Full Sail Partners Blog | Accounting (4)

Accounts Payable (AP) is one of the main tasks performed daily in a professional services firm’s accounting department. The process can be labor-intensive and very manual, especially when a firm has not embraced new technologies.  It’s hard to determine why so many professional services firms have not made the jump to a paperless accounts payable process. Maybe it’s the daunting fear of errors, or simply the fear of changing the process? Let’s review the benefits of automating the AP functions for your professional services firm and try to put any fears to rest!   

1. Going Paperless and Reducing Errors 

Generally, as with many professional services firms, accounts payable has been a paper-heavy process that has required printing, copying, filing, and retrieving paper. Additionally, the task itself has been a labor-intensive manual process that can already fall prey to human error. With errors already being something that may happen without automation, this proves that using automation is nothing to be feared by your professional services firm. By automating the AP process, invoices are stored digitally, reducing paper costs and reducing the time needed to process AP. So, automating AP at your professional services firm all the while saves money and actually increases accuracy. 

2. Improving Employee Productivity 

As mentioned before, Accounts Payable is a repetitive and time-consuming manual task. The process typically involves first receiving the paper invoice, then sending it for manual signature approval, and then data entry of all data into the accounting software. However, when automation is embraced by your professional services firm, invoices can be uploaded directly into the database, then electronically approved, and invoices posted. Thus, using automation and reducing AP task time, allows employees to focus efforts on more profitable pursuits instead of spending time on repetitive tasks. 

3. Gaining Control of the Procurement Process

Enforcing purchasing policies can be a struggle if there is no way to approve them before the purchase is made. Using an automated AP solution allows professional services firms to set up an approval process based on the firm’s policy for procurement. With automation, accounting team members can ensure the policy was followed and speed up the time it takes to have a purchase order approved. Gaining control of the procurement process allows for full transparency, with no more receiving vendor invoices without knowing the details being given about the purchase.  

4. Working Smarter with Vendors

A final plus of using AP automation at your professional services firm is that vendors can submit invoices to a designated email or webpage. This in and of itself greatly reduces the risk of lost invoices and allows for easy upload into the accounting system. Furthermore, receiving digital invoices for processing ensures on-time payments, which of course makes the vendor happy and reduces the number of communications back and forth. Fewer communications back and forth with vendors additionally saves your professional services firm further time and effort which is working smarter, not harder. 

Automate Your Professional Services Firm’s AP Process 

Hopefully, after now realizing the benefits of automating your professional services firm’s Accounts Payable process, you can fully understand that automation is not something to be feared. It’s clear to see that automating AP will reduce errors and save money, and what professional services firm doesn’t want that? So, knowing that automation can save money and reduce errors, is your professional services firm ready to embrace technology and start automating your Accounts Payable Process?  

In my prior experience as a Controller of Architecture and Engineering (A&E) firms, I was often the “go-to” person for creating reports for PMs and Executives using Deltek Vision. Over time, I learned exactly which tab(s) the options were on for the various reports, which navigation menu item to choose to find the report base I needed, and even which color names were my favorites to use for the group headings.  Now with Deltek Vantagepoint, report creation has been made even easier with a few excellent enhancements. So, with the musical the Sound of Music in mind, let’s highlight the Deltek Vantagepoint report upgrades as “A few of my favorite things” …about reporting!  Feel free to “sing” along. 

Favorite Thing #1 - Organization of Reporting Menu

My first “favorite thing” may not be as pretty as “raindrops on roses” but it sure will save time!  Unlike Deltek Vision, Vantagepoint has only one Reporting option on the Navigation menu. All the standard base reports are now found on one “Reports” tab within Reporting. Likewise, all Saved Global/Personal reports will be listed on one “Favorites” tab. Instead of navigating through a dozen + menu items to find the report needed, now simply search for the report by name on either tab or filter by the type of report if you choose.    

For example:  Don’t scroll through the full list searching for the Time Analysis Report. Using the name of the report, start typing “time” in the search bar and “voila”, the report will populate.   

Just even knowing the type of report rather than the name of the report, it can be filtered based on report type and list just those reports. This filter is like navigating the reporting menu tree in Vision.   

Favorite Thing #2 – No more than 4 Option Tabs!   

