Email marketing is one of the most cost-effective tactics for acquiring new clients and re-engaging existing customers. So why is it that so many firms are resistant to adopting a dedicated email marketing strategy? Failure to implement a dedicated email marketing strategy focused around best practices can lead firms to experience lackluster email results. This blog is going to dissect the most common reasons emails sit unread and collect dust. Apply these tips to start winning the battle for the inbox!

Common Mistakes Keeping You from Winning the Battle for the Inbox

1. Unclear subject lines | Did you know that 33% of email recipients open email based on subject line alone [source: Convince & Convert]? Experience greater success with your emails by providing your audience with a compelling reason to open your email. In other words, make the subject line attractive to your intended target so that they want to read your email!
2. Missing the mark on content | Not every member of your audience is interested in the same content. The foundation of a successful email marketing campaign is grounded in keeping content relevant to your readership. Utilize your CRM system to drill down your segment list and keep your content relevant to your audience.
3. One way flow of communication | Have you ever received an email from a ‘do not reply’ email address? This type of tactic comes off as impersonal and will leave a sour taste in a recipient’s mouth. When companies send out mailers from a ‘do not reply’ address they tell their audience that they don’t care to have a real conversation. Give your audience the impression that you are receptive to feedback and you will be amazed at how active your subscribers become.
4. Too many links, not a clear enough call-to-action | Links to important content can be helpful and convenient for readers. As a content provider it is important to tread carefully here! Too many links can detract from more important content and confuse your readers. Focus on your message at hand and optimize your emails to drive viewers to engage in your call-to-action.

Get the Most Out of Your Email Marketing Campaigns

We hope that you have learned something from this blog that can be applied to your email marketing efforts. Remember that each email campaign is an additional opportunity for you to attract and delight your audience. Following these best practices can make a huge impact on your outbound efforts and lead to increased conversions and growth in your subscription base.

Interested in learning more about winning the battle for the inbox? Join us on February 8^th to learn how to take your email marketing efforts to the next level.

Within Deltek Vision lies a very handy tool, which enables a firm to have multi-company functionality. However, the benefits of this multi-company functionality feature seem to elude many firms that would greatly appreciate its capabilities. So let’s talk in detail about multi-company functionality and the why, when and how firms should use this fantastic feature.

Intro into Deltek Vision Multi-Company

Basically the need for a multi-company environment comes down to having to track a separate entity with its own tax id number in a single Deltek Vision database. Some of the scenarios that require multi-company management include:

• Banking relationships
• Investments and/or holding company requirements
• Tax reporting
• Professional licensing requirements
• Foreign country reporting requirements

Additionally, the need for intercompany billing can occur when two or more related companies make payments on behalf of the others. The most common reason for intercompany billing is the sharing of labor resources between companies that have separate payrolls and/or making vendor payments for another related company.

When a firm decides to utilize multi-company functionality, it is recommended that sub-ledgers be set up to track the due to and from, and clear intercompany balances. This creates the ability to use both the AP and AR aging reports for the intercompany balances.

Determine Internal Pricing Structure

Upon implementing multi-company functionality in Deltek Vision, firms must determine what internal pricing structure to adopt. The options are:

• Re-class only - moves the transaction to intercompany AR/AP at cost
• Project Centric - leaves the transaction on the books of the project’s company with some amount of compensation also moving to keep the loaning organization whole
• Employee Centric - moves the transaction back to the employee’s company with some amount of revenue moving back as well
• High Accountability – which uses work breakdown structure to manage transactions and point directly to the company who owns the transaction

Keep in mind, there is a lot of flexibility within the options above. Different scenarios can be created for different transaction types. Also, by order of operation, the various options can be overwritten at the individual company level or at the lowest work breakdown structure level by project.

Intercompany billing makes accounting’s job easier in regard to multi-company transactions. When transactions are made to projects not in the home company (company where the transaction is being posted), invoices and vouchers are created through a series of postings that are reflected in GLs of the respective companies. These invoices and vouchers also appear on the AR and AP aging reports noted above. Accounting can then clear the reports using standard check processing and cash receipts.

More Benefits of Multi-Company

Using Deltek Vision’s multi-company functionality provides another benefit to firms with consolidated reporting. Consolidated reporting allows a view of the performance of all the companies within the database. Consolidated groupings can represent all companies or a cross section of companies depending on the needs of company leadership. The consolidation process incorporates standard eliminations of configured control accounts as well as client-defined accounts, such as capital investments in related companies. Consolidations are “memo” entries and not posted to the GL.

