Full Sail Partners Blog | Deltek Vantagepoint

Without efficient document management, project-based firms would fall to pieces. The advent of advanced technologies, particularly in scanning and document processing, helped firms streamline this crucial aspect of their operations. Traditional scanning methods often fall short, only capturing document images without extracting crucial metadata such as client names, dates, or invoice amounts, unless manually inputted by associates.

What is OCR?

Optical Character Recognition (OCR) technology, also referred to as optical character reader, plays a pivotal role in modern document management systems. It involves the conversion of images containing typed, handwritten, or printed text into machine-encoded text. Various sources can be converted such as scanned documents, photographs of documents, scene photos capturing text on signs or billboards, or even subtitled text overlaid on images from television broadcasts.

OCR technology was developed by Emanuel Goldberg, making its debut in 1914. Initially, it was developed to aid the visually impaired in reading characters. Over time, OCR capabilities have evolved significantly, becoming useful in various everyday applications such as airport processes, mail handling, and banking.

Early iterations of OCR systems required training with images of individual characters and were limited to working with one font at a time. However, advancements in technology, and most notably in AI, have led to the development of sophisticated systems capable of achieving high accuracy across a wide range of fonts. Modern OCR systems can support various image file formats as inputs, enhancing their versatility and applicability.

Some OCR systems can even reproduce formatted output closely resembling the original document layout, including images, columns, and other non-textual components. This capability ensures that the digitized documents retain their visual integrity and readability, further enhancing the utility of OCR in document management and data processing tasks.

OCR engines have evolved into specialized software applications tailored to specific subjects such as receipts, invoices, checks, and legal billing documents. These applications offer a multitude of functionalities, including:

• Entering data for business documents like checks, invoices, and receipts
• Extracting business card information and integrating it into contact lists
• Creating digital versions of printed documents
• Enhancing document searchability by converting scanned documents into searchable PDFs

These applications show off the versatility and significance of OCR technology in modern-day document management. The adoption of OCR solutions is poised to become increasingly integral to firms’ operational workflows, driving efficiency, accuracy, and overall productivity.

What is ICR?

Intelligent Character Recognition (ICR) software goes a step further than OCR, recognizing various fonts and handwriting styles. This distinction is crucial for grasping the nuances of modern document processing. ICR swiftly extracts information from scanned paper documents, digitally storing it for analytical reporting and seamless integration into business processes. Its self-learning systems continuously update recognition databases, achieving accuracy rates exceeding 97% for structured forms.

An important application is Automated Forms Processing, pioneered in 1993, streamlining data extraction from real-world forms. While OCR focuses on machine-printed text, ICR excels in deciphering hand-printed characters, though it faces some challenges with cursive handwriting. As businesses embrace digital transformation, ICR's adoption promises enhanced efficiency and accuracy in document management, revolutionizing data processing workflows.

Benefits of ICR

While OCR remains a cost-effective solution for basic document management needs, ICR offers advanced features tailored to the requirements of project-based firms. Not only does the ability to decipher handwritten notes and diverse fonts expand its utility beyond OCR, but the automatic retrieval of relevant data mitigates the risk of human input errors, a common challenge with manual data entry processes.

ICR in Accounting

In the realm of accounting, ICR proves particularly invaluable, streamlining the processing of various financial documents such as accounts payable, invoices, purchase orders, and payroll forms. For larger firms handling a high volume of documents monthly, ICR significantly reduces the time and effort expended on manual data entry tasks, thereby enhancing operational efficiency.

Mobile Expense Retrieval with Deltek Vantagepoint

Leading ERP systems provider Deltek has embraced ICR technology within its flagship solution, Deltek Vantagepoint. Leveraging ICR capabilities, Vantagepoint's mobile expense feature enables users to capture receipts via photographs, with the software automatically extracting relevant text and populating fields. This eliminates the need for manual data entry, empowering accounting teams to track project budgets seamlessly throughout the project lifecycle.

Looking Ahead

As technology continues to evolve, Deltek remains at the forefront of innovation, exploring additional applications of ICR to further streamline business operations. Stay updated as Deltek continues to test and integrate ICR capabilities into various facets of its ERP system, promising even greater efficiency gains for project-based firms.

In today’s world of project management, monitoring project costs incurred & projected, as well as forecasting project profitability, are crucial for the success of any project. Deltek Vantagepoint, a leading project management software, offers a robust solution for this by integrating contract management, project budgeting, and project planning tools. This article provides a comprehensive overview to help project managers and consultants effectively leverage this robust project management tool.