Unlike the many “whiskers on kittens”, there are no more than four tabs to review for reporting options.  In Deltek Vision, some reports had two tabs, and some had up to seven! In Deltek Vantagepoint, at most there are only four tabs. 

Columns & Groups:   Always start by deciding how the report should be grouped/sorted and which columns are wanted on the report. Keep in mind the headings of the columns can still be changed just like as in Deltek Vision but now there is only one header, not a header line 1 and line 2.   

Options:  This tab contains all “other” options for the report selected. Time selections, activity options, budget options, financial detail options – if the report has the option, this is where to find them all!  Having all the options consolidated to one tab makes it easier when creating a report as the user can simply skim through the options available from top to bottom.  There is no need to go from tab to tab any longer! 

Chart:  Not all reports have the ability to utilize charts, so this tab is not always an option. However, if the report data makes sense to also be shown in a bar, pie or line chart, this is the tab to set it up. 

Layout:  This is the tab with the choice to override the report defaults for report layout (portrait vs landscape), paper size, font, borders, headings & footers.  Advanced tip:  If a user has special options for a report, consider adding the options selected as a note in the footer for a reference as needed. 

Favorite Thing #3 – Easy Searching for Columns & Groups  

My third “favorite thing” is how easy the column and group options can now be selected in Deltek Vantagepoint. This may seem basic but having one quick and easy selection area is as satisfying as some “crisp apple strudels” with my coffee. 

Does the user want to know part or all of the name of the column or to add YTD data columns only? Does the user want all columns for hours? Use the filter! It will save time as there is no need to scroll through the long list of column options. 

Favorite Thing #4 – Colors for Grouping & Headers, now Actual Colors not Words!!   

Let’s face it, sometimes data is boring and can be hard to read if there is too much of it on one page!  Adding some color to grouping labels can help the eye focus in on a particular detail.  The new color selections in groupings & headers are related to my “favorite thing” #2!  Want a blue like “blue satin sashes”? In Deltek Vision, to figure out if that blue was cornflower blue or light steel blue, the user had to select the color by name, preview the report and decide if it was the color desired. Now the color selection actually shows the true color visually! 

Another great place to use colors to brighten up a report is in the Column Heading. This option can be found on the “Layout” tab of reporting. Use a nice bright color to liven up what used to be a basic black & white report. Better yet… does the firm have an approved color palette? Find out the color codes for the firm’s colors and type in the code of the color to use in reports. Now reports will match the company branding. The user doesn’t have to be limited to the 140 colors shown in this grid. Here is a website that shows more color options:  Color Hex Color Codes (color-hex.com). Select a favorite color or the company’s brand color to liven up those reports! 

Favorite Thing #5 – Select Report Options, Records and Save the Report - All from One Screen! 

My last “favorite thing” about Deltek Vantagepoint reporting reminds me of “brown paper packages tied up with strings”. Deltek took three areas from Vision reporting and combined them to one page. In Deltek Vision, users had to go to one screen for Options, go back to the main reporting page and navigate to a second screen for the records selection, navigate again to the main reporting page and go to a third screen to save the favorite report. In Deltek Vantagepoint, all three of these reporting functions are executed from this main reporting screen! 

Two more quick reporting tips… (1) don’t miss that the report title can be changed directly from this screen as well! Simply click on “Project Earnings” and rename this report to whatever makes sense for the organization.  (2) Users can also email the report directly from this main screen from the “Other Actions” options. 

Enjoy the Enhancements of Deltek Vantagepoint 

While Deltek Vantagepoint users cannot all sing with the voice of Julie Andrews in the Sound of Music, they can certainly benefit from this list of “my favorite things.” In fact, users may discover more to add to this list! In the meantime, let these Deltek Vantagepoint enhancements make reporting a lot easier because like Maria said when feeling sad, “I simply remember my favorite things and then I don’t feel so bad.”   

Click the image below to learn how to add the powerful, feature-rich ERP to your toolbox and get your team working on the same page of the same book.

In a perfect world for project-based firms, as soon as a task is performed for a client, money would appear in the firm’s bank account. After all, the firm is contracted to provide services for a fee, and services were performed. End of story, right?  

