Full Sail Partners Blog | A&E Firms

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your unique needs may be, but we are also able to provide ways of streamlining systems and offer possible solutions to outdated workflows.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.

Selecting and implementing an Enterprise Resource Planning (ERP) system is a complex and critical process for any size professional services firm. Those investing in an ERP need to understand it can take significant time and is a decision that will impact your firm for many years if not decades. Here are five common mistakes made during an ERP search and our advice on avoiding them.

#1 Insufficient Needs Assessment

Mistake: Failing to thoroughly understand and document the professional services firm's specific business requirements and needs. It’s important to keep the “end in mind.” What are your long-term goals? How will you know if this project is successful or not? “Easier” isn’t a real goal. Easy is subjective. Business requirements should be Specific, Measurable, Achievable, Relevant, and Time-Bound (SMART GOALS AND OBJECTIVE SETTING).

Consequence: Choosing an ERP system that doesn't align with the organization's unique processes both current and future needs, leading to inefficiencies and potential failed implementations. It is very important to be on the same page across the entire firm. The firm needs to come together as one, and not have fragmented processes for an ERP implementation to be successful.

Our Advice: Make sure that every department (from business development to project tracking to forecasting to billing) has their needs documented. Understand where there are inefficiencies and where you need improvement. What measurable results are you looking for from those improvements?

#2 Lack of Executive Involvement

Mistake: Not having strong executive sponsorship and involvement throughout the entire ERP process. This includes the evaluation process, selection, kick-off, key milestones, and ongoing commitment to improvement. Change Management really starts with the leaders of the company. As we all know, change is not always easy. Having leadership be an advocate and having strong communication downstream will ensure you reach the “end in mind.”

Consequence: Lack of commitment from top management may result in inadequate resources, funding, and overall support for the ERP project, increasing the risk of failure. Executive involvement can ensure that all departments are aligned and that everyone can see the bigger picture.

Our Advice: Ensure C-Suite is involved throughout the evaluation process, so they can be an advocate during the implementation, and they share the strategic vision and benefits this will bring to your professional services firm.

#3 Inadequate Vendor Evaluation

Mistake: Rushing the vendor selection process or not thoroughly evaluating potential ERP vendors. Many vendors can seem similar on the surface. Taking the time to dive into specific differentiators and finding the vendor that is best suited for your needs is important.

Consequence: Choosing a vendor without considering factors such as financial stability, support capabilities, industry expertise, and long-term viability, can lead to problems during implementation and ongoing use.

Our Advice: Make sure to consider your ERP vendor as a long-term partner. Make sure the ERP can grow with your professional services firm and that you have established strong relationships with the organization and consultants that will implement your software. Some questions to ask yourself:

• ✓ Do the vendor and the consultants understand your business?
• ✓ How long has this ERP provider been in business? Is ERP their primary focus?
• ✓ Are there user groups and other references of similar companies?

#4 Overlooking Change Management

Mistake: Underestimating the importance of change management and employee training. This can mean different things to different departments. Some employees or departments may be affected more than others, and it is important to understand the micro level of the impact that any change may have.

Consequence: Resistance from employees, lack of user adoption, and increased likelihood of project delays or failure due to insufficient preparation for the organizational changes associated with ERP implementation. If users do not see the benefits of change, they might look at it as additional or unnecessary work.

Our Advice: Making sure to have executive involvement throughout the evaluation and implementation will help with change management a ton. Consistent reminders of the benefits this will bring both to your professional services firm and to each specific role are critical for the full adoption of a new ERP.

#5 Not Understanding the Time and Resource Commitment

Mistake: Focusing solely on upfront costs and not considering the long-term expenses associated with ERP implementation and maintenance. ERP is not a “one-and-done” investment. Consistent monitoring and evaluation of your internal processes is critical to stay on track with your long-term goals.

Consequence: Unexpected costs, and challenges in maintaining the ERP system over time, impacting the overall return on investment. Depending on how the software is deployed (SaaS vs. On-Premise), there are different ongoing costs to consider.

Our Advice: Have in mind who will be the champions of the implementation. Having a strong Project Coordinator will ensure things go smoothly. Training doesn’t end when you go live. You need to anticipate some ongoing training, periodic refreshing, and of course, new hire training. Think about questions like will there be an internal “power user” to conduct these, or will you be looking to hire consulting for this?

Carefully Tread When Doing the ERP Search

The choice you make for an ERP for your professional services firm is a decision that will greatly affect your firm down the road and must be done thoughtfully. To avoid these common mistakes when searching, organizations should invest time in comprehensive planning, involve key stakeholders, conduct thorough vendor evaluations, prioritize change management, and carefully assess the total cost of ownership throughout the ERP search and implementation process. Need help figuring out which ERP you should use? Let us give you a hand!

As Full Sail Partners launches another exciting new year, we thought it would be a great time to reflect back on the Top 5 Deltek Vantagepoint Mini-Demos of 2023! Chosen for their popularity, they showcase cutting-edge features that have resonated with users across diverse roles in professional services firms. Each leverages the expertise of our various presenters to create a profound impact on your use of Deltek Vantagepoint. Whether project managers, finance experts, or sales and marketing leaders, these mini-demos were designed to elevate your proficiency with Deltek Vantagepoint. So, without further ado, here are the top 5 mini-demos of 2023! 