Contract Management, Project Budget, and Planning Integration

Deltek Vantagepoint stands out by allowing users to view and manage contract values, budget, and planning information simultaneously. This seamless integration is visible in the Project Review form, where important data such as contractual fees, budgeted estimated costs at completion (EAC), planned costs (ETC), and projected profits are displayed comprehensively. Users can drill down to the details in the work breakdown structure (WBS), allowing budget management from a high-level overview or down to any of the specific phases or tasks.

Detailed Budgeting Process

The project budget tool in Deltek Vantagepoint enables detailed budget entries at the lowest WBS levels, facilitating accurate labor, expense, and consultant budgeting. This granularity ensures that every aspect of a project, from concept design to completion, is budgeted for. Users can switch between cost and billing views for reporting, accommodating different project management needs. Budgets are entered at the labor code level for labor hours. For expenses, budgets are entered into GL accounts for the expense and can be detailed out to the vendor, such as a subconsultant.

Planning Tool and Baseline Budgets

Vantagepoint's project planning tool allows for establishing baseline plans reflective of the original contract. Project managers can update estimates to complete (ETC) based on real-time project developments, such as changes to the schedule, staff availability, and scope changes, ensuring that the resource plan reflects current project realities. This dynamic approach to project management allows for timely adjustments and re-forecasting, essential for maintaining project profitability.

Analyzing Project Performance

The integration of budget and planning tools within the Project Review view facilitates a comprehensive analysis of project performance. At the bottom of the Project Review form, there are several key performance indicators (KPIs) such as effective multiplier, % expended, % earned, and profit margins which are automatically updated based on the latest budget and planning data. This real-time feedback enables project managers to identify deviations from the budget early and take corrective actions, such as requesting additional services or revising estimates.

Comprehensive Project Overview

By returning to the project review screen, users can evaluate the overall financial health, including profit margins, effective multipliers, % expended, % earned, and overhead. The system provides insights into how actual spending and planning adjustments impact project profitability, offering a complete picture of the project's financial status. This holistic view and real-time feedback enable project managers to identify deviations from the budget early and take corrective actions quickly to avoid major budget overruns, ensuring the project remains on track financially.

Mastering Project Finances with Deltek Vantagepoint

Vantagepoint offers a powerful suite of tools for simplifying project budgeting and planning. By integrating these processes, project managers can maintain tight control over budgets, adjust plans in real-time, assist in decision-making, and ensure project success. For project managers and consultants looking to optimize their budgeting and planning processes, Deltek Vantagepoint provides a comprehensive solution. Click the image below to see how these tools are used effectively to manage project finances efficiently in a 15-minute demo.

In today's data-driven business environment, project-based firms face unique challenges that require comprehensive and flexible analytical capabilities. While Deltek Vantagepoint provides robust dashboards and visualizations, there are instances where the depth and breadth of analysis needed by firms surpass what's available out of the box. This is where the integration of a Business Intelligence (BI) tool, such as Informer, becomes not just beneficial but necessary.

Navigating Complex Data Landscapes

Project-based firms often deal with multifaceted data that sprawls across various Vantagepoint tables or hubs. When the task at hand involves pulling, analyzing, and comparing this data to unearth actionable insights, Informer steps in with its advanced visualization capabilities.

For instance, constructing a dashboard that integrates financial performance data from one table with project timelines from another can reveal insights into project profitability that might not be apparent from isolated datasets.

When your firm requires the integration and comparison of data across various Vantagepoint tables or Hubs, a BI tool like Informer BI Solution can provide the enhanced capability needed. This ability to build detailed visualizations using diverse database tables ensures a more comprehensive understanding of your firm's operations and project landscapes.

Merging External and Internal Data Streams

In many scenarios, the data residing within Vantagepoint needs to be enriched with information from external sources to provide a complete picture. This might include integrating information from a payroll provider, client satisfaction surveys, or external financial benchmarks. Informer allows for such integration, offering a unified platform where all data - internal and external - can be visualized and analyzed together. This holistic view is crucial for strategic decision-making, enabling firms to position themselves more competitively in the market.

Tailoring Reports to Specific Needs

Custom reports stand as a cornerstone for firms seeking in-depth analysis tailored to their specific needs. Unlike standard Vantagepoint reports, custom reporting tools allow for the creation of highly specialized reports that dive into the nuances of your firm's data. This bespoke approach ensures that firms can extract precise insights relevant to their unique projects and operational questions, facilitating strategic decisions rooted in comprehensive data analysis.