Well, my bad! In the real world, that performance of services requires a good bit of help along the way, in order to get that payment in the bank. So, the story needs to expand a little to reach this ideal end game. That’s when having and implementing a good accounting calendar becomes a necessity. This routine cadence of work and accounting functions helps firms be able to rely on a regular schedule of deposits for work performed. 

A Good Accounting Calendar is a Necessity

Over the past 30 years, I have worn many hats and filled many roles involved in every step of the revenue process, including being a manager and being managed. I have learned that one of the greatest necessities is a good “Accounting Calendar” because it is essential to control the process and to have a schedule for the activities involved. Furthermore, for this to work, there must be planning, knowledge and “buy-in” by every level and department in the company from executive to “boots on the ground.” There also must be an individual overseeing the activities. That responsibility generally falls within the duties of the controller. 

Venturing back to my “perfect world,” or a reasonable facsimile thereof, if professional services firms setup and work within a good accounting calendar, they can achieve success, lower overhead, reduce billing time and collect payment for services quickly. Moreover, getting the team to follow a schedule is not a “dream.” It can, has been and is being done every day.  

Overview of the Evolution of Revenue

Below is what I call the “Evolution of Revenue.” It walks through from when the work has been performed through money in the bank. The evolution steps include:  

• Performed Services = Unrecorded Time 
• Recorded Time = Unapproved Time 
• Approved Time = Unrecognized Revenue 
• Recognized Revenue = Unbilled Revenue 
• Billed Revenue = Uncollected Revenue 
• Collected Revenue = Money in the Bank 
• Money in the Bank = Gives the firm options for expansion and compensation… and that’s a whole other story! 

As the “Evolution of Revenue” shows above, it all starts with work being performed and work being recorded. The first tool to be used is a weekly timesheet. Why weekly, you may ask? Weeks don’t coincide with months or years, and firms publish monthly, quarterly, and annually! Granted, but firms are talking about scheduling, efficiency and supervision, therefore, weekly timesheets work the best. Believe me, I have tried them all, and firms can still publish monthly financials. So, let’s look at a sample schedule based on the weekly timesheet: 

• Work Week is Monday through Sunday. 
• All time is to be recorded daily. This provides the project manager the opportunity to review, approve and report on work as it is performed – up to the minute budget vs. actual. 
• Monday - All time for the previous week must be inputted and submitted for approval by noon on Monday. 
• Noon on Tuesday - The project manager and managerial review of time must be completed by noon on Tuesday. 
• Close of Business Tuesday - The accounting and human resources review for overhead, benefits, OT, etc. must be completed by close of business on Tuesday. 
• Wednesday Morning - Time is posted Tuesday afternoon or Wednesday morning. 

So now the firm has time in and posted each week. What then? Well, for one thing, if the firm is using Revenue Recognition – which it should be – it can publish Revenue figures for the previous week on Wednesday morning, along with Employee Utilization figures and Project Management Reports. 

Next Steps in the Evolution

So far, we have covered the first four steps in the Evolution and moved from Performed Services to Unbilled Revenue. Given that, let’s fast forward to Month-End where the Revenue evolves from Unbilled to Billed. Let’s review a couple of thoughts surrounding managing receivables. 

Let’s make the following assumptions:  

• The billing month-end is the last Friday of the month. 
• The accounting month end is the last day of the month. 
• Preferred payroll is bi-weekly. 

Below is a sample of how this schedule lays out on a calendar in Q1 of 2022, spanning 2 weeks and 10 business days. This model has been used successfully with the buy in of project management, billing and accounting and provides principals with revenue by week and for the month on the Wednesday following the last Friday of the month. 

Once the invoices have gone out, the responsibilities for follow-up vary by client and role. For clients that are being billed for the first time, the billing department follows up three days after bills are emailed to ensure that the proper individual received the invoice and to see if there are any changes that need to be made to the delivery instructions. For existing clients, billing is responsible for follow-up on accounts receivable (AR) up to 60 days past due, project management is responsible for AR up to 120 days and departmental management gets involved after that. All responsible parties receive auto-generated AR emails weekly so that all are on the same page as to who is on task.

Optimize the Accounting Calendar to Realize the Dream

As John Lennon once said, “You may say I’m a dreamer, but I’m not the only one.” Having a solid billing and accounting calendar is not a dream, it is a necessary and doable reality. Every firm has a plan and the thing that generally separates the dream from the reality is taking on the responsibility of enforcing the schedule and the deadlines. No one should be exempted from completing their assigned tasks at the time.  

