Full Sail Partners Blog | Accounting (2)

Posts about Accounting (2):

Deltek Vantagepoint’s Versatile Billing System: Streamlined Invoicing Solutions

Posted by Cynthia Fuoco on March 20, 2025

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Managing project billing efficiently is a crucial aspect of financial operations for project-based firms. Deltek Vantagepoint offers a highly adaptable billing system that allows firms to generate various billing formats for clients—without needing to create multiple invoice templates. This is made possible through Vantagepoint’s Project Billing Terms, which seamlessly integrate different billing types, including Fixed Fee, Percentage of Completion, Hourly, Consultant, and Expense billing, all within a single invoice.

The Challenge of Mixed Billing

While this flexibility is a major advantage, it does present a challenge: invoices can become lengthy and complex, with separate sections for each billing type. For example, while Fixed Fee billing phases can be consolidated into a single block, Time and Materials (T&M) phases must be displayed separately. This can result in multi-page invoices that are cumbersome for both firms and their clients to review.

How Full Sail Partners’ Custom Solutions Enhance Deltek Vantagepoint’s Invoicing

To address this challenge, the custom solutions team at Full Sail Partners has developed an innovative invoice format that consolidates all Fee, Time, Consultant, and Expense billing into a single, streamlined block. This enhancement can be applied to any existing Vantagepoint Invoice Template, significantly improving efficiency and readability.

Key Features of the Vantagepoint Summary Block Invoicing

An example of this custom invoice format is:

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Phases and Budgeting

  • Hourly billing phases, such as Pre-Design and Schematic Design, are presented with a budget limit.
  • Billable time for these phases is displayed in the Job-to-Date (JTD) Billed column, with the percentage complete automatically calculated by dividing JTD Billed by the Budget. /li>

Flexible Display Options

  • A new feature allows users to show or hide the Fee Remaining Column based on preference.
  • Design Development phases can be billed hourly without a budget limit, reflecting actual billable time in the JTD Billed column.

Percentage of Completion Billing

  • Phases such as Bidding and Negotiation utilize the Percentage Complete method, with values entered in the Fee tab of Billing Terms.
  • JTD Billed values follow standard Percentage Complete billing practices, ensuring accuracy.

Reimbursable Expenses Tracking

  • Actual charges for reimbursable expenses are displayed with a budget limit, and JTD Billed values are presented similarly to labor phases.
  • This feature includes the ability to calculate the percentage complete in relation to the budget, ensuring transparent and accurate expense tracking.

Transforming Invoicing Efficiency

By implementing this new invoice format, firms can significantly reduce the length of their invoices. Previously, invoices could span anywhere from two to five pages, making them cumbersome for both accounting teams and clients to process. Now, with the streamlined design, invoices can be condensed into a single-page summary, making it easier for clients to review and approve payments.

Additionally, firms can opt to include a Billing Backup as part of their billing terms, which provides detailed time and materials phase breakdowns as needed. This ensures that while invoices remain concise, additional supporting details can still be provided for transparency.

Enhanced Customization for Tailored Invoices

Another significant benefit of this invoice format is the enhanced customization options. The system allows Fee and Labor Phases to be presented in a summarized block format, while Consultant and Reimbursable Expense charges can still be displayed separately. This flexibility is made possible through custom fields in the Projects Hub, enabling firms to choose which charges to consolidate and whether to display the “Remaining” column.

With these customizations, firms gain the ability to tailor their invoicing process to meet the specific needs of their clients while maintaining a standardized approach to billing.

Why Choose Full Sail Partners’ Custom Invoice Solution?

Deltek Vantagepoint already provides a robust billing system, but Full Sail Partners’ custom invoicing solution takes it to the next level by improving efficiency, clarity, and usability. Whether your firm struggles with lengthy invoices, complex mixed billing scenarios, or the need for better customization, this solution offers a streamlined approach to invoicing that benefits both internal teams and clients.

Get Started with a Custom Invoicing Solution Today

If your firm is looking for a more efficient way to manage invoicing in Deltek Vantagepoint, our custom solutions team at Full Sail Partners is here to help. We have successfully implemented this streamlined invoicing format for multiple clients, helping them improve accuracy, reduce administrative burden, and enhance the client billing experience.

Interested in learning more? Click below to provide us your specific needs so we can help you optimize your invoicing process with Deltek Vantagepoint!