Leveraging Merge Templates for Consistency and Efficiency

Firms might consider adopting a BI tool like Informer if they seek to enhance document creation processes. Informer Templates automate and simplify the generation of crucial documents, such as invoices and fee proposals, by allowing non-technical users to apply conditional logic to smart forms. This capability highlights a firm's need for a BI tool when existing systems like Deltek Vantagepoint require extended functionality for efficient, error-free document production. Integrating BI tools ensures consistency and leverages a unified data source for generating key firm documents, indicating a strategic move toward operational efficiency.

Analyzing Scenarios and Forecasting 

Project-based firms thrive on their ability to anticipate and adapt to future scenarios. Informer's BI capabilities extend to advanced scenario analysis and forecasting, allowing firms to model various future states based on current and historical data. Whether it's forecasting cash flow, assessing the impact of potential market changes on project viability, or analyzing risk, these insights are invaluable for proactive management and strategic planning.

Reviewing Data Just-In-Time for Agile Decision-Making 

In a fast-paced project environment, the ability to make quick, informed decisions is crucial. Informer offers data visualization on your schedule, enabling firms to monitor key metrics and performance indicators as they happen. This just-in-time capability ensures that decision-makers have the most current information on your schedule, whether it's tracking project budgets, assessing resource allocations, or monitoring project milestones against deadlines.

Boosting Collaboration with Secure, Accessible Data

Data is most powerful when it's shared and accessible to those who need it. Informer elevates data sharing and collaboration, offering intuitive dashboards and reports accessible anytime, anywhere, ensuring a unified data approach among all team members. This seamless integration is enhanced by the Blackbox Connector for Informer, which aligns with Deltek Vantagepoint’s security protocols. It mirrors your organization's existing hierarchy and roles, simplifying user access management directly within Vantagepoint.

Power Your Projects: Elevate Your Business with Deltek Vantagepoint and Informer

In the world of project management, where data reigns supreme, the partnership between Deltek Vantagepoint and Informer emerges as your key to success. This powerful combination not only merges internal with external data for a comprehensive view but also tailors reporting to your unique needs and delivers insights in real time.

Elevate your project intelligence, streamline operations, and gain a competitive edge. Click on the image below to discover how Deltek Vantagepoint and Informer can transform your business, taking you from mere project management to powering your projects with unparalleled intelligence.

In a perfect world, professional services firms could invoice their clients for every charge to every project, and the clients would pay every invoice. However, in reality, nearly all professional services firms have write-offs. Write-offs can occur when your firm and your client agree that they don’t have to pay an invoice, when the client is unable to or refuses to pay an invoice, or when your firm is unable to bill all project charges to the client.

While writing-off charges is necessary sometimes, the good news is that each of these types of write-offs can be easily handled in Deltek Vantagepoint. Since write-offs impact the firm’s financial statements, it is crucial to have clear guidelines as to the accounting period in which they should be created/posted. In this blog, let’s talk a little bit about how to handle write-offs the “right” way to make the process as painless as possible.

Firm and Client Agree to a Reduction in an Invoice Amount

Did you accidentally invoice the client too much?  Did you send an invoice for a change order before it was fully approved? Or did the client argue about a portion of the invoice, and you agreed to a reduction in the invoice amount? 

When the client does not require a revised invoice, you may choose to do an invoice adjustment through the transaction center. It is recommended to use the original invoice number and date, and the WBS2/3 level from the original invoice. Doing so will result in the adjustment being applied to the original invoice, making receipt more efficient. One thing to consider when using this method is that if you keep invoices on file, the PDF invoice stored on the project will not show the adjustment. If the PDF invoice was later needed, it could be confusing that the total no longer matches the invoice amount that shows in the system.

If the client requires a revised invoice, or if you prefer to make sure the invoice on file matches the amount the system shows as billed, you may instead choose to void and reissue the invoice through Interactive Billing in Deltek Vantagepoint. Voiding an invoice reinstates the charges that were included with the invoice (which allows you the option to hold or write-off charges) and you would issue an invoice for the new amount. When voiding an invoice, it is best to post the void before running the revised one.

It is important to note that voiding an invoice will affect the financial statements, so be sure to void in a current, open accounting period. Another consideration with issuing a revised invoice is what invoice date to use. If it is agreed that the payment terms can start on the date of the original invoice, you can change the invoice date in the billing session options.

A Client is Unable to or Refuses to Pay an Invoice

Did your client go out of business? Did a portion of your work fail to meet expectations? And, did it result in the client refusing to pay?