Click the image below to find more accounting and finance resources. 

QuickBooks serves as a logical starting point for SMB professional services firms. For good reason - it’s affordable, popular, and easy to use accounting software. Though, on the downside, it provides very little flexibility and accommodation for how a business actually needs to run.  

Simply put, QuickBooks isn’t designed for project-based companies. It’s an entry-level accounting system, with purposefully generic functionality, intended to serve a diverse client base that spans various industry types. Consequently, the basic and straightforward nature of the product, which perhaps is viewed as a positive, can quickly become the opposite. Many professional services firms will eventually reach a point where the limitations of QuickBooks can hinder future growth. 

When might a firm reach that point? Below are 5 top reasons clients are choosing to trade in QuickBooks for an industry specific ERP that is purpose-built to meet the needs of a growing project-based business.     

Cumbersome Invoice Creation 

For a project-focused professional services firm, getting client invoices created and out the door can be considered one of the most critical functions. This process may have once been easy, but as the business has grown, projects have likely become more complex. With that means more complicated, multi-part, client invoice requirements.  

What used to take a couple of hours is now taking over a week, and accounting staff is burdened with cobbling together invoice-supporting data from various disconnected, error-prone sources. Not to mention the challenges of even getting the project management team to complete their timesheets in the first place. Once those bills have finally been painstakingly created and issued to clients, they still may not be correct.   

Incorrect invoices going out the door can slowly erode the trust of clients and lead to unnecessary, time-consuming, back-and-forth. On the other hand, accurate invoices, which are processed and paid quickly by clients, can provide various benefits to include reduction in DSO (days sales outstanding) and increased cash flow.  

Limited Visibility into Project Reporting

Do Project Managers and professional services firm leaders have a consistent and reliable source of truth to monitor the overall health and status of projects? For many who rely on QuickBooks, the answer is no. Just like on the invoice creation side, the necessary data to support project reporting is scattered among various spreadsheets. Answering what should be a simple question related to project status could take days to assemble a response. By the time of that response – odds are, the data is already out-of-date, and often irrelevant. The thought of any ‘real time’ project status, to include capturing data such as committed costs, may likely seem impossible when operating within these sorts of system-related confines.  

Not having a proper visibility into project timeline, budget, and other KPIs has consequences. It can quickly eat into profit margin and limit a professional services firm’s ability to make informed decisions in support of its projects and business.   

QuickBooks Lacks Support for the Entire Project Lifecycle 

Everyone needs an accounting system. However, even a relatively small, basic operation may quickly find that it needs more tools at its disposal. There are obvious functions like time keeping & employee expense reports, providing the ability to seamlessly allocate those costs to projects in support of invoice creation and project reporting. Additionally, perhaps there is a need to link the front and back-office operations to better manage the complete ‘project lifecycle’ (from initial lead pursuit through to project close-out). This includes a CRM (customer relationship management) module, or the ability to do more detailed project planning and resource scheduling.  

These are all areas and functions that a professional services firm is undoubtedly already actively performing, but just manually and “offline,” using spreadsheets and email to manage. The purpose of an ERP is to combine multiple functions within a single fully integrated solution that spans the entire business. More specifically, a project-based ERP is designed to do the same, but with functionality specifically geared towards a project-oriented company. 

Sure, QuickBooks capabilities can be expanded using external and 3rd party add-on tools that make initial claims around 'integration'. Yet, the result for many who go down that path can be a clunky, frustrating software experience – leaving many wishing they instead invested their time and resources into the lower-risk approach of just implementing a Deltek product.   

QuickBooks Can Limit the Ability to Pursue Projects

For many of the reasons already stated, professional services firms shy away from pursuing new projects they fear may be too taxing and burdensome on their existing accounting system. Simply stated, they don’t have the tools in place to responsibly graduate to the next level. Passing up new business opportunities can be painful, but unfortunately necessary, for those firms who are not equipped with the internal systems to support growth. 