#5: Finance & Project Accounting Oversight in Deltek Vantagepoint Dashboards 

Kicking us off at number 5 we have "Powering Project Success with Deltek Vantagepoint – Finance & Project Accounting Oversight in Deltek Vantagepoint Dashboards." In this demo, Theresa DePew, Senior Finance Consultant, showcases the transformative potential of Vantagepoint dashboards. She provides insights into navigating critical financial metrics such as revenue, expenses, and profitability. Theresa's expertise ensures that you not only gain a comprehensive understanding of these dashboards but also acquire the skills to make informed decisions and take proactive measures in managing your finances and projects adeptly. 

Some of Theresa’s favorite dashparts, including Profit & Loss (P&L), Accounts Receivable (AR), Cash Receipts, Billing Review, and Draft Invoice Approval, are featured prominently in this mini demo. These dashparts serve as integral tools, offering quick snapshots of income statements, simplifying collection tracking, and streamlining billing processes. Use this Deltek Vantagepoint mini demo to learn how to enhance your skills and leverage the ultimate tool for success in project management. 

#4: Different Ways to View & Manage Resources in Deltek Vantagepoint 

Learn the capabilities of Deltek Vantagepoint's Resource View with our fourth most popular mini-demo, "Powering Project Success with Deltek Vantagepoint – Different Ways to View & Manage Resources in Deltek Vantagepoint." Here, Principal Consultant, Terri Agnew, demonstrates how to make Resource View an essential asset in your resource management toolkit. 

She guides you through the three distinct capacity views offered by this powerful tool. Explore Planned Hours for a simplified understanding of your team's scheduled workload, utilize Scheduled % to identify resource allocation through a heat map, and delve into Utilization % to effectively track resource utilization against targets. This mini demo offers the insights needed to optimize your team's scheduling and utilization with Deltek Vantagepoint. 

#3: Utilize Schedule Dependencies for Resource Planning 

Coming in at our third most popular mini-demo is "Powering Project Success with Deltek Vantagepoint – Utilize Schedule Dependencies for Resource Planning." This time, Terri shows you how pivotal schedule dependencies can be for resource planning. This mini demo takes you through the creation of four distinct types of dependencies and illustrates three different methods for applying dependency relationships between phases, tasks, and labor codes. 

Terri also explains how schedule dependencies empower you to build meaningful relationships within your project, providing a holistic view of the overall schedule. This mini demo not only demonstrates the practical application of these features but also emphasizes their significance in easily updating schedules as dates change allowing you to elevate your project management capabilities. 

#2: Maximizing Efficiency and Accuracy in Invoice Creation with Vantagepoint's Mark-Up on Draft Invoices Feature 

For our second most popular spot, we have the mini-demo "Powering Project Success with Deltek Vantagepoint – Maximizing Efficiency and Accuracy in Invoice Creation with Vantagepoint's Mark-Up on Draft Invoices Feature." Here, Theresa DePew, Senior Finance Consultant, demonstrates the prowess of Deltek Vantagepoint's mark-up on draft invoices feature, showcasing how it can streamline your invoice review process, minimize errors, and enhance overall efficiency. The mark-up feature enables quick additions or removals of items, fee adjustments, and the inclusion of notes or comments for additional context.  

In this mini-demo, Theresa guides you through the creation of a draft invoice, demonstrating how to mark-up items, adjust fees, and incorporate vital notes, ensuring your clients receive comprehensive and accurate information. Also spotlighted are time-saving techniques such as reusing common billing items and tracking invoice status and history. See how Deltek Vantagepoint's mark-up on draft invoices feature can elevate your billing process and contribute to more effective client relationship management.  

#1: Project Management Oversight in Deltek Vantagepoint Dashboards 

Last, but certainly not least, we have "Powering Project Success with Deltek Vantagepoint – Project Management Oversight in Deltek Vantagepoint Dashboards” at our number 1 spot! In this mini demo, our expert, Rana Blair, Principal Consultant, demonstrates how these dashboards can revolutionize your workflows and provide invaluable insights. Whether you're a project manager, finance or project accounting professional, or a sales and marketing guru, this mini demo is tailored to focus on specific areas of business, driving your success to new heights. 

The number one rated mini demo offers visibility into crucial metrics such as budget, schedule, and resource allocation, allowing you to identify potential issues and take proactive steps to keep your projects on track. Rana also points out her favorite dashboards and dashparts, including My Team’s Project Performance Dashboard, My Project Performance Dashboard, and My Project Percent Complete Entry from Dashboards. Get crucial insights into budgets, schedules, and resources to elevate your project management game. 

Powering Your Project Success in 2024 

Now that you’ve been able to review the Top 5 Deltek Vantagepoint Mini-Demos of 2023, it is an ideal time to choose what topics best fit your professional services firm. Whether you're needing to sort out your finances, manage resources, create invoices, or keep tabs on projects, these top five mini-demos can help ensure you get better at fully utilizing your Deltek Vantagepoint system in the new year. They are available to watch on demand, and as always, Full Sail Partners would love to assist you in further exploring these Deltek Vantagepoint features.  