Many professional services firms track an Allowance for Bad Debts against Accounts Receivable. When a client cannot or will not pay an invoice, it is likely that you will want to put the write-off against the allowance. The most efficient way to do this is to process a zero-dollar cash receipt. Select the invoice as though you are paying it, then enter an additional line in the cash receipt and select either the bad debt contra-asset or expense account.

Many firms use an indirect account for a bad debt expense. But, if your firm prefers bad debt expense to be a direct expense, you could set up a project as a regular charge type and a direct expense account to be used exclusively for recording bad debt.

If your firm reports on a cash basis, and you do not want to show any revenue or expense, Deltek Vantagepoint can accommodate that as well. In AR Mapping accounts, set up your Allowance for Bad Debts as an invoicing account (leave all other fields blank unless you also want a separate AR column). Then when you need to write off an AR invoice, process a negative invoice transaction using the original invoice number, WBS level(s), invoice section(s), and the Allowance for Bad Debts account.

If you do not have a bad debt allowance, you can void the invoice as explained previously and write off the transactions (explained in the next section). You could also choose to do a credit memo. The credit memo function reverses the invoice but does not reinstate the charges to Interactive Billing.

The Firm is Unable to Bill All Project Charges to the Client

There are several reasons you may not be able to bill all the charges on a project to the client including inefficiencies during work performance, going over budget, training new staff, and resource turnover. GAAP guidelines indicate that potential losses are to be recognized as soon as known. When it is known that charges cannot be billed to the client, use the write-off function in Interactive Billing.

This function will cause the items to be excluded from invoicing, thereby not recording revenue. If your professional services firm uses revenue generation, then to exclude write-offs, make sure the formula is set up accordingly. Using the write-off function for charges will not remove the charges from project reporting, except in cases where you choose to exclude charges to be written off such as on the Unbilled Summary report.

On reports where you can select to show the billing status of charges, items that have been marked for write-off have a status of W, and items that have been written-off have a status of X. If tracking/reporting of write-offs is desired, you could choose to use the project detail report. Then on the options tab, only include charges with the X or W status.

Visibility Around Write-Off Amounts

Using Deltek Vantagepoint, there is visibility around write-offs. As mentioned, to see the specific items written off, you can use a report such as a project detail and include only items with the X or W status. Since typically no revenue is recognized for written-off items, there are other areas that you can see write-offs and their impact as well:

• As negative profit on the Project Earnings and Office Earnings reports when run at cost
• As a negative variance on the Project Earnings and Office Earnings reports when run at billing
• In Project Review at cost and billing in the profit/variance box

Use Deltek Vantagepoint to Manage Write-Offs

As discussed, there are several reasons that professional services firms experience write-offs. When write-offs are necessary, know that Deltek Vantagepoint can be set up and used to process them the “right” way, while also providing visibility so that your firm has a handle on its financial statements. If your professional services firm needs assistance in this area, don’t hesitate to contact us for more details.

For professional services firms, having a reliable project planning tool is critical to ensuring projects are profitable. In a competitive landscape, successful project execution hinges on the effectiveness of project planning, driving the need for firms to invest in tools that not only meet but exceed expectations. Therefore, a project planning tool needs to be intuitive for users and must improve project scheduling and resource planning.

With Deltek Vantagepoint, project planning has been taken to the next level with a focus on the features and functionality that project managers need. This advanced tool is carefully crafted to specifically cater to the distinct needs of project managers, making sure it not only meets, but also anticipates their requirements. Here are some key features of Vantagepoint that will assist project managers with delivering successful and profitable projects.

Start Early with Templates

Getting a project off to a good start needs a bit of an early boost. Luckily, Deltek Vantagepoint helps out by offering practical ways to help plan things out early. Here’s what you need to know to get a head start.

• Successful Delivery: This starts long before contracts are signed so consider creating the plan when the project is first entered in a Pursuit Stage. Vantagepoint offers a variety of methods that can be used to efficiently create a preliminary plan.
• Project Templates: Firms can create multiple templates for use in creating new project records or when adding structure to a project. Using Project Templates allows users to quickly add the phases of work that are typical for the projects.
• Projects Used as Templates: Firms can create Project records that can serve as templates for creating new records. These records can hold typical Work Breakdown Structure (WBS) elements like Project Templates but can do much more. The records can serve as a plan template that will allow the user to instantly create a plan with Schedule Durations, Generic Resources, and Planned Hours.

Aside from the ease of creating a project plan, planning the project in advance allows professional services firms to proactively manage pricing and resourcing.