No More Manual Madness: Automate Your AEC Firm with Deltek Vantagepoint Workflows

Posted by Wesley Witsken on March 06, 2025

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Let’s face it—AEC firms have no shortage of repetitive tasks, data entry nightmares, and inefficient workflows. Whether it's notifying employees about project updates, ensuring proposals are properly tracked, or keeping financial approvals on schedule, these manual processes drain time, increase errors, and create unnecessary headaches.

That’s where Deltek Vantagepoint Workflows come in. By automating common tasks, firms can reduce human error, improve efficiency, and free up valuable time to focus on high-impact work. Say goodbye to manually sending emails, updating records, or chasing approvals. With automation, your team can operate like a well-oiled machine—seamless, streamlined, and stress-free.

In this blog, we’ll explore how:
✅ User-Initiated Workflows eliminate repetitive data-entry tasks
✅ Scheduled Workflows automate recurring actions like reminders
✅ Real-world automation case studies showcase workflow-driven efficiency

User-Initiated Workflows: Stop Repetitive Tasks in Their Tracks

Think about how much time your team spends on mundane, repeatable tasks like updating project statuses, notifying team members of changes, or ensuring required fields are filled in correctly. If these tasks aren’t automated, they can easily slip through the cracks or waste hours of valuable work time.

What Are User-Initiated Workflows?

User-Initiated Workflows in Deltek Vantagepoint allow automated actions to trigger when a record is created, modified, or deleted, eliminating the need for manual follow-ups. These workflows can:

  • Send instant email notifications when a project is updated
  • Ensure data accuracy with validation rules
  • Automatically update fields when conditions are met
  • Create activities based on specific actions

Example: Project Status Update Automation

Let’s say your firm has a process where, when a project is marked “dormant,” the project principal needs to be notified. Without automation, this means:
❌ Someone must remember to add the completion date
❌ Someone must manually send an email to the principal
❌ If forgotten, the principal is left in the dark

With User-Initiated Workflows, you can automate this entire process:
✅ When a project is changed to "dormant," the system automatically updates the completion date
✅ An email notification is triggered to the project principal
✅ A reminder calendar activity is created for the principal follow-up

Result? No more forgotten notifications, no more manual emails, and a streamlined workflow that just works.

Scheduled Workflows: Automate Routine Reminders and Reports

Now, let’s talk about the routine tasks your firm does on a daily, weekly, or monthly basis. Manually sending reminders, pulling reports, or tracking deadlines takes up valuable time.

What Are Scheduled Workflows?

Scheduled Workflows in Deltek Vantagepoint run at regular intervals to automate tasks that don’t require immediate action. Instead of triggering on record changes, these workflows operate on a set schedule, like:

  • Sending employee reminders on key deadlines (e.g., expense report submissions)
  • Generating automated reports (e.g., project performance updates)
  • Triggering notifications based on hire dates or anniversaries

Example: Monthly Employee Anniversary Notifications

Many AEC firms send emails recognizing employee anniversaries. Without automation, this means:
❌ HR manually runs reports
❌ Emails must be written and sent manually
❌ Employees might be overlooked

With Scheduled Workflows, you can set up an automated reminder that runs on the 1st of every month: ✅ The system identifies employees with an upcoming anniversary
✅ A record-specific email is automatically sent to HR (or the company)
✅ No one is forgotten, and employees feel valued 🎉

This same logic applies to monthly project status updates, invoice reminders, or even marketing email triggers—automate it once, and let Vantagepoint do the rest.

Real-World Wins: Workflow-Driven Automation in Action

Let’s take a look at how actual AEC firms have used Vantagepoint Workflows to increase efficiency and eliminate headaches.

Case Study #1: Reducing Proposal Errors with Validation Workflows

Problem: A marketing team struggled with missing or incorrect information in proposal records, leading to errors in submittals and last-minute fixes.

Solution: A User-Initiated Workflow was set up to:
✅ Require certain fields (Project Manager, Fee, Proposal Due Date) before saving
✅ Show a validation warning if any required field was missing
✅ Block saving until all necessary information was entered

Result:

  • 80% fewer errors in proposals
  • Faster turnaround time for marketing teams
  • Increased accuracy in CRM records

Case Study #2: Automating Project Manager Notifications

Problem: Project Managers weren’t notified when they were assigned to new projects, causing delays in planning and client communication.

Solution: A User-Initiated Workflow was created to:
✅ Automatically email the assigned Project Manager when a new project is created
✅ Send a dashboard alert to the PM
✅ Include key details (client name, budget, deadline) in the notification

Result:

  • PMs received instant notifications, reducing onboarding time
  • Teams could proactively plan work instead of waiting for updates
  • Fewer miscommunications between departments

Case Study #3: Automating Invoice Reminders for Accounting

Problem: The accounting team struggled with late invoice submissions because project managers often forgot to submit approvals.