To find these mini demos as well as the others that are part of our Powering Project Success with Deltek Vantagepoint click the image below. 

Welcome to the final installment of our comprehensive series recap of the 44th Annual Deltek Clarity Architecture and Engineering (A&E) Study. Today, we embark on an in-depth exploration of the financial management trends found in the newest Deltek Clarity A&E Industry Report which focused on 2022 fiscal data. This report offers a rich tapestry of insights, shedding light on the critical financial dynamics that are currently influencing the industry.   

A Year of Remarkable Financial Success

In 2022, A&E firms achieved remarkable financial success, building on the bullish goals they set for themselves in 2021. One of the standout trends in the industry was the ability of firms to leverage direct labor costs and subconsultants effectively to drive increased revenues in 2022, leading to substantial improvements in operating profit (EBIT). Notably, revenue growth outpaced growth in headcount and wages, and firms achieved gains across various financial metrics.

This indicates the ability of A&E firms to make strategic investments during favorable economic conditions. On average, firms’ financial performance outshone expectations. To sustain this momentum, firms must continue to focus on key financial management trends and top financial initiatives.

Addressing Top Financial Challenges

As we look into the financial landscape of 2023, it's important to note that the most prominent challenges faced by A&E firms remain consistent with those of previous years.

• Finding and Retaining Qualified Staff: This is the most prominent financial challenge identified by firms in 2022 and it remains the top concern, with 65% of A&E firms identifying it as one of their top three challenges.
• Increasing Profitability: 45% of respondents indicated that increasing profitability was one of their top challenges. To handle this, A&E firms continue to refine their strategies and use technology and process improvements to reduce project delivery costs, particularly for time-intensive and manual tasks.
• Managing Growth: Tied with increasing profitability, growth management is a concern for 45% of companies in the A&E sector. Firms must address the challenge of managing growth effectively by balancing robust pipelines of new projects with existing resources to ensure profitable project delivery despite rising costs.

Financial Improvement Initiatives

Once again, this year’s financial improvement initiatives are very similar to the previous year. Below are some of the critical initiatives that A&E firms have highlighted as requiring attention throughout the current year and into the next:

• Business Process Improvements: The most significant initiative of the year, as indicated by over half of the firms surveyed (55%), is prioritizing business process improvements in their financial strategies.
• Training Project Managers on Financials: Ensuring that project managers have a strong understanding of financial management principles is essential for optimizing project delivery. This initiative was the leader in last year's results, but it has dropped to a close second this year with 52% of A&E firms citing a need for improvement.
• Increase Talent Spending: Investing in hiring and retaining top talent is critical to achieving sustainable growth. By attracting and retaining the industry's brightest minds, A&E firms not only ensure their competitive edge but also foster a culture of innovation and excellence that permeates every project they undertake.
• Better Managing Growth: A&E firms recognize the need to drive efficiency and effectiveness in pipeline management, talent development, project execution, and cash flow management. Streamlining these critical aspects of their operations allows them to not only meet client demands but also adapt swiftly to industry changes, ensuring long-term viability in an ever-evolving market.
• Business Process Improvements: By identifying and implementing process improvements, sucA&E firms can reduce time-consuming manual tasks, minimize errors, and enhance productivity, ultimately freeing up resources to focus on strategic initiatives that drive growth and innovation.

The Path Forward for Financial Management

This section of the 44th Deltek Clarity A&E Industry study delved deep into the financial management trends within the A&E industry, offering a comprehensive view of the financial dynamics shaping this sector. This year we witnessed remarkable financial success, with firms strategically leveraging their resources to achieve impressive revenue growth, outpacing the expansion of their workforce and wage costs. As they continue to navigate the ever-changing economic landscape, these A&E firms must remain vigilant in their approach to financial management.

To gain a more comprehensive understanding of this year's financial trends and their implications for the architecture and engineering sector, we encourage you to explore the complete 44th Annual Deltek Clarity A&E Report. It provides an in-depth analysis and a wealth of insights, serving as an invaluable resource for professionals and organizations in this ever-evolving industry.

As part of our ongoing commitment to exploring the latest industry insights, Full Sail Partners has been diligently examining the data from the Deltek Clarity Report, and this blog represents another installment in our series dedicated to this topic. The 44th Annual Deltek A&E Clarity Study is a beacon, illuminating the crucial technology trends that are reshaping the Architecture and Engineering (A&E) sector. Firms are strategically leveraging technology to achieve digital maturity, enhance cybersecurity, and refine business processes. In this blog, we'll dissect key findings from the study's Technology Trends section to provide valuable insights for industry professionals.  

Addressing Top Technology Challenges

To overcome the paramount challenges presented by technology, firms must extend their focus beyond merely recognizing emerging trends. An essential component of success involves equipping their staff with the requisite knowledge and skills to harness these technologies effectively. Establishing a culture of comprehensive education throughout the operational staff is pivotal for the deployment of these solutions. Furthermore, firms can greatly enhance their technology adoption by fostering collaboration with external experts. These experts bring a wealth of experience and specialized knowledge, which can be instrumental in seamlessly and cost-effectively integrating technology solutions into the firm's existing workflows.