Keep the Schedule Updated

Keeping the project schedule updated is a pivotal aspect of effective project management, and Deltek Vantagepoint equips users with powerful tools for this purpose. The plan Gantt charts are a great tool for managing the dates in a plan. The Schedule Tab allows planners to visually manage dates, durations, and dependencies for project delivery phases. Users can also adjust the project schedule from any level of the project by simply dragging and dropping the timeline bars and reviewing the Critical Path on demand, ensuring a clear understanding of key project dependencies.

Beyond the convenience of schedule management, the real-world impact of keeping the schedule updated becomes evident in staffing discussions. Maintaining an accurate and current schedule is a crucial reference point for conversations surrounding short- and long-term staffing availability. By staying on top of the schedule, project managers can better address staffing needs, optimize resource allocation, and enhance overall project efficiency.

Anticipate Resource Usage Curve

The keystone of true resource planning is predicting resource demands as they will likely occur. All project delivery phases have a ‘curve’ that should be reflected in the resource plan. Deltek Vantagepoint’s Project Planning allows users to plan the hours differently in specific time frames. With the Distribute Hours feature, users can take a more precise approach to planning resource hours over specific date ranges by using hours or percentages per day.

This level of granularity in resource planning is not just about meeting requirements; it's a strategic move to decrease the chance of resource clashes. Understanding the intensity of resource usage during different phases of a project becomes a proactive measure to minimize conflicts and optimize resource allocation. By anticipating resource usage, project managers can navigate the intricacies of resource planning with precision, ensuring easy and efficient workflows that align with project objectives.

Review Performance Against the Baseline

The Baseline serves as the bedrock, outlining the assumptions upon which the scope, schedule, and budget of the entire plan are built. Saving the Baseline at the right time allows users to review the deviations and project the final outcomes.

Deltek Vantagepoint not only facilitates this review but also enhances it by allowing users to compare Baseline values with Estimate at Completion (EAC) values. This comparative analysis can be conducted seamlessly across various platforms, including the Plan, Dashboards, and the Project Review feature. This multi-faceted approach to reviewing performance against the Baseline ensures a complete understanding of how the project is progressing in relation to its initial assumptions.

Take Control of Your Project with Deltek Vantagepoint 

Deltek Vantagepoint Planning and Resource Management allows professional services firms to collaborate and analyze project performance from the pursuit through closeout. Maintaining the plan throughout the life of the project improves financial performance and enhances communication around schedules and resource needs. Furthermore, by using this advanced tool, project managers can proactively minimize resource clashes by anticipating resource usage and ensuring project objectives are met. Take control of your projects today!

In the competitive landscape of architecture/engineering (A/E) consulting, two critical assets set firms apart: their people and their projects. As a former marketing director for a large A/E firm, I fully understand the challenges involved in managing these assets effectively. Utilizing Deltek Vantagepoint, we offer streamlined solutions for managing both resumes and project information, ensuring your firm's unique strengths are showcased in every proposal, presentation, and marketing effort.

Strategic Resume Management: Capturing and Updating Professional Profiles

We perceive professional resumes not just as documents, but as dynamic profiles that showcase the strengths of your firm's most valuable assets: its people.

Starting Strong: Capturing New Hire Information

The journey of efficient resume management begins when a new employee joins your firm. This is a golden opportunity to capture their excitement and fresh perspective. Here’s how we recommend utilizing Deltek Vantagepoint and your HR processes to streamline this step:

1. Coordinate with HR: At the point of hiring, collaborate with HR to integrate marketing and resume information collection into the onboarding process. Utilize HR’s existing data collection methods, adding specific forms or questions relevant to marketing needs.
2. Gather Comprehensive Information: Collect essential data such as bios, previous projects, licenses, awards, special skills, software proficiency, languages, and contacts. For strategic hires, consider a dedicated marketing onboarding session to align their expertise with your firm’s marketing strategies.
3. Automate with Deltek Vantagepoint: Leverage Deltek Vantagepoint to automate the information capturing process. This system can be set up to alert the marketing team of new hires, enabling the collection and updating of resume details seamlessly into your database.

Ongoing Updates: Keeping Resumes Fresh and Relevant

Regular updates are crucial to maintain the accuracy and relevance of resumes. Here's a streamlined approach:

1. Determine Update Frequency: Decide how often resumes need refreshing. This can be annually, bi-annually, or aligned with each person’s work anniversary.
2. Strategic Distribution: Utilize Deltek Vantagepoint to manage and schedule resume updates using email alert workflows. Provide current resumes to employees, along with clear instructions and deadlines for updates.
3. Engage Personally: Consider conducting brief interviews or meetings, especially with key personnel, to ensure comprehensive and up-to-date information.
4. Update the Employee Record: Once the updated information is gathered, use Deltek Vantagepoint to keep your database current. This ensures that any proposal or marketing material has the latest information at hand.