Take WBS (work breakdown structure) requirements, for example. This means breaking down a more complex project into smaller components and deliverables. Many times projects require an invoice to reflect the way the project was bid. Providing a WBS ensures the estimate is managed and billed the way it was proposed. Unfortunately, QuickBooks limits the ability to pursue projects with more advanced requirements because it cannot easily track efforts in this manner. For many professional services firms, this is essential functionality needed to initially price/propose, manage, deliver, and invoice these projects.   

QuickBooks Hinders Growth 

The idea of a more ‘open ended’ system experience that can truly conform and adapt to evolving business requirements becomes more appealing. Those cascading menu options, check boxes, and configuration screens that may have once been viewed as intimidating and inaccessible may quickly start to make more sense. Deltek can easily accommodate growing firms. This is why 80% of AEC firms use Deltek. It has all the utilities, under the hood to handle the needs of future growth. As a professional services firm grows, its bookkeeping system should be able to scale and enable that progress, versus introducing hurdles and limitations.  

Grow Quicker with Deltek 

To reiterate, there is nothing inherently wrong with QuickBooks. If there were, it probably wouldn’t be the widest-deployed entry-level accounting system in the market. But the unique requirements of a professional services firm can still quickly create situations where to bring a firm to the next level, it needs to be re-tooled with industry specific solutions.  

ERP is not just for the ‘big guys’ anymore. The introduction of cloud-based applications (relieving clients of internal IT requirements), and also packaging and implementations catering to small firms, has opened many doors over the last several years. In fact, a majority of current day Deltek clients could be considered SMBs, who previously came from QuickBooks.  

Have additional questions? Full Sail Partners and Deltek got it covered. Deltek Vantagepoint is an industry-leading project-based ERP designed to support the entire project lifecycle. Having extensive experience with new system implementations (to include data migration, system configuration, and product training), Full Sail Partners has helped hundreds of clients graduate from QuickBooks. Please contact us to start a discussion.  

2021 year-end is rapidly approaching, and it is vital to begin your year-end processes to ensure a timely close. For some finance and accounting professionals, the year-end process can be a struggle and a daunting endeavor. However, Deltek Vantagepoint and Vision clients can breathe a sigh of relief with some handy suggestions.

Below are some recommended areas and process to be sure to review to help complete a thorough year-end close. It is also recommended to develop deadlines for each area prior to opening the new year to help stay on track and minimize the stress around wrapping up year end.

Create a Year-End Checklist

The first step in the year-end process is to develop a personal list of processes by noting all modules owned in the system and compiling information from Deltek Vantagepoint or Vision as well. It is also wise to review the weekly and monthly deadlines in the checklists to be sure all items have been completed.

Additionally, be sure to visit the year-end info center in the Deltek Customer Care Portal. Here, Deltek clients can gather checklists and step-by-step procedures for getting Vantagepoint or Vision ready to close out the year and begin a new year. This is updated yearly and is an invaluable source of information for the necessary processes based on the modules owned by each firm.

Year-End Process Considerations

In addition to the items and recommendations found in the Deltek Customer Care Portal, outlined below are some standard tasks to complete when preparing for year-end.

• Enter and complete posting of all 2021 transactions.
• Review the fiscal year checklist prior to completing the calendar year closeout.
• Complete all cash account and bank reconciliations and verify that the reconciled GL matches the GL balance.
• Review and complete all credit card reconciliations. This will require getting the expenses into the expense reports and posted in the year they happened - this is important for both reconciliation and for invoicing.
• Run the file reconciliation report and troubleshoot as well as correct any differences. Review the profit and lost statement and balance sheet to verify proper categorization in accounts.
• Run the unposted labor report and address any timesheets that require posting. Complete an interactive billing cleanup of any outstanding WIP that will not be invoiced, or that has been invoiced and not removed from the billing module by marking to be deleted and accepting a zero-dollar invoice.
• Make any projects dormant that are no longer active.
• Be sure to review all terminated employees for a termination date and setting the admin level for timesheet and expense reports to staff. Review all active employees and set valid company domain email addresses, hours per day, and timesheet and expense admin levels.
• Evaluate the 2021 budgets to determine if 2021 goals were met. Set goals for 2022 and gather GL budget information that needs to be entered into the system.
• Set up new holidays for the upcoming year in the holiday configuration/settings. This allows the timesheet to show the new holidays as well as for the utilization ratios to correctly calculate each year.
• Review employee vacation time reporting to send out notifications needed for employees who may lose vacation time in the cut over to the new year. Now is a good time to have employees decide what to do with approaching maxes, limits, and upcoming vacations.
• Collect on past due invoices!
• Pay all vendors due to be paid and initialize the 1099 process before opening a new year. Void outstanding checks that may have expired. Make sure to order 1099 preprinted forms NOW before it’s too late.
• Save all audit reports as PDFs for info center/hub changes.