Strategic Technology Plans and Digital Maturity

Firms are prioritizing strategic technology plans to navigate challenges related to rising costs and talent management. They're investing in high-impact areas such as project management and financial management. However, an uptick in manual data entry indicates a potential gap between strategic goals and implementation. Despite this, firms are advancing digitally, bringing more operations in-house and empowering staff as technology champions.

Firms are increasingly confident about achieving digital maturity, with 32% now self-classifying as advanced or mature, up from 18% in 2021. Looking ahead, 82% envision advanced or mature stages in five years. However, realizing this vision requires a solid plan and actionable tactics to turn optimism into reality. For more information, take a look at the Digital Transformation Maturity Spectrum in the Deltek Clarity Architecture and Engineering Industry Study, linked at the bottom of this blog.

Managing Technology Costs

Rising technology costs are a significant concern for firms, underscoring the need for strategic evaluation of existing technology to align with overarching objectives. Prioritizing solutions that offer both immediate and long-term ROI is essential for cost-effective technology adoption. Internal champions play a pivotal role by facilitating seamless integration and inspiring colleagues, contributing to heightened employee engagement and retention rates. Cultivating a culture of technology champions ensures that firms maximize their technology investments while enhancing overall workforce effectiveness.

Overcoming Technology Adoption Hurdles

The adoption of emerging technologies presents several challenges, including concerns regarding their relevance, the absence of internal expertise, and potential knowledge gaps among employees. To effectively address these hurdles, firms are encouraged to proactively invest in upskilling their existing staff. This investment not only equips employees with the necessary skills but also fosters a culture of continuous learning and adaptability, crucial in today's dynamic technological landscape. Additionally, leveraging tech-savvy champions within the organization can be transformative. These champions serve as enthusiastic advocates for technology initiatives, bridging the gap between vision and implementation.

Data and Cybersecurity Concerns

Data and cybersecurity are paramount in the A&E industry, with 68% of firms citing it as a top IT operations challenge. Cybersecurity threats impact businesses, making robust security policies and procedures crucial. Ensuring the protection of sensitive information and maintaining clients' trust are central to the industry's continued success.

Redefining Digital Transformation

A&E firms are continually evolving their use of technology to gain a competitive edge. While digital maturity is on the rise in companies of all sizes, technology costs can be a significant barrier. Firms are encouraged to focus on upskilling staff and leveraging existing technology capabilities, as this strategic approach can not only drive operational excellence but also empower firms to navigate the challenges posed by the fast-paced technology landscape effectively. By investing in their workforce and maximizing the potential of their current technology solutions, companies can position themselves as industry leaders ready to embrace the future of technology.

Manual Data Entry: A Persistent Challenge

Even with advanced technological solutions at our disposal, many organizations still find themselves heavily dependent on labor-intensive manual data entry. This dependence spans across various departments, including administrative, accounting, finance, and operations, where human intervention remains a necessity. To optimize their operations and enhance efficiency, these businesses must pinpoint existing inefficiencies and begin to automate their workflows.

A closer look at the statistics reveals the extent of this reliance on manual data entry across key organizational departments:

• A significant 72% of accounting and finance departments within firms rely anywhere from completely to moderately on manual data entry.
• Similarly, a substantial 74% of Operations/Resource Management departments within these organizations are found to be anywhere from completely to moderately reliant on manual data entry.
• Furthermore, a staggering 81% of Administrative/Management divisions within firms also exhibit a significant reliance on manual data entry.

These figures underscore the pressing need for organizations to embrace automation and technological advancements to alleviate the burdens of manual data entry and unlock the full potential of their workforce.

Embrace the Future of Technology

To flourish in this technology-driven era, firms must go beyond acknowledging emerging trends; they must empower their staff with the skills and knowledge needed to harness these technologies effectively. Cultivating a culture of comprehensive education across operational staff is pivotal for the successful deployment of these solutions, and collaboration with external experts can significantly amplify technology adoption.

As A&E firms strive for digital maturity and navigate the challenges of rising technology costs, they must continue investing in their workforce and maximizing the potential of their current technology solutions. This strategic approach not only drives operational excellence but also positions companies as industry leaders prepared to embrace the future of technology. Despite the persistence of manual data entry challenges, the industry's resilience and commitment to transformation ensure that the path forward remains illuminated by the beacon of technological progress.

For more details on Technology Trends from the 44th Clarity Study, read the entire report. 

Within Deltek Vantagepoint lies an extremely useful tool that, when enabled and configured, allows a professional services firm to manage multiple companies within a single Deltek Vantagepoint database. However, the benefits of multicompany functionality seem to elude many professional services firms that would gain the most from its capabilities. So, in this blog, let’s delve into this multicompany functionality and discuss why, when, and how firms should use this fantastic feature.

Why Use Deltek Vantagepoint Multicompany?

Basically, the need for a multicompany environment comes down to the ability to track entities with separate tax ID numbers in a single Deltek Vantagepoint database. Some of the scenarios that require multicompany management include:

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

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

When a professional services firm decides to utilize multicompany functionality, it is recommended that sub-ledgers be enabled to track the due to and due from, and clear intercompany balances. With multicompany enabled, users can use both the Accounts Payable and Accounts Receivable aging reports for intercompany balances.