Solution: A Scheduled Workflow was created to:
✅ Send automated reminders to PMs on the 5th and 10th of every month
✅ Track pending invoices and notify accounting
✅ Escalate overdue approvals after 15 days

Result:

  • 30% faster invoice approvals
  • Improved cash flow with more timely billing
  • Less manual chasing from accounting

Say Goodbye to Busywork – and Hello to Automation

Manual processes are a thing of the past. With Deltek Vantagepoint Workflows, your AEC firm can eliminate inefficiencies, reduce human error, and free up valuable time to focus on high-impact work. Want to discover even more ways to streamline your processes and boost efficiency? Watch our webinar, "15 Ways to Be More Efficient in Vantagepoint", where we break down practical tips, automation strategies, and expert insights to help you get the most out of your system. Click below to get access today.

Underused Accounting Features of Deltek Vantagepoint

Posted by Jenny Labranche on February 27, 2025

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Believe it or not, but there are several applications in Deltek Vantagepoint that go unused simply because end users really don’t understand the concepts behind them. Labor Cross Charge, Consultant Accruals and Overhead Allocation are a few of those applications. This high-level overview is intended to make the user more informed about useful accounting features within Deltek Vantagepoint. These features are designed to provide the user with the best view of a project’s overall health as well as the health of the professional services firm as a whole. 

Consultant Accruals

When invoicing clients each month on percent complete or lump sum type projects, oftentimes the percent complete billed on behalf of subconsultants does not really reflect what the subconsultants have actually invoiced the project. Consultant Accruals is a way to account for the differences. The Consultant Accruals account shows the difference between what the prime firm has billed the client versus what the subconsultant has billed the prime firm on the balance sheet. 

Consultant Accruals uses the Project Budgeting Worksheet as the budget source to calculate accruals. The user must complete the Expense Costs tab of the Project Budget Worksheet for each subconsultant at the lowest level of the WBS. When the user receives an invoice from the subconsultant, it is entered in the Transaction Center, AP Vouchers using the same expense chart of account number and WBS level that is set up on the Project Budget Worksheet.  

When posted, the user will see a debit for the voucher amount to the expense chart of account (COA) number and a debit to a COA number called “Accrued Consultant.” Prior to running Consultant Accruals, enter the percent complete for each vendor on the Expense Costs tab of the Project Budget Worksheet.

Once Consultant Accruals is run, Deltek Vantagepoint will adjust the original posting to the expense COA number if there is a difference between the percent complete entered in the project budget worksheet and the amount entered in AP for that subconsultant. An adjustment will also be made to the Accrued Consultant COA number with an offset entry to the Consultant Liability account. The “Accrued Consultant” account will show the difference between the percent billed on their behalf and the amount the subconsultant billed the firm.  

Usually running the Consultant Accruals routine is part of the month end processes. 

Overhead Allocation    

Professional services firms have a variety of Key Performance Indicators (KPIs) used to closely manage a firm’s financial and operational performance, and profit margin should be one of them. The Overhead Allocation utility in Deltek Vantagepoint is used to assign indirect costs to regular, revenue producing projects to measure net profitability. 

Overhead Allocation must be configured in a firm’s Vantagepoint database and should be run on a timely basis – usually after timesheets are posted or at month end. Overhead Allocation can give the user a true understanding of a project’s profitability. 

There are two options for applying overhead to projects – multiplier or proration. Overhead can be applied to a project’s revenue or direct labor:

The multiplier method applies a multiplier that is determined to every dollar of direct labor spent on a project. The proration method uses a firm’s actual, year-to-date indirect expenses. Firms generally prefer the multiplier method because of its consistency. Project managers always know how much overhead is being applied to their projects. The proration method, because it is based on actual indirect expenses, will change month to month. Deltek Vantagepoint uses total overhead expense divided by total direct labor to determine the multiplier used when Overhead Allocation is run. 

There are a number of reports including the Project Progress, Office Earnings and Project Summary report 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. 

Overhead allocation can be run anytime as it is used for reporting purposes only. 

Labor Cross Charge 

Firms using organizations within Deltek Vantagepoint may want to consider using the Labor Cross Charge utility. A cross charge occurs when an employee in one organization works on a project owned by another organization. The professional services firm can choose a revenue share, where the borrowing organization is charged revenue based on an agreed upon price by the loaning organization. In this scenario, the loaning company would see an increase in revenue and the borrowing organization would see a reduction in revenue.  