Close Out 2021 with Deltek Vantagepoint and Vision

Following the recommended steps by Deltek and trusted consultants, year-end should not only run in a timely manner, but can also run smoothly and with less stress for Vantagepoint and Vision clients. Developing a good process flow now makes each following year even smoother and allows some of the process to be delegated out with confidence that is will be completed in timely manner year after year. Help is just a click away! Use the image button below to find year-end resources available from Deltek.

During the onset of the COVID-19 pandemic, businesses across all industries were forced to make quick and decisive decisions. For A&E firms, determining the best plan to keep projects profitable and on schedule became the priority. While many departments were able to quickly adjust to working from home and figuring it out as they went, finance leaders had to determine how to maintain financial controls immediately. The 42^nd Deltek A&E Clarity highlights the success of these efforts in addition to providing some insights on other key financial metrics.

Numbers that Improved

Across the board, A&E firms of all sizes had increased utilization rates in comparison to the previous year. With small firms reporting a little over two percent increase and large firms showing over a one-percent increase. While this increase seems small, it’s actually significant when viewed as a change over a one-year period. Additionally, net revenue per employee also increased for A&E firms of all sizes. When looking back over the last year and comparing other relative information, it’s reasonable to link this improved utilization rate to the fact that firms had minimal growth of personnel. Meaning existing employees are being worked more and firms need to be aware of the negative effects of employee burnout. Make sure to learn about exception reporting and how this can help identify employees that are at risk of burnout.

The overhead rate for A&E firms dropped in comparison to last year which can be linked directly to the decrease in travel and other in-person related expenses. Obviously, this can be attributed to restrictions created by the pandemic, but it also leaves room to wonder if this can be maintained in the future as the world transitions to the “new normal.” Which itself is still unclear, many are predicting a hybrid variation of a remote and in-person work environment. This is even highlighted in the 42^nd Deltek A&E Clarity report as something firms need to evaluate in the future.

The largest indicator of success is the firm’s earnings after all operating expenses are taken out which is referred to as the operating profit on net revenue. Unsurprisingly, A&E firms that responded to the Deltek A&E Clarity survey overwhelmingly indicated an increase with small firms reporting an eleven percent increase over the previous year. Looking back to overhead rate, the pandemic related changes firms were forced to make is a clear connection between these two numbers making it difficult to determine if this will be sustained in future years.

Numbers that Suffered

While success is easy to celebrate, shortcomings also need to be reviewed and given attention. Starting with the net labor multiplier, firms that responded to the 42^nd Deltek A&E Clarity study reported a decline to a minimal increase. Which actually breaks a ten-year trend and reverted net labor multipliers being realized by firms to similar rates of five and six years ago.

An A&E firm’s most consistent indicator of operating performance is the total payroll multiplier. On face value, the total payroll multiplier remained unchanged from the previous year which seems like a win. And might as well be when considering the challenges firms were presented with as a result of the pandemic.

Future Financial Initiatives

Across the board, respondents to the 42^nd A&E Deltek Clarity study stated their top priority is business process improvements which is a consistent leader year after year. Furthermore, this seems like a vague statement that lacks an actual plan action and is likely the yearly list leader for this reason. With all the adversity firms faced throughout the last year, it might be a good time to start implementing a business process improvement plan by first mapping out firm processes to see how these changes have impacted firm operations.

Further down the list of financial initiatives firms wish to address are better managing growth, organizational change, and increasing spending for talent acquisition and retention which are ranked fourth, fifth and sixth respectively. Lumped together, all of these are a component of human capital management. From an employee perspective, this is promising to know that A&E firms are realizing that their value proposition is their people.