A multi-company database permits each company to maintain a unique GL while still only creating one set of shared GL account numbers. Furthermore, firms can restrict GL account numbers, and other master records can be shared and/or restricted as well. Also, Vendors can be shared. However, the accounting tab is company specific for account and 1099 purposes.

In addition to the benefits mentioned above, the multi-currency function works in tandem with multi-company to allow firms to have unique GL/functional currency. This is a great feature for firms that work internationally. Lastly, the consolidation process can include GAAP compliant currency translation and a gains/losses entry.

Final Thoughts on Deltek Vision Multi-Company

Firms of all sizes can benefit in many ways by using the multi-company functionality that is part of the core capabilities in Deltek Vision. Being aware of when, why and how to use a multi-company database will help your firm make important business decisions and operate efficiently. For more information, contact Full Sail Partners here.

Over the past couple of decades, advances in technology have significantly changed the way businesses are run. As a positive result, employees have increased their productivity as they are able to do more with their available time. On the other hand, with the various ways of receiving data now, an enormous amount has been and is currently being collected which has exponentially increased the time required to manage it. Putting an effective document management system in place has become crucial to ensure successful business operations. Employees must understand how and where to store important files and project information to keep business running smoothly.

Now with Deltek Project Information Management (PIM), formally known as Union Square, firms have a powerful tool for document management that integrates with Deltek Vision. Here are some core capabilities that support best practices for document management.

Proper User Access and Permissions

Deltek PIM provides firms the power to assign the proper permissions and restrictions to protect your firm’s data. Documents include everything from your finished products to confidential HR records. Without a comprehensive policy and system in place, everything can be at risk.

Deltek PIM offers a solution to document access restrictions in the form of defined user access and permission controls. Role-based security allows your IT department to create user groups with pre-set access rights. This ensures that entry-level HR employees are in a different access group than the HR manager and have no access to documentation in other departments unless permitted to do so. Here are some security levels that are included:

• At the department level – All rights (system, group and user) are assigned by department
• At the systems level – Set global permissions that apply to all groups within a department
• At the group level – The most efficient way to manage security because you only need to set up security permissions once for multiple users
• At the user level – Set permissions for individual users
• At the project level – set permissions separately for each project and document type within the project

Create and Maintain a Consistent Naming Convention

Consistent naming conventions are critical, especially in the Architectural and Engineering Industry. If not followed, having standards in place is useless. Deltek PIM ensures consistent file names by preventing users from creating their own file names independently.

Although pre-defined terminology is a great feature, your company also has the option to customize the naming scheme to suit your conventions and even include date stamps that make chronological file searches possible.

Use the Central Template Library in Deltek PIM

The template library allows firms to maintain a set of company standard templates that are version managed, controlled and accessible by operational staff. This ensures consistent formatting of documents regardless of which staff member creates the document. A key thing to remember when creating a new document is everyone has to have access to those templates to ensure compliance with company standards. Additionally, templates in Deltek PIM automatically include the metadata for the document type and key information with limited access to changing this information.

Keep a Document Audit Trail

With all of the liability concerns, document auditing is a critical feature for all document management systems. The audit trail must be able to account for each version of the file, who created it, and who downloaded the document. In addition, Deltek PIM keeps all deleted documents in a separate location, ensuring no critical data is ever completely lost. Furthermore, based on the requirements of your state and/or areas of work, the audit trail will remain intact for the required term.

Use Proper Version control

Deltek PIM provides a project-wide document numbering system to prevent duplicate document numbers within the same project. It also provides a consistent revision coding system and sequential coding of revisions for the life of the documents. Even more, an automated tracking of who is responsible for each version and who has reviewed it allows for complete insight into the version history of documents.

Eliminate Duplicate Documents

Aside from taking up storage space, duplicate files make searching for what you need significantly more time consuming. Keith Pickavance in his work, Delay & Disruption in Construction Contracts notes “It’s not uncommon for a large project to produce millions of pages of documents, of which only 5,000 are critical.” A system that automatically finds and eliminates duplicate documents becomes more and more important as the project size increases.

With email communication, often there are many copies of the same email. Each copy could be filed by a different staff member into a different location. A system that locates and deletes those duplicates while tagging the primary email with proper metadata for searching can considerably decrease duplications and increase the ease of search-ability.

Keep Project Management and Document Management in Sync with Deltek PIM

The core benefit of Deltek PIM is the integration of the project opportunity and project management that creates a link with everything from document management to contacts. The central hub for creating an opportunity is in Deltek Vision, and being able link it to a specific project allows for everything related to the project to be stored and viewed in one location. By clicking on a contact, you can easily see the projects they’re associated with and what actions they have. This convenient access allows employees to quickly find and view critical project documents to allow them to do more!

