/or accountants without the need to commit to a full-time salary.

There is an increasing trend for outsourced accounting services that recognizes the strategic importance of consistent management of accounting practices for business of all sizes and at all levels of the process. Moreover, professional services firms today are seeing the benefits of an outsourced accounting firm to gain an advantage of scalable growth. Outsourcing your accounting tasks ensures that your business needs are met, even during times of absence or turnover, or if you simply have reduced needs.

Benefits of Full Sail Partners’ Outsourced Accounting Services

Full Sail Partners has received requests from our Deltek Vision and Vantagepoint clients throughout the years asking if we provide accounting services. We have heard the requests of our clients, recognized the needs, and answered with an outsourced accounting service of our own specializing in Deltek Vision and Vantagepoint.

Expertise and Experience

There are several advantages to using our outside accounting services. The first of which is expertise and experience. Full Sail Partners employs a team of highly qualified and professional bookkeepers and accountants who are trained specifically on Deltek Vision and Vantagepoint. We invest regularly in training to help our staff stay updated on the lates best practices, ensuring a firm's records are accurate and compliant.

Cost Savings Through Time Efficiency

Utilizing Full Sail Partners’ outside bookkeeping service also provides substantial cost savings to your professional services firm. Hiring and training an in-house accounting team is expensive when you take into account salaries, benefits, training and overhead costs. Using Full Sail Partners for your bookkeeping tasks allows your employees to focus on their individual business specialty and relieves them of the time spent on financial activities. They can concentrate on what they do best, which is running and growing your business.

Scalability

As your business grows, Full Sail Partners can scale up to your more complex needs without having to hire and train additional in-house staff. We also offer a scalable option from full service-transaction entry to timesheet posting to billing to reporting. You can also choose reduced services designed to fill gaps or augment your in-house staff.

Advanced Technology

Our firm can also provide an unbiased perspective on your financial processes, offering valuable insights and advice. Our accounting staff at Full Sail Partners is backed by a highly trained consulting team. We have access to the latest accounting technology and upgrades associated with Deltek Vision and Vantagepoint which will improve the efficiency and accuracy of your financial processes. We have often reviewed processes with our clients and suggested a consultative navigational analysis that reduces or eliminates the need for our augmented services.

Support Goes Beyond Outsourced Accounting Services

Full Sail Partners' outsourced accounting services can provide reduced or full-service accounting services scaled to your individual needs. However, our staff could never replace the highly skilled training services of our consulting team. We work closely with our team to make sure our staff is fully up to date on current practices, but our team does not offer training to a client's staff. If you find that your professional services firm would like to use our services for the augmentation of your current team's skills, we can provide the support you need.

If you would like to upgrade the skills of current employees or train new staff on Deltek Vision or Vantagepoint, we can connect you with one of our excellent consultants that will review your current system and team skills. Once they determine the level and areas of need, they will provide you with a detailed scope of services to provide your staff with on-site or off-site training.

Improve Your Professional Services Firm’s Financial Management

Outsourcing your accounting and bookkeeping services can lead to improved financial management and greater efficiency while seeing significant cost savings from reducing full-time accounting overhead or supplementally augmenting an in-house accounting team. By leveraging the expertise, technology and scalability of our Full Sail Partners’ Outsourced Accounting Services, you can position your business for long-term success without interruptions due to unforeseen personnel changes.