Full Sail Partners Blog (45)

Although it is easy to accept the status quo, there is always room for improvement. Once improvements are made, it is hard to believe that we operated the way we did before. So there it is, the continuous cycle of breaking the status quo to improve our firm processes which ultimately ensures future success. As Deltek Vision users, we should focus on initiatives which enhance our Vision systems and allow us to remain efficient and effective in business.

Opportunities for Improvement with Deltek Vision 

Here are ten initiatives we recommend for your firm:

1. Learn and Train on iAccess, the Future of Vision: This simple to use interface can be used from any device or browser with an internet connection.
2. Incorporate FASB Changes: Firms need to understand how this measure requirement relates to them and how to configure Deltek Vision appropriately to accommodate it. 

3. Identify KPI & Executive Reports: The Deltek Vision Performance Management (VPM) module provides visibility into your firm’s performance and identifies metrics that help ensure success. 
4. Reevaluate the Organizational Breakdown & Work Breakdown Structure: The way firms operate changes over time, especially since their first implementation of the Vision system, resulting in inefficiencies in operations. 

5. Mergers & Acquisition Strategy: Many factors come into play when considering a merger or acquisition and effective data integration is vital to a favorable outcome.  

6. Connect Best of Breed Solutions: With a simple click of a button, firms can securely use Vision to connect other critical business systems. 

7. Focus on Client Retention: Firms can easily manage their client relationships by connecting the Client Feedback Tool with Deltek Vision. 

9. Manage Resources & Plan: Project-based firms benefit from an easy to use solutions that integrate project management data with the accounting solution. 
10. Improve Talent Acquisition & Employee Performance Process: HR professionals need a way to overcome the challenges of acquiring and maintaining talent.

10. Refine Archival & Document Management Process: Deltek Project Information Management (PIM) integrated with Deltek Vision breaks down data barriers for complete project, financial and information management needs. 

Do More with Deltek Vision

Don’t be satisfied with just the status quo. Use these ten initiatives to get more out of Deltek Vision. Putting them into place will make your firm processes better and allow you to be more effective and efficient in business. Break the cycle and start improving your Deltek Vision system now.

So many people have suggested that I write a book about my travel experiences. After all, I average about 125,000 domestic miles each year and truly believe that, if I decorated my home with cheap hotel art and bolted down my television, my “layover” in Bakersfield, CA would be quite comfortable. Not to mention the miles and miles of test driving countless models of white cars you see in most hotel parking lots. Seriously though, I do love my job, and because it does require me to travel a lot, I have learned much and will now pass some tips on to you.

Complaining Gets You Nowhere 

I always try to remember to say “please” and “thank you” while mostly keeping my composure when the inevitable stressful situation arises. Gate agents, flight attendants and front desk clerks are simply messengers often delivering news that no one wants to hear. As a result, I make an effort to: 

• Collect a business card of a manager to let him know how wonderful his team was and how well they handled even the most frustrating of situations
• Send a note to corporate acknowledging the people that delivered great customer service 

These gestures usually ensure even better real-time service. In addition, knowing the management team at the properties you frequent establishes a good rapport and allows for them to proactively prepare for your next arrival being already aware of your preferences. 

Indirect Routes May Be More Direct 

I always consider different airports and frequently know the routes better than the airline representatives. Selecting an alternate airport can often be both cost and time saving provided you don’t mind a road trip. Also, choosing to drive between two clients within 250-300 miles is a good option which gives you the opportunity to stop and see new places. 

If you find yourself with an early flight on your return trip home, staying at an airport hotel is not only convenient but can be a cost savings. You can go ahead and turn in your rental car early and use a complimentary hotel shuttle. Most rental car companies will also drive you to your hotel if you just ask. 

Make Sure to Get Reimbursed for Expenses 

I have used many different expense report tools over the years beginning with the failsafe Excel and remember the days of sending my receipts via FedEx. Fortunately, I now use Concur Expense which is integrated into the Full Sail Partners’ Vision database using the Blackbox Connector. Concur makes filing expenses easy and streamlined. Using only my smart phone, I can take a picture, upload to Concur and complete my line item in seconds. 

Enjoy Your Travels! 

I hope that these tips will make your business travel a pleasure. I do strongly suggest you monitor your rewards programs to ensure you always receive what is due. Got to go, doors are closing, and it’s time for me to fly. 