First Determine the Internal Pricing Structure

Upon implementing multicompany functionality in Deltek Vantagepoint, professional services firms must first determine what internal pricing structure to adopt. The options are:

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

Keep in mind that there is considerable flexibility within the options above. Different methods can be configured for different transaction types. Also, by order of operation, the distinct options can be overwritten at the individual company level or by the project at the lowest WBS level.

Intercompany billing makes accounting’s job easier regarding multicompany transactions. When transactions are made to projects not in the home company (the company where the transaction is being posted), invoices and vouchers are created through a series of postings that are reflected in the general ledgers (GLs) of the respective companies. These invoices and vouchers also appear on the Accounts Receivable and Accounts Payable aging reports noted above. The Accounts Payable and Accounts Receivable balances can then be cleared by using the standard check processing and cash receipt routines.

More Benefits of Multicompany

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

A multicompany database permits each company to maintain a unique GL while still only creating one set of shared GL account numbers. Furthermore, professional services firms can restrict GL account numbers, and other master records can be shared and/or restricted as well. Vendors (managed in the Vantagepoint Firms Hub) can be shared across the enterprise. However, the accounting tab is company-specific for account number and 1099 purposes.

In addition to the benefits mentioned above, the multi-currency application works in tandem with multicompany to allow companies to have a unique functional currency – the currency the company does business in. This is an excellent feature for professional services firms that work internationally. Lastly, the consolidation process can include Generally Accepted Accounting Principles (GAAP) compliant currency translations and gains/losses entries.

Take Advantage of Deltek Vantagepoint Multicompany Functionality

Is the multicompany functionality in Deltek Vantagepoint the right fit for your professional services firm? Don't leave it to guesswork. Schedule a Navigational Analysis with Full Sail Partners today. We'll help you assess your firm's unique needs and guide you in determining if the multicompany feature is the best solution for you. Dive deeper, make informed decisions, and ensure your firm sails smoothly towards success. Contact us now and let's chart the best course for your business!

Full Sail Partners has been closely following the annual Deltek Clarity Architecture and Engineering Industry Study, and in our previous blogs, we've delved into various aspects of this comprehensive report. As we continue our exploration of this year's 44th Annual Deltek Clarity study, we shift our focus to the critical realm of project management within the architecture and engineering (A&E) industry. This sector struggles with numerous challenges daily, and the study offers valuable insights into the current trends and issues affecting project managers. In this blog, we will dissect key findings from the study, particularly homing in on project management challenges and the strategic initiatives poised to address them. 

Project Management Challenges 

In the ever-evolving realm of architecture and engineering, project management is the linchpin of success. However, it's not without its formidable challenges. In this section, we'll delve into these critical challenges, from gaining better visibility into KPIs to grappling with staffing shortages. Furthermore, we will discuss strategies for overcoming them to achieve project management excellence. 

Visibility into Project Management KPIs: Project managers grapple with obtaining clear insights into key performance indicators (KPIs) and the tools required to manage them effectively. This issue affects project performance and client satisfaction. 

Projects on or Ahead of Schedule: 59.76% of projects are on track for schedule and budget. Despite this, staffing challenges continue to persist and impact project outcomes. 

Competing Priorities: A&E firms with well-defined roles, responsibilities, and efficient tools are better equipped to manage project resources. Quality control hubs, such as Centers of Excellence (CoEs) and Project Management Offices (PMOs), are instrumental in driving best practices. 

Staff Shortages: The industry continues to struggle with hiring and retaining skilled staff, with 62% of firms identifying it in their top 3 concerns. Offering tools, training, and attractive work cultures can help attract and retain next-generation project managers. 

Project Management Solutions 

Navigating the intricate landscape of project management in the architecture and engineering industry demands not just an understanding of the challenges but also the strategies to overcome them. In this section, we'll explore proactive solutions that address the industry's top project management challenges. From upskilling and training to streamline project management to harnessing collaborative platforms for improved effectiveness, and investing in technology for seamless connectivity, we'll unravel the keys to project management success.  

Addressing Top Project Management Challenges: To overcome these challenges, A&E firms are reducing their reliance on new project manager hires. Instead, they are focusing on upskilling, training, promotion, and formal career development planning to maintain productivity and deliverable quality. 

Project Management Effectiveness: Staffing issues, strong pipelines, and backlogs combined with increased staffing costs and skill gaps can hinder project management effectiveness. Collaborative platforms and regular training can help bridge these gaps. 

Connecting Teams and Using Systems: A common challenge is connecting all relevant teams on the same platform and ensuring employees use these systems correctly. This requires investment in technology and proper training. 

Project Management KPIs 

Effective project management necessitates careful planning and monitoring through various KPIs. While financial KPIs such as net revenue, profitability, and multipliers are well-tracked, there's room for improvement in non-financial KPIs like client satisfaction, schedule variance, and earned value.  