As the New Year starts, many people find it the perfect time to identify areas of opportunity to improve themselves. In addition to making resolutions for their personal lives, many people also focus on creating resolutions for the workplace. To support this process, our team of Deltek Vision experts at Full Sail Partners has put together a list of New Year’s Resolutions for Vision users.  

Top Resolutions for Vision Users

1. Make sure your firm is using the most current version of Deltek Vision. The latest version is 7.6 and is full of new enhancements. Learn more about Vision 7.6 in this article.
2. Clean up duplicate records in your Vision database, specifically the Vendor and Client records, to prevent billing errors and other problems.
3. Go paperless for Accounts Payable (AP) Invoice Approvals that require consultant/project manager sign-off.
4. Setup a yearly reminder for the accounting department to run the 1099 Initialization process after all AP checks have been processed for the year and before any AP checks are processed in the next year. It can be run in either period since it is not period specific. This process transfers the “Paid This Year” amount to the “Paid Last Year” field on the Miscellaneous tab in the Vendor Table Maintenance and resets all vendor “Paid This Year” values to zero.
5. Start using Revenue Generation in Vision to allow for recognizing project revenue as it is earned, matching revenue with expenses incurred to data. Without this, Vision recognizes revenue only as it is billed.
6. Stop printing reports for directors and project managers. Instead, have them use the Vision Dashboard. Custom Dashparts can be created to give each user individualized information that is relevant to them.
7. Remember to never un-post or create journal entries to control accounts. This is more about accounting best practices.
8. Login to Vision more often than timesheet completion requires and manage your timesheet frequently to avoid over or under billing clients.
9. Take the time to understand and implement standard functions in Vision such as Expense Report Approvals, using Benefits Accruals, and Account Groups for General Ledger Reporting to decrease workload.
10. Plan to attend more Full Sail Partners’ webinars to learn helpful tips and new tricks in order to fully harness the power of Deltek Vision. Check out our past webinars here.   

Do More with Deltek Vision this New Year

With each New Year comes both potential opportunities as well as challenges. Begin this New Year by following these resolutions. Do more with Vision and save your firm much wasted time.

By the way, as you are closing up last year, check out our recent article about Year-End processes for Deltek Vision users here.

Do you have a tip of your own? Comment below with your New Year’s Resolutions for other Vision Users.

Is your firm ready for the inevitable year-end process? Sure, year-end is always a stressful time. However, it doesn’t have to be overwhelming if you make a plan, document your actions and prepare Deltek Vision.

Setting-up for a Successful Year-End

Don’t be a headless chicken running around trying to get through the year-end process. Let’s review some considerations and tips to make your year-end close just a little easier.

Communication | Communicate with the rest of the firm that year-end is approaching and provide the important dates that they should be aware of, such as final timesheet due date, final expense report due date, etc.

Create a Calendar | Develop a calendar noting key items you need to complete before the year-end. Your calendar should contain all of your year-end deadlines, such as:

• Final AP check run
• Final timesheet due date
• Final bank reconciliation

Develop a Year-End Checklist | Given that year-end procedures change very little from year to year, you should create a checklist. In addition to your firm’s specific year-end tasks, you may want include these steps in your list:

• Review the unbilled detail report and make sure the allowance for doubtful accounts is current
• Reconcile all sub-ledgers to the general ledger
• Update accrued vacation
• Calculate depreciation
• Complete bank reconciliations
• Create a budget for the new fiscal year

Reconcile Monthly | Stay on top of your monthly reconciliations. Nothing adds to the stress of year-end more than having to perform several months of reconciliations that could be have been 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 Early | 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 use them.

Prepare Deltek Vision for 2017

In Vision, opening the 1^st period of your fiscal year also opens the new fiscal year. If your security role permits, you can still process in the prior fiscal year if needed.

There are a number of Initialization Utilities that need to be performed in Vision. Take note that these utilities need to be completed once per fiscal year. Vision will generate a posting log for the initialization utilities, which are available in the Transaction Center under the Posting Review Report. If your Vision Database is set up with Multi-company functionality, the Initialization Utilities need to run in each company.

There are also tax forms that will need to be processed in Vision:

• W-2s if you use Vision Payroll
• 1099s for vendors that require a 1099 form

As part of the year-end process, a new benefit year will need to be opened to roll over any PTO or vacation time into the next year and to start accruals for the new benefit year.

In addition to the information above, you can view the 2016 Year-End Vision guide in the Deltek Customer Care Connect Portal here.