With built-in approvals and workflows, the Purchasing module in Deltek Vision safeguards against inaccurate or inefficient purchases in a paperless environment. Whether simple or complex, a company’s entire requisition, purchasing and receiving cycle can be run by Deltek Vision Purchasing while maintaining complete integration with the Financial Accounting, Project Management, and Resource Planning Vision modules. Thanks to the built-in workflows and approval processes, all purchases are accurately tracked using the Purchasing module.

See What Deltek Vision Purchasing Can Do for You

Here are some key features of the Deltek Vision Purchasing module:

• Security - Employee access is defined by management controls limiting access to each requisition stage during the purchase cycle and allowing the company to maintain a secure purchasing environment
• Inventory Insight - Cost by location and inventory on hand can be tracked and cost automatically assigned to the projects
• Approvals - Automatic notifications from Vision sent to authorized employees when a purchase request is submitted making the approval process quick and streamlined
• Integration - Inventory information can be shared with other Deltek Vision modules, such as project control, ledger, and financial reporting, resulting in improved data accuracy of projects, accounting, planning and budgeting
• Currency Management - Vision Purchasing can also make use of the Vision Multi-Currency module allowing all purchasing activities to be conducted in multiple global currencies

Gain Control of Your Purchasing Process

Manage the complete purchasing cycle online in a paperless environment offering browser-based requisitions, purchase orders, RFQs and receiving. Highlights include:

• Quickly generated price quotes and requisitions
• Numerous purchasing-related reports
• Support for standard, blanket and service purchase orders and tracking change orders
• Purchase orders created from quotes or requisitions or those previously entered
• Automated requisitioning, including employee-created requisitions and online approvals
• A complete receiving function, including support for partial receipts and backorders

The Advantages of Using Deltek Vision Purchasing

The Purchasing module of Deltek Vision allows project-based firms to manage the purchasing cycle, from RFQs to receiving and voucher entry. This paperless purchasing environment is secure due to the management defined user access and is easily maintained. Full integration with other Vision modules such as Accounting, Project Reporting, Billing, and Project Planning provides data consistency and communication throughout all parts of Vision. Finally, accurate purchasing reports are guaranteed using Deltek Vision Purchasing.

One of the main responsibilities of a project manager is managing the profitability of his projects. It is easy to look at hours charged to a project at billing rates minus the value of those hours at cost to see the gross profit of a project, but gross profit doesn’t give a true picture of profitability. Most firms prefer to look at net profit to measure the financial success of projects with net profit being hours at billing rates minus cost plus overhead.

Luckily, Deltek Vision has a utility to accomplish just that – calculating net profitability on projects.

Overhead at a Glance

What is overhead? Overhead is an accounting term that refers to ongoing general business expenses, not including direct labor or expenses that are reimbursed to firms by clients. For example, business expenses like rent, health insurance and indirect labor are types of overhead expenses.

Overhead allocation must be configured in Vision and the utility must be run on a timely basis – usually at month end. Overhead allocation can give a true understanding of a project’s profitability.

Preparing Deltek Vision for Overhead Allocation

There are several decisions that need to be made during the configuration phase of setting up overhead allocation in Deltek Vision depending on the current configuration. First, the allocation scope needs to be determined. If the firm uses profit centers, additional configuration decisions will have to be considered. For example, if the firm has a “corporate” profit center, overhead may need to be distributed from the corporate profit center to the revenue producing profit centers.

Next, Vision offers two choices for the basis of applying overhead to projects - direct labor or the proration method. The direct labor method applies a multiplier that is used to determine every dollar of direct labor spent on a project. Vision uses the total overhead expense divided by total direct labor to determine the multiplier used when overhead allocation is run.

The multiplier method remains consistent if the same multiplier is in effect. Firms generally prefer the multiplier method because of its consistency. Additionally, project managers always know how much overhead is being applied to their projects. On the other hand, the proration method uses the firm’s actual, year-to-date indirect expenses. Since this method is based on actual indirect expenses, it will change month to month.

The Benefit of Using Overhead Allocation in Deltek Vision

Once overhead allocation has been run, there are several reports, including the project progress, office earnings and project summary, that when run at cost, will display overhead. Running the overhead allocation process will return a report detailing the amount of overhead applied to projects and the actual overhead rate of the firm. Not only does overhead allocation provide a clear understanding of the profitability of the firm’s projects, it also gives an indication of the firm’s overhead costs and the tools needed to increase profits.