Balancing Financial and Non-Financial KPIs: Top financial KPIs like net revenue, profitability, and multipliers continue to be tracked by most firms at 94%, 93% and 83% respectively. However, firms showed less reliance this year on the non-financial KPIs like client satisfaction and earned value, at only 36% and 18% of firms tracking these statistics. Achieving a balance between financial and non-financial KPIs is essential for successful project management. Focusing solely on financial metrics can lead to oversight of critical project aspects. 

Project Reporting Accuracy: While A&E firms are gaining confidence in reporting project costs accurately, there's still room for improvement in reporting project schedules. Accurate schedule reporting is crucial for project success. 

Project Management Initiatives 

As the architecture and engineering industry continues to evolve, it's imperative to not only identify challenges but also to proactively address them through strategic initiatives. In this section, we will explore how A&E firms are taking forward-looking steps to enhance project management. These initiatives encompass investing in internal project management expertise, defining roles more clearly, and harnessing the power of technology and software tools to pave the way for a more efficient future in project management.  

Investing in Internal Project Management: A key priority for A&E firms is investing in internal project management, replacing the focus on hiring more qualified staff. Developing best practices and clearly defining roles for project management are also top priorities. 

Leveraging Technology: While technology can provide substantial support in project management, only a small percentage of firms are prioritizing investments in better software tools. Maximizing the value of existing tools and technology is crucial. 

Facing Challenges with Project Management Head on  

The A&E industry faces ongoing challenges in project management, including visibility into KPIs, staffing shortages, and maintaining project schedules and budgets. However, A&E firms are proactively addressing these challenges by investing in training, upskilling, and improved project management processes. Balancing financial and non-financial KPIs, accurate reporting, and leveraging technology will be essential for future success in the industry. By nurturing a culture of continuous improvement and transparency, A&E firms can enhance project management effectiveness and, ultimately, client satisfaction. 

Why Deltek ProjectCon 2023 is a Must-Attend Event 

Are you prepared to propel your project-based business to the forefront of industry excellence? Look no further than the horizon of Deltek ProjectCon 2023 – an indispensable event for professionals deeply entrenched in project-focused industries. Overflowing with motivation, education, and unparalleled networking prospects, this year's conference emerges as an irreplaceable milestone on your journey.  

As proud sponsors, exhibitors, and presenters, Full Sail Partners eagerly extends an exclusive invitation to navigate this transformative journey, set to unfold at the enchanting Gaylord Palms Resort in Orlando, Florida, from October 16 to 18. Deltek ProjectCon isn't just a conference; it's an experience designed to empower you and your project-based firm.  

First off, here's a closer look at 3 big reasons why you ought to immediately circle this event on your calendar and claim your spot. 

#1: Learning Beyond Limits 

The Deltek annual conference boasts an impressive lineup of 300+ engaging sessions across 15 racks that promise to deepen your product knowledge and provide valuable insights into industry trends. Earn Continuing Professional Education (CPE) credits as you discover innovative solutions and services that will fuel your project success. Whether you're a seasoned professional or just starting your journey, the learning opportunities are boundless. 

Take a moment to review the session catalog here. 

#2: Forge Unbreakable Connections with Your Fellow Deltek Users 

Connectivity is key in the world of project-based business, and Deltek ProjectCon offers unparalleled networking opportunities. Engage with Deltek experts, peers from your related industry, fellow attendees, and, of course, the Full Sail Partners’ Crew! From one-on-one meetings to interactive braindates, you'll forge authentic connections that can propel your career and business forward. 

#3: A Fusion of Fun and Learning 

Deltek ProjectCon understands that it’s not all about business; it’s about having fun and building memories that matter too. Immerse yourself in special networking events, participate in philanthropic activities, and let loose at the epic customer appreciation party. It's a chance to relax, unwind, and recharge while still gaining valuable insights. 

If those reasons alone don’t give you enough motivation to come to Deltek ProjectCon this year, just remember that the Full Sail Partners’ team of experts will be available to conference attendees. We will not only be active participants in the event but will be presenting a valuable learning session that is one of a kind. And just like every year that Deltek has put on the annual conference, we will be bringing the knowledge that comes with more than 275 years of experience with Deltek products. 

Full Sail Partners: Your Guide to Project Management Superpowers 

As we step into our role as sponsors, exhibitors, and presenters at Deltek ProjectCon 2023, Full Sail Partners offers an exciting opportunity to witness our expertise firsthand. Brace yourself for a front-row seat to our presentation, "Unlocking Vantagepoint Integration Superpowers with Blackbox Connector," scheduled for Tuesday, October 17, at 2:00 p.m. ET.  

In this informative session, we’ll unveil how our turnkey Deltek Vantagepoint integration can revolutionize your connections with third-party applications. Say goodbye to coding headaches and hello to our seamless Blackbox Connectors for ADP Workforce Now, SAP Concur, Entrinsik Informer, Intuit Mailchimp, and more. Our low-code implementation strategy saves time, cuts costs, and eliminates upgrade worries, unleashing the true power of Blackbox Connector to transform your business with efficiency and productivity. 

Here’s what you can expect to learn during our session: 

• Unveiling the key benefits of turnkey Deltek Vantagepoint integrations and their far-reaching effects across diverse business functions. 
• Unpacking the tactical deployment of low-code strategies, ensuring seamless Deltek Vantagepoint system integration with third-party applications. 
• Identifying avenues for process enhancement through harnessing the prowess of Blackbox Connector. 