A firm may also choose to bill the borrowing organization indirect cost reducing the loaning organization’s direct/indirect expenses and increasing the borrowing organization’s direct/indirect expenses. By default, when time is posted, the labor cost follows the project’s organization. The user may choose to have the labor cost transferred back to the employee’s organization during the labor cross charge process. 

Labor Cross Charge can be used on Regular type projects or both Regular and Overhead type projects. Labor Cross Charge is run as part of the month end process after billing to clients has been completed. Having a clear understanding of how these applications work in Deltek Vantagepoint will help the firm decide if it could benefit from their use. 

Get the Most out of Deltek Vantagepoint 

Deltek Vantagepoint was designed with project-based users in mind. So, it is important for users to be knowledgeable about all the helpful accounting features within Vantagepoint that can provide them with an overall picture of firm projects. For professional services firms seeking guidance on how to get the most out of their investment, Full Sail Partners offers a complete Navigational Analysis. Click the image below to learn more.  

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Understanding the Four Levels of Severity When Submitting a Case to Deltek Support

Posted by Amy Balassone on February 13, 2025

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Let's be real: dealing with system issues can be a major headache. But knowing how to categorize your problem when submitting a support case to Deltek can make all the difference in getting the help you need—fast. Choosing the right severity level ensures that Deltek can prioritize your case appropriately, saving you from unnecessary delays and frustrations.

So, let’s break down the four severity levels Deltek offers, what they mean, and how to make sure your issue gets the attention it deserves.

1. Mission Critical (Severity 1)

This is the "all hands on deck" level. If your system is completely down, producing incorrect data that could lead to major business blunders, or preventing you from working altogether—this is your category.

Examples of Mission Critical Issues:

  • Your entire system crashes and won't let you log in.
  • Financial calculations are way off, potentially leading to serious business risks.
  • A major system failure with no workaround, grinding operations to a halt.

What Happens in Severity 1 Cases:

  • Deltek immediately prioritizes Severity 1 cases as top priority.
  • A dedicated Support Services Analyst will be assigned to your case full-time to ensure a rapid resolution.
  • This level is used when there’s an imminent deadline or business-critical operations at risk, and there’s no reasonable workaround to mitigate the issue.

Why It’s Important: Mission-critical issues require swift action to minimize downtime and business disruption. This is why Deltek places the highest priority on these cases and dedicates full-time resources to resolving them.

2. Critical (Severity 2)

Think of this as the "high priority, but not a total meltdown" level. A major function isn't working properly, but you can still get some work done with a workaround.

Examples of Critical Issues:

  • A key feature is glitching, but you’ve found a workaround to keep moving.
  • A non-production system is acting up and causing delays.

What Happens in Severity 2 Cases:

  • Deltek assigns a Support Services Analyst to tackle your issue during business hours.
  • The case is treated with urgency, but since you have a workaround, it’s not as critical.
  • The analyst works with you to identify the problem and find a long-term solution.

Why It’s Important: Your operations might not be at a full stop, but resolving these issues quickly is crucial to avoid further disruptions.

3. Elevated (Severity 3)

This level covers the "it's annoying but not a deal-breaker" kind of issues. Your system is working, but not as smoothly as you'd like.

Examples of Elevated Issues:

  • A visual glitch that’s more of an eyesore than a real problem.
  • A feature that’s sluggish but still functional.
  • Formatting errors that don’t impact operations.

What Happens in Severity 3 Cases:

  • A Support Services Analyst will take a look and work on a fix.
  • These cases don't demand immediate attention but are still important.
  • Issues may be escalated if they become more problematic.

Why It’s Important: Even small frustrations can add up. Getting them fixed ensures your system remains efficient and user-friendly. Deltek prioritizes resolving these issues promptly to maintain optimal system performance and user satisfaction.

4. General (Severity 4)

This is your "curious, but not in a rush" level. These cases are for general questions, feature requests, or minor bugs that don’t disrupt daily operations.

Examples of General Issues:

  • You’re unsure how to use a specific feature and need clarification.
  • A minor bug that’s annoying but doesn’t impact your workflow.
  • Suggestions for future improvements.

What Happens in Severity 4 Cases:

  • Support will get to these as part of their regular workflow.
  • Since there’s no critical time constraint or major business impact, the response time may be longer than for higher-severity cases.
  • Support staff will provide assistance based on normal procedures, and issues may be resolved in future product updates or patches.