There is no shortage of ways for professional services firms to solicit and capture client feedback. Some firms structure their initiative as a once-a-year check-in with repeat clients while others hire outside consultants to conduct third-party client satisfaction interviews. In a previous posting, we reviewed why you might want to start a feedback program. Now let’s discuss specific tools that will help with starting one.

The feedback approach we like to use at Full Sail Partners includes:

• Several “milestone events” throughout the course of complex projects
• Billing thresholds for clients using a la carte services

By identifying this schedule of feedback events in advance, our clients know what to expect of the process and can effectively participate. We manage our program with The Client Feedback Tool from Client Savvy (CFT).

Surely our Existing Data is Worth Something 

When we first started our program, we strategically knew that:

• We would need to scale the volume of feedback without a proportional increase in the program’s administration time
• In Deltek Vision, we already had a system housing key data needed for the program – contact and company names, email addresses, project records, and various other meta data
• Both Deltek Vision and Client Feedback Tool were designed with available API interfaces 

Enter the Blackbox Vision Connector for Client Feedback Tool (VC4CFT) – a pre-built integration between Deltek Vision and CFT. This solution allows us to leverage the existing information in our database, improve consistency across the two platforms and decrease the amount of time needed to manage our routine client feedback program. 

How Does it Work? 

If you’re familiar with how Vision functions, you already know that all operational activity in the system is oriented around projects. Whether you’re completing a schematic design or purchasing paperclips, your work will eventually hit a project in Vision. Managing feedback is setup the same way and all information needed for the process of requesting client feedback is gathered in a project record. While this is typically a “Regular” project, if we’re seeking general feedback from a cross-section of our client base, we just gather those contacts together in an appropriate general project in Vision, either by creating it for that purpose or using one that already exists. 

VC4CFT allows our project managers to send feedback requests in one of two ways:

1. Anytime desired directly from the Project record in Vision
2. As part of the batching function that seeks out eligible projects based on pre-determined rules

For example, during our implementation projects, we first like asking for feedback after we’re about 30% complete. The Connector’s workflows know to look for projects that have recently crossed that milestone based on financial records. Usually about once per month, we have the Connector lookup all the projects that apply under all the rules we’ve put in place. With quick input from the project managers, we’re able to assemble a list of surveys that can all go out at once, driven from a single point of administration. 

Hmm…How Interesting! 

As our clients provide feedback (and we thank you for it!), general information about the feedback history is returned to Vision through the Blackbox Connector. Whether looking at aggregate response rates or figuring out why that one person always opens our requests but doesn’t complete the survey (you know who you are), the most important objective is to enhance the client experience. The combination of Deltek Vision, the Client Feedback Tool and the Blackbox Connector allows us to further leverage our core client information, turn feedback strategies into scalable routine processes, and most importantly, improve the experiences our clients have while working with us.

Revenue Method B is the most widely used revenue method in Deltek Vision. In fairness, this is Vision’s default method for projects whose charge type is Regular. As a result, most firms use it since it’s easy to deploy and seems to work, or so we think.

How Revenue Method B Works

Revenue Method B works well when we have a time & materials project that is billed frequently. In this scenario, we have a perfect match between revenue and costs and can easily measure project performance. On the other hand, when billings and costs don’t align, measuring interim project performance becomes more challenging. Milestone billings or fixed fee projects are billed on cycles that don’t always coincide with a proper revenue accrual or as the associated costs are incurred on the project. Keep in mind that we are not matching revenues and expenses, and this can lead to unreliable financial results during the project life cycle.

For example, a project has a contract provision that calls for $10,000 to be billed at the end of month two. We complete the work in month one at a cost of $3,000 (10,000 billing rate). The financial reconciliation for this project is:

In month one, the project has no income (no billings) and incurs costs of $3,000. With Revenue Method B, the project incurs a $3,000 gross margin loss.

In month two, when the project is billed, we have the reverse situation; $10,000 Revenue and no cost, which results in a $10,000 Gross Margin profit.

So…did we make money or not?