Gain Financial Clarity

In the face of uncertainty, A&E financial leaders buckled down by tightening finance controls by embracing technology to keep teams connected. Similar to what other departments within the firm did which is detailed in the technology trends section of the A&E Deltek Clarity report. Further, it’s exciting and promising to see that A&E firms weathered the initial impact of the pandemic fairly well. While the future still has some uncertainties, A&E industry has once again proven to be resilient and capable of overcoming adversity.

Benchmark your firm! Use the link button below to download the 42^nd Deltek A&E Clarity report and scorecard for free.

What is better than a purpose-built modern ERP with functionality to streamline and consolidate business processes? More features! With the latest release of Vantagepoint 4.0, Deltek offers even more features to make it easier for firms to deliver better projects, analyze business performance, and create more accurate invoices. Let’s check out some of these new features and see how they will be beneficial to Vantagepoint users.

Digital Markup of Draft Invoices

Clients have been asking for the ability to markup draft invoices for some time. Now with the latest Vantagepoint release, draft invoices can be digitally marked up. This allows the biller to view and edit annotations within interactive billing and markups are saved for future reference. As a result, the digital markup feature allows for improved collaboration between project managers and accounting.

Expanded Interactive Billing Capabilities

This newest version of Vantagepoint continues enhancing the user experience and ease of use. With enhanced interactive billing, you can view marked-up drafts including comments from final invoices in prior periods. Also, when invoices are voided, Vantagepoint will keep a record of the void and the date the invoice was voided.

Store Final Invoices as PDFs in Vantagepoint

With Deltek Vantagepoint 4.0, final invoices can be stored as a PDF when they are accepted in interactive billing or final creation in batch billing. Since a PDF is created at the time of final invoice creation, you actually have a duplicate record of what you sent to the client originally. Now, with this enhancement, all invoices stored in Vantagepoint will exactly match the invoices that you sent to your client.

New Expense Report Screen Designer Capabilities

Deltek Vantagepoint 4.0 features now help with increasing expense report accuracy. Now, the Expense Report has a “lite” screen designer. This allows users to build in business rules within the expense report. Also, you can add additional columns or choose the columns you want to display on the expense report and change their descriptions. You can even make tooltips to help with accurate reporting by users. Additionally, screen designer changes apply to mobile expenses as well.

Expanded Expense Approval Features

The latest version of Vantagepoint focuses on increased usability. For expense report approvals, there is a new toggle to show all approval types or completed approvals. This gives the approver the ability to just see expense reports that need to be approved. Also, there is a new Print Lines Approval Report button for both timesheets and expense reports. This report gives the approver, at a glance, line items that still require approval.

Timesheet Status Update with Floor Checks

Vantagepoint 4.0 also helps with managing employee timesheet completion. If you are responsible for making sure employee time entry is completed on time, you can do a “floor check” to review the status of time entry for your employees for a specific timesheet period or day. This feature allows users to quickly see which employees still have outstanding timesheets and includes the ability to create a reminder email template to send to employees.

Mobile Enhancements Including Biometrics

In previous versions of Deltek Vantagepoint, users could upload receipts from a mobile device using Intelligent Character Recognition (ICR). With 4.0, users can now automatically match a line created from a receipt with a credit card charge. Biometric authentication has also been added to Time & Expense and CRM mobile capabilities. Using this new feature, users can now utilize fingerprint ID or face recognition to make it more convenient and more secure to access their Vantagepoint system. These new enhancements simplify the process making it easier for end users to complete their expense reports. Therefore, allowing for more accurate reports benefits accounting.

Dashboard Enhancements for Clearer Insights

With Vantagepoint 4.0, Deltek continues to provide more improvements to filters, dashparts, and dashboards for ease of use for the end user. The latest release provides further visibility into project details and labor planning. One of those enhancements to dashparts is the ability to drill down to the details to see unposted labor hours at cost and/or billing rates.

Always Looking Forward with Deltek Vantagepoint 4.0 

With each release of Vantagepoint, Deltek seeks to reimagine functionality and leverage innovation to provide usable and practical value for accounting. The latest release steps up with features that work on improving user experience, ease of use, and accuracy. As always, the newest Vantagepoint 4.0 enhancements make managing and delivering projects that much better for all users and there are many more to come.