Case Study: Streamlining Annual Resume Updates at a Growing A/E Firm

A prime example of effective resume management was at my previous firm, a growing A/E firm. As the firm expanded to around 300 employees, we recognized the need for a structured yet flexible system for annual resume updates. Our strategy involved breaking down the updates into manageable monthly tasks, leveraging both Deltek and a work anniversary-based schedule. Here's an overview of our process:

Planning Phase: Leveraging Deltek Vantagepoint for Organization

1. Monthly Employee Selection: Utilizing Deltek, we extracted a monthly list of employees based on their work anniversaries. This systematic approach ensured that every employee's resume was updated annually, without overwhelming our resources.
2. Preparation of Update Materials: We compiled the existing master resumes from our database, along with a custom-designed resume update memo and instructions.

Gathering Phase: Personalized and Coordinated Efforts

1. Distributing Update Materials: The update materials were personally delivered to employees in our main office. For our six satellite offices, we collaborated with marketing coordinators or office managers to ensure distribution. In cases where direct handover was not feasible, we used email as an effective alternative.
2. Setting Deadlines and Reminders: A two-week timeframe was typically given for updates, with reminders set up in Deltek to keep track of deadlines.
3. Scheduling Interviews When Necessary: For certain key roles or when detailed updates were required, we scheduled one-on-one interviews, adding a personalized touch to the process and ensuring comprehensive updates.

Updating Phase: Keeping Our Database Current

1. Collection and Review of Updates: We gathered the revised resumes and additional information provided by employees, reviewing them for completeness and accuracy.
2. Editing and Finalizing Resumes: Necessary edits and rewrites were undertaken to ensure that the resumes accurately reflected each employee's latest achievements and experience.
3. Database Updating: Using Deltek, we updated our central database with the new information. This not only refreshed individual resumes but also ensured that our entire resume pool was current and ready for use in proposals and marketing efforts.

This case study highlights the efficacy of using a structured, technology-driven approach to manage resume updates in a large firm. By leveraging our Deltek database, we were able to streamline the process, maintain high-quality resumes, and ensure that our marketing and proposal materials always featured the most up-to-date and relevant information about our team members.

Project Information Management: Keeping Project Portfolios Up-to-Date

Just as vital as managing resumes is maintaining up-to-date project information. This includes project descriptions, milestones, and outcomes – all crucial for marketing and business development efforts. Here’s how to effectively manage this process:

1. Diverse Update Methods: Consider annual updates, project milestones, pursuit-driven updates, award submittals, and initiative-driven updates. Choose the method that best aligns with your firm's needs and project types.
2. Project Update Process: Establish a routine for gathering project information, such as sending out Project Information Profiles (PIPs) alerts to project teams and scheduling site visits for in-depth understanding.
3. Automated Reminders and Checkpoints: Use Deltek Vantagepoint to set up workflow alerts for project updates at various milestones, ensuring no project goes unaccounted for.

Forward-Thinking Project Management: Begin with Your Goals in View

An essential aspect of managing project information effectively is to start with a clear understanding of how this information will be utilized. For instance, if a project is a potential candidate for a Design-Build Institute of America (DBIA) award, it's crucial to collect comprehensive design and construction details right from the start. Anticipating the requirements of award submissions or other future uses can guide what data to gather throughout the project's lifecycle. Utilizing past award criteria as a template for data collection ensures you capture all necessary details for future submissions.

Case Study: Site Visit Program

A practical application of this forward-thinking approach can be seen in a construction firm in Florida, which has established an effective site visit program to collect robust project information. Their marketing manager shared insights into their process, which I’ve adapted to optimize using Deltek Vantagepoint.

1. Pre-Visit Preparation: Prior to site visits, a Project Information Profile (PIP) is sent to the project team via an email alert workflow. The project engineer fills in key details like project costs, square footage, and client information into the project record linked in the email.
2. Collaborative Meetings: The project's key personnel, including the project manager, safety manager, and quality control manager, convene to discuss the project with the marketing representative. These meetings, often accompanied by informal gatherings over meals, foster open communication and information sharing.
3. On-Site Insights: The marketing representative tours the site, gaining a visual understanding of the project. This first-hand experience is invaluable when drafting project descriptions and stories later.
4. Drafting the Project Story: Back in the office, the marketing representative uses the insights gathered to draft a compelling narrative of the project, which is then refined and stored in Deltek Vantagepoint.
5. Final Review and Approval: The draft is sent back to the project team for final review and approval, ensuring accuracy and completeness.