The Results of Using Revenue Method B

From month to month, it is very difficult to assess the true profitability of the project. Therefore, we must wait until a point where billings and costs align or the project is closed. In this simple example, we can look at the end of month 2 and determine our performance. However, what if this project spans over a year or more? With Revenue Method B, we may never have a point where revenue and costs align to make an informed decision on profitability.

To accurately measure performance, a proper matching of revenue and costs is mandatory. Revenue must be earned as work is completed or as the associated costs are incurred. This is the best accounting practice, and with the impending requirement of FASB 606, will now be part of Generally Accepted Accounting Principles (GAAP).

Clearly, Revenue Method B will not work well when the earnings process does not align with the billing process. For those of us using this method, we are reporting inaccurate results to our stakeholders or making manual adjustments to accommodate for Revenue Method B’s shortcomings. Fortunately, Deltek Vision offers alternatives that will help us properly record revenue and comply with FASB 606.

FASB 606 Implications

In May 2014, FASB 606 was released and will be required by December 2018. FASB 606 will render Revenue Method B obsolete for most projects.

FASB 606 has five elements:

• Identify the contract with the client
• Identify the performance obligations in the contract
• Determine the transaction price
• Allocate the transaction price to each performance obligation
• Recognize Revenue as we satisfy the performance obligations

FASB 606 does not reference billings unless billings specifically follow the earnings process described above. Therefore, to be in compliance with this new requirement, we must abandon Revenue Method B for most of our projects.

Revenue Method B Alternatives in Deltek Vision

Stay tuned for the next chapter…User Defined Revenue Methods. We will look at how we can use Deltek Vision to create Revenue Methods that will comply with FASB 606. In the meantime, click here to learn more about FASB 606. 

As a Deltek Vision user, having the ability to access the information in your system from anywhere on any device with an internet connection can change the way you work. Good news! Deltek iAccess for Vision makes this possible. Here’s a short video to give you an introduction and a demonstration of how easy iAccess is to use.

Full Sail Partners, a Deltek Vision Platinum Partner, announced that Concur^®, an SAP company and the world’s leading provider of travel, expense and invoice management solutions, has recognized the Full Sail Partners with the 2017 Rising Star Solution Provider of the Year Award at Concur Fusion 2017.

Full Sail Partners’ Blackbox Connector for Deltek Vision and Concur provides a seamless integration between Deltek Vision ERP and Concur Expense Management.

“We are honored to receive this award for our work with Concur to enable our clients to improve spend management for expenses and invoices for their professional services firms,” said Tanya Drake at Full Sail Partners. “The Blackbox Connector allows project-based firms to utilize the power of Deltek Vision and integrate it with the elegant user interface, additional controls and reporting available from Concur. This integration gives firms better visibility and control of their corporate spend for expenses and invoices.”

The Blackbox Connector is a ready-to-deploy integration suite focused on keeping professional services firms centered on efficient production by connecting their critical business systems to the outside world.

“The 2017 Concur Solution Provider of the Year awards recognize and celebrate the innovation and business value that program partners deliver to our mutual customers,“ said Sachin Vora, Senior Director, Global Business Development, Concur. “Congratulations to Full Sail Partners for being awarded the Rising Star Solution Provider of the Year. It is a clear recognition of the commitment to excellence in partnering with Concur and creating lasting value for our joint customers.”

For more information, please contact Full Sail Partners’ Marketing and Communications Department.

There has been an uptick in interest recently from C-Level financial leaders to become more involved with the CRM functions within Vision. You may ask yourself why this new trend is occurring since the CRM module of Vision is for marketing and business development functions. The reason must surely be based on an informational need so that actionable decisions can be made.

CRM Information for Financial Leaders 

CRM databases are full of information to help the marketing and business development team drive new business. So, what information can provide financial leaders the insight they need to make better decisions?  