Take note that Vision Year-End updates in 2016 will be provided for versions 7.4, 7.5 and 7.6. If your firm is running Vision 7.3 or older, you must upgrade to a supported version to receive a 2016 year-end update. Please refer to the Support Assurance Product Lifecycle for maintenance phase descriptions.

Is Your Firm Prepared for 2017?

Following the suggestions above should make for an efficient completion of the tasks required for 2016 year-end. Don’t forget to make sure your firm is using the latest version of Deltek Vision - 7.6. If you need any assistance with completing your year-end or moving your firm to version 7.6, just let us know!

Full Sail Partners, a Deltek Premier Partner, is pleased to announce that Tim Burns has joined the firm as a SQL Developer. With the hire of Mr. Burns, Full Sail Partners continues to strengthen its development team enabling the firm to meet its clients’ growing needs. In this role, Tim will work closely with clients and key stakeholders to ensure they have proper insight into the data that affects their businesses.

Tim brings his extensive experience in SQL development and database management to his new position with Full Sail Partners. Additionally, Tim has in-depth knowledge of how Deltek Vision supports the unique challenges of the professional services industry.

“Deltek is an amazing tool with the standard features. However, Vision’s true power is in the wide-ranging customization it allows,” said Tim Burns. “I truly enjoy working with clients to identify their unique business requirements to make Vision work for them.”

With an enormous skill set including programming, reporting, product development and process automation, Tim will be able to provide valuable expertise to Deltek Vision users by assisting them with workflows, SQL stored procedures, and custom reports and invoices.

“Tim has extensive experience as a developer, and also a natural affinity for translating complex business requirements into streamlined and automated routines,” said Pete Nuffer, Full Sail Partners’ Director of Product Development. “With Tim on board, we will significantly extend our ability to provide our clients greater efficiency in their operations surrounding Deltek Vision and their broader technology ecosystems.”

For more information, please contact Full Sail Partners’ Marketing Communications Department. Interested in learning more about the Full Sail Partners' team? Check out our crew!

The Deltek Vision to Concur Connector allows both systems to work together seamlessly, automatically synchronizing finance data throughout the entire spending process, from pre-spend approval to reconciliation. Manage every expense and invoice transaction accurately and with ease, and get a complete view of your finances in one place. 

Gain Complete Visibility and Greater Control of Your Finances with the Deltek Vision to Concur Connector

The war for talent acquisition has experienced a major shift in recent years. Historically, the employer held all of the power and candidates vied for the opportunity to prove their worth to the employer. However, in recent years, this dynamic has changed. Human Resources leaders and executives around the globe are faced with both talent shortages and a lack of candidates who possess the required skills to fill critical roles. Whether we like it or not, we are now operating in a candidate-led hiring market.

In a world where demand exceeds supply, we must manage the war for talent. HR must learn how to fight and win this desirable talent through innovative strategies to attract, recruit and retain the skill sets that our businesses require. It’s time to refocus, to get creative and analytical, and to win this war.

Four Proven Strategies to Win the War for Talent

1. Build a Better Brand

Branding is typically thought of as a marketing function. However, what happens when companies apply the same branding principles to their recruiting tactics? It is simple, these companies effectively manage the market perception of what it is like to work for their organizations.

Successful firms stay aware of the perceived image that current and past employees have about their employment experience. Making sure the perceived image is on target involves evaluating specific details such as the company culture, employee benefits and work environment.

Building a strong and strategic employment brand will:

• Create a sense of excitement about working for your company
• Highlight the company mission and product/service offerings
• Provide clear and compelling reasons to work for your company
• Evoke feelings of attaining prestige and professional reward with your company

A strategic approach to employer branding requires a non-partisan examination of how your company attracts, engages and retains talent. It would be beneficial to undertake an employer brand audit. The results will hopefully inspire your leaders to invest time and effort into building a brand strategy to expand your talent recruitment pool.

Successful companies go above and beyond to create a great candidate experience during the talent acquisition process. Human Resources and Marketing can team up to create this great candidate experience by focusing on these tactics:

• Improve Your Application Process – When is the last time you reviewed your company’s application process? Most application forms are unnecessarily cumbersome and lead to a large portion of candidates not completing the process because of the time commitment involved. You can improve your candidate experience by keeping your application process to a minimum while meeting all of the firm’s essential requirements.
• Write More Compelling Job Advertisements – A marketing mindset can help improve one of the first touch points with a potential candidate, the job advertisement. When writing, focus on the job description and opportunity rather than stringing together a list of requirements and qualifications. The job description should be intriguing in order to elicit interest and make candidates want to take the next step in the recruitment process.

During the talent acquisition process, both Human Resources and Marketing should work together to emphasize the advantages of working for your company – the great company culture, the reasons your company is a great place to work and the benefits. Using these measures will ensure that those with the right cultural fit have a great candidate experience during recruitment.