Additional highlights of their site visit program include:

• Continuous Engagement: A marketing representative is assigned to each project from start to finish, responsible for collecting initial information, attending key meetings, and ensuring all relevant documents are stored in Deltek Vantagepoint. Because Vantagepoint project records often get created in the pursuit stage, the marketing coordinator field is often populated in the project record.
• Strategic Site Visits: Site visits are conducted at critical project milestones, such as kickoff, mid-point, and completion, to gather dynamic information, including lessons learned and design insights. Workflow alerts and reminders can be sent to applicable project leads when such milestones are met.
• Leveraging Award Criteria: Award submission questionnaires are used to guide the questions asked during site visits, ensuring comprehensive data collection aligned with potential award submissions.
• Integrated Photography Sessions: Marketing representatives coordinate with photographers during project photoshoots, ensuring visual documentation aligns with the project's narrative.

This case study exemplifies the benefits of a strategic, goal-oriented approach to project information management. By integrating these practices with Deltek Vantagepoint, marketing professionals can ensure their project portfolios are detailed, up-to-date, and ready to meet any marketing or proposal need.

Integrating Resume and Project Information Management

Combining the management of resumes and project information provides a holistic approach to showcasing your firm's capabilities. Both elements are integral to crafting compelling proposals and presentations, and their management should be interlinked for maximum efficiency and impact.

1. Unified Database Management: Use Deltek Vantagepoint as a central repository for both employee and project information, ensuring consistency and ease of access.
2. Streamlined Processes: Establish integrated workflows in Deltek Vantagepoint for updating both resumes and project information, reducing duplication of efforts and enhancing collaboration between departments.
3. Regular Reviews and Updates: Schedule periodic reviews of both resumes and project portfolios to ensure they reflect the most current and relevant information, leveraging automated reminders and scheduling tools within Deltek Vantagepoint.

Transform Your CRM Practices with Deltek Vantagepoint Workflows

Mastering the art of resume and project information management is crucial for A/E/C firms striving for excellence. Full Sail Partners' expertise, coupled with the power of Deltek Vantagepoint, provides a robust solution to streamline these processes, ensuring your firm's assets are always up-to-date and compellingly presented. Embrace these strategies to transform your information management into a strategic asset, enhancing both marketing and business development efforts.

As a next step in your journey to CRM excellence, we invite you to watch our webinar: "Automating CRM Success with Deltek Vantagepoint Workflows." You'll learn how to build and implement effective Vantagepoint workflows for CRM information collection and management, gaining insights into streamlining updates for projects in pursuit, enhancing project information management for proposals, and optimizing employee data processes. Just click the image below to watch today.

In today's fast-paced business environment, finding internal information quickly is crucial. Surveys reveal that professionals often spend a significant chunk of their time just searching for necessary data and files. Deltek Vantagepoint, with each update, continues to streamline this process, making it even more efficient for users to retrieve project data and contacts. The enhanced search functionality acts as a virtual "easy" button, empowering users in professional services firms to locate precise information swiftly, leading to more insightful dashboards and reports. Let's dive into how these improvements elevate the user experience in Vantagepoint. 

The Basics 

The Search field in Vantagepoint now offers an intuitive interface with an updated Saved Searches menu. This menu not only provides quick access to frequently used searches but also includes newly added filters and sorting options. 

Custom and Shared Searches: A New Dimension

In addition to the standard searches like “Active,” “All,” and “My Company,” the updated Vantagepoint introduces more nuanced custom and shared search capabilities. Users can now create highly tailored searches that align with their specific project needs. Shared searches, curated by Vantagepoint administrators or power users, are now more refined, displaying results tailored to each user’s role and permissions.

Navigating Saved Searches with Enhanced Preview Options

The process of navigating through saved searches has been simplified. Clicking on a search now brings up an enhanced preview box, showcasing a more detailed snapshot of the results. This allows for quicker scanning and locating of specific records.

Enhanced Record and List Views

Upon selecting multiple results, the updated interface presents a more organized record-by-record view. Users can toggle through records effortlessly and switch to the ‘List View’ for a comprehensive, sortable, and filterable table of records.

At the top of the screen, it shows the total number of records. Each one has its own page, and users can toggle through each record using the arrows next to the record numbers. Users can also see the records in List View by clicking the List icon.

List View shows all the selected records in a sortable, filterable format. They can also be edited or modified from the List View table.