• Hearing compelling tales of successful Blackbox Connector implementations, directly from user experiences. 

Join our presenters, Pete Nuffer and Sarah Gonnella, in this very enlightening and inspiring session. To ensure you don't miss out, make sure to include our session on your must-attend list. You can conveniently add it to your program by clicking here.  

Unraveling the Full Sail Partners’ Experience 

The engagement doesn't stop after the presentation. Our experts are excited to connect with you at kiosk 5A in the lively XPO hall. Keep an eye out for our easily recognizable red shirts – the Full Sail Partners’ Crew is ready to address your questions, provide live demos, and assist you in realizing the full capabilities of your solutions. This is a valuable chance to tap into our collective expertise and equip yourself with the resources necessary to invigorate your project management pursuits. 

And we love meeting new clients “in real life” as well as catching up with familiar faces. So, stop by and say hi! 

Unlock Your Project Management Future at Deltek ProjectCon 2023 

If you're primed to amplify your project-based firm and open the door to unprecedented achievements, then Deltek ProjectCon 2023 beckons. Save the dates – for October 16 to 18 – and immerse yourself in the world of learning, connection, and fun to be had this year at the Gaylord Palms in Orlando, Florida. The horizon of Deltek Project Nation awaits you, and together, we shall cultivate a future where your project management prowess knows no bounds. 

Ready to secure your spot? Click the image below to register for Deltek ProjectCon 2023 today! Be sure to mention you heard about the conference from Full Sail Partners during your registration. We're eagerly counting down the days until we meet you there. We can't wait to see you! 

Human Capital Management is a critical aspect of the architecture and engineering (A&E) industry, as it plays a pivotal role in attracting, retaining, and developing skilled talent to drive business growth. The 44th Annual Deltek Clarity Architecture & Engineering Industry Study highlights key challenges and initiatives related to HCM in the A&E sector. In this blog, we will touch on some findings regarding HCM trends to understand how A&E firms can enhance their HCM strategies to stay competitive and succeed in today's dynamic market. 

Focus on Developing and Cross-Training Existing Staff  

With staffing challenges persisting and the cost of new hires on the rise, A&E firms must shift their focus towards developing and cross-training their existing staff. The Clarity study indicates that the number of firms reporting more open positions in 2022 fell compared to the previous year. To encourage this trend, these professional services firms are increasingly turning their attention to internal talent development to meet project demands effectively. 

To address this challenge, these professional services firms should invest in robust training and development programs that empower employees to acquire new skills and take on more responsibilities. By cross-training staff, A&E firms can create a more versatile workforce capable of delivering projects across different disciplines and specialties. Additionally, these efforts boost employee satisfaction and reduce turnover, leading to a more stable and productive work environment. 

Finding the Right Solutions and Tools for Talent Acquisition 

Acquiring the right talent is an ongoing challenge for A&E firms. This year’s Clarity study highlights difficulties in finding time and budget to select the best technology solutions that can identify and accelerate candidate selection. To address this issue, professional services firms like architects and engineers should explore innovative talent acquisition tools and techniques to widen the candidate pool and streamline the hiring process. 

Furthermore, implementing an efficient applicant tracking system (ATS) can help manage job postings, track candidate applications, and streamline the recruitment workflow. Also, leveraging artificial intelligence (AI) and data analytics in talent acquisition can provide valuable insights for identifying qualified candidates and predicting their potential fit within the organization. 

Offering Competitive Compensation 

In a competitive talent market, A&E firms are facing increasing pressure to offer attractive compensation packages to attract and retain top talent according to the 44th Clarity report. The cost of new hires is rising, and employees are seeking competitive pay and benefits to align with their skills and experience. 

To remain competitive, these professional services firms should regularly review their compensation structures, benchmark against industry standards, and consider geographical variances in salary offerings. Moreover, investing in compensation management tools can facilitate data-driven decision-making and ensure that salary offers are competitive and fair, reducing the risk of losing potential candidates to competitors. 

The Availability of Good Candidates 

Based on this year’s Clarity study, while the turnover rate has stabilized, the availability of qualified candidates remains a challenge. A&E firms should focus on nurturing and developing existing talent while seeking external candidates to fill open positions. Upskilling, cross-training, and offering career development opportunities are essential to position firms for growth. 

Furthermore, creating a strong employer brand through targeted employer branding initiatives and robust employee value proposition (EVP) can help attract diverse and skilled candidates. These professional services firms can additionally leverage their existing employees as brand ambassadors to promote the company culture and highlight growth opportunities within the organization. 

Building Diversity, Equity, and Inclusion (DE&I) Programs  

The 44th Deltek Clarity study emphasizes the growing importance of DE&I initiatives in these professional services firms. Many A&E firms acknowledge the need for DE&I programs but are unsure about how to measure and implement them effectively. 

A&E firms should start by conducting a DE&I assessment to identify areas for improvement and set specific goals for enhancing diversity and fostering a more inclusive workplace. Creating an inclusive work environment requires ongoing efforts, including diverse hiring practices, inclusive leadership training, and regular monitoring of DE&I metrics to measure progress. 