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

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

Makes the Process Easier for Users

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

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

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

Even Accounting Thinks This is Snazzy

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

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

Wins All Around

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

Year-End is coming! Don’t let year-end bring you down - create a plan and stick to it. A great way to start is by creating a checklist and calendar. Make sure your calendar includes all year-end deadlines: final AP and Expense payment processing, final timesheets due, and final bank reconciliation are all important items to include. Deltek issues a checklist yearly, and this is an excellent starting point to create the plan for your company. Once issued, it will be available on the Support Center site.

Top Items to Consider Adding to Your Year-End Checklist

• Reconcile all cash accounts – Post all transactions in Deltek Vantagepoint or Vision. Verify your general ledger balances match your bank statements. Make all adjustments as needed.
• Final Invoicing – Process all client invoices for the fiscal year.
• Review outstanding Accounts Receivables – Follow-up with clients who have outstanding accounts receivables beyond 30 days. Send past due statements and/or simply give them a call. Enter the results of your collection efforts in the comments section of Deltek Vantagepoint or Vision Invoice Review. Year-end is an excellent time to collect your outstanding receivables. If you determine there is uncollectable AR, be sure to write those invoices off.
• Review Unbilled detail - Time and expense transactions that cannot be invoiced to clients should be written off at this time.
• Fixed Assets – Fixed Assets are larger purchases that are made throughout the year (i.e. equipment, automobiles, furniture, computers, etc.). This is the time to make sure all fixed assets are reported on the balance sheet if they are still owned. If not, record the sale or disposal of these fixed assets. Additionally, verify the depreciation on your fixed assets as well and make any necessary adjustments.
• Employee Expenses and AP - Verify that all accounts payable vouchers have been recorded in Deltek Vantagepoint or Vision. Make your 401(k), SEP IRA, and Simple IRA contributions have been made, if you have not done so. Try and pay all your vendors and employee expense reports by year-end.
• Notes Payable - Verify notes payable (i.e. loans) amounts on your balance sheet match the statements from your lenders and make all adjustments as needed.
• W-9s – Order 1099 forms as soon as possible. Furthermore, make sure all W-9s from your vendors and/or contractors that have been paid $600 or more to throughout the year are on file. Don’t forget 1099s should be mailed on January 31st. 1099 forms can be purchased from most office supply stores, or you can order them for free from the IRS.
• W-2s – If you run payroll in Deltek Vantagepoint or Vision, order W-2 forms. W-2s should be mailed by January 31^st. W-2s can be purchased from most office supply stores.
• Budget for next year - Create your GL budget for 2019.

Communication and Organization is Key to Success

Make sure all in the firm know what their role is for year-end, i.e. when final timesheets and expense reports are due. Put a year-end process in place, create a manual and checklist to use yearly, and you’ll be ahead of the game next year! Please note: Deltek will be issuing year-end updates for Vision 7.6 and Vantagepoint. If you are on 7.5 or older, you must upgrade to a supported version to receive a 2019 year-end update. If you are still on Vision 7.5 or an older version, contact Full Sail Partners if you have questions about upgrading to Vision 7.6.

As a small to medium business owner, IT management can be a big headache. Your real work is often disrupted by IT issues such as adding new employees, getting your staff’s machines and apps running, and updating software and support. Moving to the cloud with hosted apps and desktops is the best solution for your firm. Let’s look at the benefits of cloud hosting.

Mobilize the Workforce

With a hosted virtual desktop service, employees have access to apps, documents and other resources from anywhere. All that is necessary is an internet connection and an end point device. Employees can get work done on the go and feel like they never left their workstations.

Business Continuity

Data is safe and always available with a hosted service. If there is a power outage or natural disaster, the offsite data center provides firms with no disruption of service. Data is always secure in the virtual data center which ensures protection with built-in data encryption.

Reduced IT Costs

With a hosted solution, no IT expertise is needed by the firm. Firms will end up spending less on licensing fees and off-site data storage and backup. Anti-spam and virus management is also provided in addition to 24x7 help desk support.

Focus on Growing Your Business

Moving to the cloud with hosted apps and desktops leaves time for your firm to focus on your real work and growing your business. Using the cloud solution, the days of having to manage apps, desktops and servers are in the past. Instead, all the updates and patches are handled for you. Are you ready to move to the cloud?