Why It’s Important: Even small things matter—whether it's answering your questions or improving future system versions.

How to Choose the Right Severity Level

Picking the right severity level helps Deltek help you—quickly and efficiently. Here’s a cheat sheet:

  • Severity 1: If your business is at a standstill—submit ASAP.
  • Severity 2: Major impact, but you can still function.
  • Severity 3: Moderate impact with workarounds.
  • Severity 4: Minor impact or general questions.

By understanding and accurately selecting the severity level of your issue, you help Deltek respond faster and more effectively, ensuring minimal disruption to your business. Remember, the more specific and detailed you are when submitting your case, the quicker and more efficiently your issue will be addressed.

Need Help Deciding? We're Here for You!

Still unsure which severity level fits your issue? No worries! Reach out to your Full Sail Partners Account Manager, and they'll help you submit your case with confidence. We're here to make your Deltek experience as smooth as possible!

 

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Simplify Your Professional Services Firm's AP Process with Automation

Posted by Amanda McClain on October 31, 2024

 

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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?

Outsourced Accounting Services: Would this Benefit Your Firm?

Posted by Nia Collins on October 17, 2024

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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.

Full Sail Partners’ Outsourced Accounting Evaluation Process and Services Offered

Posted by Erin Haver on October 03, 2024

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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.

Why Professional Services Firms Should Utilize Outsourced Accounting Services

Posted by Dale Busbey on September 26, 2024

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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.

Effectively Manage Your Professional Services Firm Using Project Accounting

Posted by Rhiannon Schaumburg on September 19, 2024

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When thinking about standard business accounting – what automatically comes to mind? Income statements, balance sheets, departmental budgets, and the various aspects that make up those statements – right? These figures are, of course, very important to know and understand. But that is only part of the whole picture of the health of your professional services firm. How does your firm go about determining how those figures came to be, which projects were profitable, which weren’t, and why? These questions, and many more, can be answered by implementing project accounting for your firm.  

First, What is Project Accounting?

Let’s start by comparing it to standard accounting, which most of us know. Standard accounting manages the financials using a company’s organizational structure – how divisions or departments track things like their G&A, labor, etc. compared to their budgeted amounts on a periodic basis. Project accounting goes deeper and looks closely at the different projects a professional services firm has undertaken, most of which regularly cross departments and might last months or even years.

Let’s say, for example, company X wants to undergo a new green initiative in its office. Standard accounting will keep track of costs for things like the smart electronics to manage lighting and HVAC or the newly hired “Green Officer.” However, what standard accounting doesn’t do is manage the costs for the actual project, i.e. how much did it cost you to achieve your final goal. 

But let’s take this a step further.  Let’s say you need to provide this service to a customer – you’re going to implement that same green initiative at a client site. 

Using Project Accounting, you could also manage, discover, and analyze things like:

  • The amount of time dedicated by project staff and management to build and maintain the project plan, including the phases of work and project hierarchies
  • Tracking of the contract budget/contract status/change orders and add-on services
  • Whether you are effectively utilizing your internal resources
  • Maintaining up-to-date project deadlines and the associated costs of meeting or not meeting those deadlines
  • How percentage of completion is managed and tracked to budget
  • If the project was budgeted correctly, and how what was learned from this project can be used to better manage projects going forward

Outgrowing Your Basic Accounting Solution?

Small professional services firms often rely on simpler accounting software solutions to manage their day-to-day business. One common example is QuickBooks. This product can often serve a company’s needs…for a while. However, these firms will soon find that they are outgrowing the software’s limited capabilities.

J. Carlton Collins, CPA details those limitations in his piece “Practical Advice for Companies That Have Outgrown QuickBooks”.

At a glance, those basic limitations can be summarized as:

  • Limited accounting system features
  • Limited database performance 

For various reasons, the limited accounting functionality and database performance provided by these simpler software products can actually be appealing to these smaller companies initially. But at some point, growing firms will discover that they need accounting software that can grow along with their business. They will need more than limited features and performance.

Need Help While Gaining Growth?

Growth can be defined by many different metrics – for example, an increase in revenues, an increase in number of employees or customers, higher profits, and greater market share, just to name a few. Professional services firms experiencing this sort of growth will eventually need to take that step up to an accounting software solution that will provide them with both standard accounting, as well as project accounting capability.