3. Create a Culture of Developing Internal Talent

The offer of learning and development is vital for attracting new talent. So why don’t firms spend more time providing learning and development opportunities for their own internal talent? Current personnel can fill employment gaps fast if they are given the chance to pursue another direction in the firm. All internal staff should be given opportunities to learn new skills and develop alternate career paths within the firm. By providing development options to internal staff, the firm will have better longevity with its personnel and keep the skill sets internal.

4. Collect the Right Data to Support Talent Development

Relevant data is crucial to business leaders. Our financial metrics, KPIs and future growth reports are all dependent upon having access to quality data. Maintaining information on talent recruitment and retention are no different, and Human Resources Information Systems make this critical employee data much more accessible.

Just like the other areas of our businesses, we must first understand how to capture accurate information and then how to use this data within the context of our businesses. Before we concentrate on capturing this information, we must assess the accuracy of the data itself as well as find better ways of presenting the data.

Firms that remain competitive in the war for talent are able to contextually embed talent-related data within their business systems. For example, these firms are able to link their staff’s professional development and performance activities to project management and customer service goals and metrics. This data allows company leaders to see real results regarding talent development.

Learn More About the War for Talent

Want to learn more about staying competitive in the modern war for talent? Sign up for our upcoming webinar to learn how your firm can better attract and retain millennial talent for your professional services firm.

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!

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 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 that we clarify exactly which thing we’re budgeting. 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? Hmm.  

Mix Your Sales Sauce

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 New Backlog come from? It comes from the strategic combination of two variables: Stuff you sell and 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 stuff 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.

Combo 2 - Sell the same stuff to new clients

We should always analyze how to position our core offerings to new clients – in new markets or new geographies. Most of us claim about 80% of our New Backlog is repeat work, so that means 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 stuff 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 stuff 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 stuff. Watch out for experienced competitors focusing heavily on Combo 2.

Combo 4 - Sell new stuff to new clients

Break out the phone books 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 stuff 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. You could get crazy and buy a new suit, but your competition in Combo 1 knows you’re coming.

Serving over Selling in 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!

For project-based firms, measuring current firm performance is the most significant indicator of future firm performance. Furthermore, by using trend data, firms can forecast cost and schedule variances in the early stage of a project. A preferred method by project managers to factor this trend data is the earned value management technique.     

Using Earned Value Management

Earned value management allows firms to evaluate cost and schedule variances in both dollars and percentages on projects. These factors are derived by considering planned value, actual cost and earned value over time.

A common way of looking at earned value is by using both the financial percent complete job to date (JTD) and the estimate too complete (ETC) by using the formula, JTD/(JTD + ETC) and the project managers reported physical percent complete. These two factors when equated provide a quick and easy comparison. For example, the financial percent complete on construction documents may be at 75% when the reported percent complete on construction documents is 50%. There are several possible explanations for these variances, such as:

• There were many revisions that were client driven and not in scope
• The complexity of the work was under estimated
• We have just been very inefficient

Keep in mind, there are a number of other scenarios that can also explain these factors as well.

Factoring Earned Value Management

Getting the information above is actually simple. It requires holding project managers to a high level of accountability. Project managers need to evaluate the amount of hours budgeted, hours burned (JTD), and the effort required to finish the scope of work (ETC).

As a result, this will produce the financial percent complete. Project managers then need to record where the project is from a physical percent complete, which should tie to progress on the project schedule.

Much like a crossover episode of two TV shows, this is where EVM crosses over with a previous blog about FASB 606. EVM will ultimately meet the requirements that in turn will keep the accounting team compliant with FASB 606.

Enter Deltek Vision

The Resource Planning module in Deltek Vision addresses EVM by:

• Allowing the financial percent complete to be calculated
• Providing a physical percent complete plan in the form of an EV%
• A default report in the Resource Planning module known as the Earned Value Chart, which represents the S Curve

By maintaining a project plan in the Resource Planning module, firms can be successful in developing a project report that shows cost and schedule variances in both the dollars and percent (CV, SV, CPI and SPI). If your firm has a benchmark or standard range, you can then compare the actual to that standard to identify anomalies in your projects performance.

The title of this blog is, “Why Your Firm Should Use Earned Value Management” and the answers are:

1. It’s an industry standard and proven method for project management and project accounting
2. It’s a common language among project managers across industries
3. It provides quick visibility into a projects performance
4. It brings firms closer to compliance with FASB 606

Learn more about Michael Kessler and his more than 30 years of experience of working in and around project-based accounting here.