Learn More about HCM Trends from the 44th Deltek Annual A&E Clarity Study 

As seen from the findings of this year’s Clarity report, Human Capital Management is a critical factor in the success of architecture and engineering firms. By focusing on developing existing staff, implementing effective talent acquisition tools, offering competitive compensation, nurturing good candidates, and building robust DE&I programs, these professional services firms can position themselves for growth and stay ahead in a competitive market. Additionally, leveraging technology and data-driven strategies can further optimize HCM efforts, leading to improved employee satisfaction, reduced turnover, and overall business success. As the A&E industry evolves, firms that prioritize and invest in their human capital will be better equipped to tackle challenges and seize opportunities for future growth.  

For more details on HCM Trends from the 44th Clarity Study, read the entire report. 

In light of the recently unveiled 44th Annual Deltek Clarity Architecture & Engineering (A&E) Industry Study, we now have the opportunity for an in-depth exploration of its key sections, beginning with a comprehensive analysis of the Business Development Trends. In this dynamic industry, architecture and engineering firms are faced with the challenge of navigating a landscape marked by both strong growth prospects and increasing competition. To stay ahead, these professional services firms must adopt a more strategic approach to capture planning, leverage internal resources effectively, and nurture client relationships.  

Here in this blog, let’s delve into some of the key insights and initiatives from the 44th Clarity A&E report that will drive success for these professional services firms seeking sustainable growth and a competitive edge in the market. So, what are some of the latest trends shaping the future of business development in the architecture and engineering sector? 

Revenue Growth Forecast 

This year’s Clarity study predicts a robust but more conservative revenue growth forecast for architecture and engineering firms. While the industry remains strong, A&E firms need to be cautious and strategic in their pursuit of revenue growth. This calls for more careful capture planning and leveraging internal resources effectively to build momentum for future growth. To achieve success in this landscape, these professional services firms must align their strategies with the changing market dynamics and economic conditions. 

Identifying New Prospects and Increased Competition 

Qualifying potential clients that align with an A&E firm's strengths is a persistent challenge in the industry. As markets evolve, firms must be more selective in targeting pursuits that align closely with their offerings, talents, and resources. Simultaneously, they should diversify into markets that align with their long-term business goals. The 44th Deltek Clarity study also highlights increased M&A activity, leading to larger firms with greater resources. This poses a dual challenge for A&E firms, as it both intensifies competition and opens opportunities for collaboration through strategic networking and teaming. 

Time to Nurture Client Relationships 

With the market poised for continued growth, nurturing existing client relationships becomes paramount according to this year’s Clarity study. A&E firms must invest in fostering strong and lasting connections with their current clients. This involves understanding their needs, providing exceptional service, and identifying opportunities to add value. In addition, these professional services firms need to innovate and find creative ways to attract new prospects, leveraging their existing business development talent to cultivate new leads. 

Challenges and Initiatives 

The 44th Deltek Clarity study identifies several challenges faced by architecture and engineering firms. Time constraints, limited resources, and the increasing cost of competing for projects are significant hurdles. To address these challenges, A&E firms are adopting cross-training initiatives. By empowering internal staff to handle business development tasks, these professional services firms can effectively utilize their resources and create a more robust and adaptable workforce. 

Furthermore, implementing a formal go/no-go process is another crucial initiative that A&E firms are focusing on. This process allows firms to evaluate potential projects more objectively, considering factors such as staffing levels and internal business metrics. By making informed decisions on project pursuits, these professional services firms can improve their win rates and optimize their use of resources. 

Net Revenue Growth Forecast 

This year’s study highlights a decline in the net revenue growth forecast for 2023 compared to the post-pandemic high of 17.6% in 2022. While the forecasted growth of 10.2% remains positive, A&E firms need to carefully monitor market conditions and adjust their strategies accordingly. This reduced growth forecast calls for a more cautious and strategic approach to business development, ensuring that firms maintain a strong financial performance despite the changing market dynamics. 

Marketing Techniques and Future Outlook 

A&E firms are employing a mix of marketing techniques to reach and engage their target audience based on the 44th Deltek Clarity report. It notes that social media and client-specific marketing continue to be top strategies, providing these professional services firms with avenues to showcase their expertise and build strong relationships with clients. Additionally, as in-person events become safer post-pandemic, trade shows and exhibits are regaining importance as effective marketing opportunities. 

Looking ahead, A&E firms must remain adaptable and open to emerging marketing technologies. As the industry evolves, these professional services businesses need to embrace digital strategies and explore new avenues to reach potential clients effectively. 

Learn Even More About Business Development Trends for A&E Firms 

The 44th Deltek Clarity A&E Industry Study provides valuable insights into the current and future business development trends in the architecture and engineering sector. By adopting strategic planning, nurturing client relationships, and making the most of their internal resources, A&E firms can navigate the changing landscape and ensure sustainable growth in the competitive industry. Embracing a diversified marketing approach and staying receptive to emerging technologies will position these professional services firms for success in the dynamic architecture and engineering landscape. For more details on Business Development Trends, read the full report.