Take, for example, this advice from Lindsay Diven, Marketing Manager at Full Sail Partners, in her article about “The Importance of Benchmarking in Measuring Business Growth”. She tells us that “by rigorously examining internal operations against recognized standards, firms can pinpoint critical deficiencies and implement strategic changes, ensuring survival and fostering growth in an ever-evolving marketplace.”

As Lindsay says, by utilizing some of the capabilities of a robust project accounting software system, you can start to:

  • Identify Efficiency Gaps
  • Enhance Competitive Advantage
  • Drive Strategic Planning
  • Improve Financial Performance

So, if your firm is expanding, and the sort of growth that we’ve identified above is important to the future of your firm, you should look to us here at Full Sail Partners to help you navigate the next step to support your firm’s growth.

Achieve Success Through Project Accounting

In the end, we are all working toward success for our professional services firm. And to most of us, success means growth – in whichever metric resonates the most with the ongoing health of your firm. So, to achieve that healthy firm growth means managing every minute, as well as every dollar, spent, through project accounting, to obtain that success.

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The Unknown Features of Timesheets in Deltek Vantagepoint

Posted by Amanda McClain on August 15, 2024

08-15-24 DVP Timesheets - BannerThe necessity to turn in timesheets every two weeks is never at the forefront of your employees' minds. They are focused on their day-to-day tasks. Some employees stay ahead of the game and create their timesheets as they go. Others are swamped with their workload and struggle to keep them current and completed on time. However, it is essential in nearly every industry to keep the circle of business moving and income coming in. So features are needed to make the timesheet process seamless and most efficient.

Poor timesheet management inherently leads to inefficient processes later. Miscoding timesheets may cause imprecise reports and incorrect invoices. It could also require additional time to correct and transfer time to the proper projects. Most importantly, incorrect timesheet entry affects the cash flow of your company, due to delaying the processing of client invoices.

In Deltek Vantagepoint, the process has been simplified and made more user-friendly for the end user. To start, timesheets should be entered daily and submitted on time. Secondly, project managers must always ensure they are reviewing the timesheets. Timesheets should then be corrected before they are posted to the project.

Features of Timesheets in Deltek Vantagepoint to Improve Efficiency

Accurate and efficient timesheet management policies and procedures are necessary and should be incorporated into your culture. This, along with daily entries and strict deadlines for timesheet submissions. Fortunately, Deltek Vantagepoint has a variety of tools to help assist project managers in this process.

  • Floor Checks can help you ensure that your employees complete their timesheet entries on time. You can do a floor check to review the status of time entries for your employees for a specific period or day. This will show the employees’ expected hours versus the actual hours that were entered. Additionally, there is email functionality available, so you can email your employees directly and let them know to complete their timesheets. You can enable notifications within the system or create email templates for the reminders.
  • Unposted Labor Report is a standard project report that shows all timesheet data in unposted transaction entry files and all timesheets that are in progress, submitted, or approved but not posted. This enables project managers to see what has been charged to their projects before they are posted. It is preferred to correct the timesheets before they are charged to the projects.
  • Project Reports with Unposted Time can be included in project reports by using the unposted time option. Project managers can then see the labor that is charged to their projects throughout the time period.
  • Line-item Approval allows project managers to have control over their project labor costs to make sure labor is posted to the correct project. It allows project managers to only see their projects when in the approval stage. Vantagepoint will let you know if only part of the line items subject to line-item approval have been approved, yet others have not been approved or have been rejected.
  • Timesheet Audit Trail allows you to see if there has been a change made to the timesheet after it has been saved or submitted. You can make timesheet comments required, or just track the change without additional explanation. Audit trails can be used to track billing transfers. You may find the timesheet audit trail in employee reporting.
  • Copy from Prior Timesheet option allows you to copy projects you have previously or frequently charge time to. You can select this option once in your current timesheet. This option saves you from having to create your project list repeatedly for frequent projects. Timesheet comments are also saved in a drop-down box to select from. So, if you have used the same comment previously, you may select that option versus having to write the same thing repeatedly.
  • Deltek Time & Expense for Vantagepoint app is now available to access your timesheets when you are on the go. Not in front of your computer? No problem. You can capture expenses from anywhere and upload receipts immediately. Approvers may also approve timesheets and send reminders to employees via the mobile app. Keeping up with your timesheets has never been easier!

Get Your Timesheets Done with Deltek Vantagepoint

With all of these amazing features in Deltek Vantagepoint at your fingertips, timesheet management is within your grasp. Keep the circle of business moving, and that income coming in. Start with daily timesheet reminders, and eventually, you will develop a plan that makes timesheet management best practices part of your firm’s culture.

 

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