1. The Life Cycle of Projects – More often than not, a project is born during the opportunity stage. More specifically, the opportunity can trigger a promotional project and/or a resource plan. As a result, there are financial considerations that must be taken into account: 

• The numbering of both the promo project and the plan
• Determining when the pursuit trigger will need to include resources in the staffing heat map
• Figuring out the rate tables and a multiplier that are going to be used in the plan 

2. Pipeline and Backlog – A conversation that often occurs between a CFO and director of business development is about the movement of future revenue from the pipeline to soft backlog to hard backlog. This can result in some level of double counting and is especially prevalent in task ordering agreements or infinite deliver/infinite quantity (IDIQ’s). C-Level financial people need to be involved in the definition stage of how future revenue is separated and quantified.
3. Cost of Winning and Losing Work – Opportunities afford us the ability to track hit rates. These are metrics showing win/loss ratios and can be filtered by unique attributes that are meaningful to your organization. One suggested attribute to track separately is sole source versus competitive wins. From this metric, financial managers can begin to quantify and measure the effort that goes into these wins and losses. However, this requires creating a promo project once the decision is made to bid on an opportunity.
4. Utilization – Having the fluidity to evaluate time spent on a proposal is a value add. Moreover, C-Level financial types are also aware of utilization. By moving time from a promo project to a regular type project, the time moves from non-productive to productive. When we use Vision functionality to isolate proposal time on utilization reports, it provides insight into why employees are not being productive. 

Sharing Information Firm Wide

It’s always best practice to share important firm data with key individuals from all teams, but those people should also be able to find the information on their own. Like this new trend for financial leaders to learn more about using the CRM module in Vision, marketing and business development people also need to know how to access information from the financial side of Vision. Most importantly, everyone should be involved in the implementation of all Vision modules to ensure the initial setup, data structure and reports are valuable to the firm.

It seems like every time you turn on the news, there appears to be a new emergency. It might be a man-made disaster like the recent I-85 bridge collapse in Atlanta or a natural one like a Snowmageddon event or a devastating wildfire. The concern of lost work time due to an emergency is a reality, especially if employers expect all employee work to be done on site at the office. In order to decrease downtime and loss of productivity due to such emergencies, firms should provide flexible work options for their employees.

Getting virtual is a necessity and it is becoming a common occurrence. According to statistics from Global Workplace Analytics, the telecommuting workforce has increased by about 102% from 2005 to 2014. How your firm gets virtual first requires the employer to evaluate the specific needs of the employees and identify what would be best for the employees and the firm.

Let’s Get Virtual

The ideal situation would allow employees to work from anywhere, anytime which requires virtualization. There are different options available to get virtual depending on your firm’s desires. At a minimum, a plan should be in place for unforeseen circumstances that keep employees from getting to the office.

Let’s take a look at some solutions that would help professional services firms:

Desktop and Application Virtualization

A desktop solution like Desktops2Go is a perfect option. Using any internet connected device, such as a tablet or smartphone, you can access your virtual desktop from home or another location. Work files and resources are housed remotely in the cloud, so there is no need to be physically in the office to get your work done. Whatever your job may be, from accounting professionals to project managers, all company information and software such as Vision or AutoCAD would be accessible in this cloud solution. 

Additionally, this cloud solution has the benefit of allowing you to switch between devices and pick right back up where you left off. In case one device fails or is stolen, you could continue working without missing a beat. Since none of the company information is stored locally, you don’t ever have to worry about losing control of company collateral.

Virtual Private Network

If you don’t want to be completely in the cloud, you could take advantage of Virtual Private Networks (VPN). This solution allows you to connect your company issued laptop directly to the company network and work virtually that way. While you will feel like you are at the office, you can work from any location with internet access. The only downsides of this option are:

• IT department approval and configuration are required
• It may not work from every remote network an end user is connected to, such as a hotel, café or airport
• Additional training and user actions are needed to get connected and can be difficult to troubleshoot 

Remote Control Software

Another good option to get virtual is to use remote control software such as GoToMyPC to access a company workstation from anywhere. This solution does not require a company issued laptop. Instead, any IT department approved device can be used to work remotely with internet access. The drawbacks are:

• It requires additional software and training for remote access which can be expensive
• IT security policies may preclude this option

Web-enabled Products like Deltek Vision, Deltek PIM and Microsoft Office 365

Finally, and specifically for Deltek and Microsoft users, you can take advantage of web-enabled Deltek Vision, Deltek Project Information Management (PIM) and Microsoft Office 365. With these products, you can access Vision and all company information such as company files, emails and Microsoft Office from anywhere. However, remote access to Vision and PIM do require IT involvement and approval to configure for remote access.

Full Sail Partners Can Help You Get Virtual

Full Sail Partners can assist you with any of the solutions you feel will fit your firm’s needs. We look forward to helping you get virtual so you will never have to get stuck again in any emergency. Click here to request more information!