Streamlining Searches with the "Active Only" Toggle Feature

In Vantagepoint 6.5 released in fall 2023, a new feature streamlines the search process: the "Active Only" toggle. This convenient filter is present in the "Find [record]" field, enabling users to swiftly narrow down their search to only active records with a simple flip of the switch.

The "Active Only" toggle remembers your preference even after you log out, ensuring a consistent and efficient search experience in subsequent sessions. This enhancement has been integrated into a variety of forms across the system, from Billing to Resource Management, ensuring that users can maintain productivity with ease.

Creating Custom Searches

Custom searches have become more user-friendly. The interface guides users through a straightforward process of defining search criteria with improved field lookups and operator options. This update ensures that users can pinpoint the exact data they need with minimal effort.

Basic Custom Search

In the Contacts Hub, click the New Search button, and the new search window will appear over the current screen.

By default, it is auto-populated with “Active” in the Contact Status field. Beneath Contact Status, there are three columns. These columns are used to define the criteria for the search:

• Field Lookup: Look up fields available within the Hub (in this case, Contacts).
• Operator: The operator options tell Vantagepoint how to look for information. For example, if the Field Type is “Firm Name,” the operator options include options like “Contains” or “Is Empty.” Date-based fields include terms like “Is Today.”
• Value: This is the “what” that the search engine is looking for, such as “ABC Company” or “March 1, 2021.”

Vantagepoint automatically generates results below the search bar. The ability to quickly preview search results allows users to tweak the search criteria until they find exactly what they need without having to open a new search each time.

From here, users can click “Apply All” to be taken to the record-by-record view of their search results.

Advanced Custom Searches: A Deeper Dive

The Projects Hub now offers more complex search functionalities. Users can perform layered searches, combining multiple criteria to drill down to very specific project data. The interface intuitively guides users through setting up these advanced searches, making it accessible even for complex queries.

By default, the Project Status in the top row is set to Active. To view dormant or inactive projects, users can click the “X” next to the status and make another selection.

To perform a more advanced search, such as all the projects assigned to a certain project manager within a certain industry, users can combine search criteria.

• In the second row, enter “Project Type” as the Field, “equals” as the Operator, and “Educational/Educational Facilities” as the Value.
• Add a new row. Enter “Project Manager” as the Field and “equals” as the Operator. Enter the project managers’ name(s) as the Value.

Note that, based on this field type, the available options for Value will appear in the dropdown box. Results that don’t match the query will appear as well but are shown as grayed out.

Advanced Search Settings: Tailored to Your Needs

The Advanced Settings in the search box have been enhanced to provide even greater flexibility. Users can now specify their search criteria at various levels – from the overall project to phase or task level, accommodating a broader range of search needs for different users.

In this case, if the project managers had been assigned to specific tasks or phases of projects, that would show up here, in addition to project-level assignments.

Leveraging Power Search for Optimal Results

These enhanced search capabilities are just the tip of the iceberg. Deltek Vantagepoint's latest version offers a wealth of features designed to optimize data retrieval for project-based and professional services firms. To fully grasp these advancements, we encourage you to explore our mini demo, which covers both the basics of searching and some more advanced searching features.

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. 

For marketing professionals and business developers in project-based firms, managing client relationships effectively is critical. Deltek Vantagepoint workflows provide powerful tools to automate and enhance your CRM processes, ensuring your team stays ahead in your competitive markets.

Below are five different CRM workflow examples that you can create in Vantagepoint to help speed up and automate your data management processes. Read to the end to get a bonus tip and some additional information about workflow actions and maintenance.

1. Automate Role Assignments for Efficiency

Consider the setup of a new potential project within your CRM system. The usual process may involve manually assigning a client manager or principal based on client relationships and organizational hierarchies—a task prone to human error and time-consuming cross-referencing. However, with Deltek Vantagepoint workflows, these assignments can be automated.

CRM Workflow Example: When you enter a new potential project into the system, the workflow can automatically assign the client manager and principal based on predefined rules related to the client and their organization. This not only reduces the potential for errors but also streamlines the process, freeing up your team to focus on strategy and client engagement.

2. Proactive Alerts for Immediate Action

Alerts are a critical component of staying proactive and responsive. In Deltek Vantagepoint, workflows can be set to trigger alerts—both emails and notifications—based on specific conditions within the CRM.

CRM Workflow Example: When a project’s stage is changed to “Won” or “Awarded,” an automated email can be sent to the project team, finance, and operations, prompting them to continue the project setup process. This seamless communication ensures that everyone is on the same page and ready to move forward without delay.

3. Uphold Data Quality with ‘Data Police’ Workflows

Data integrity is a non-negotiable aspect of CRM systems. Workflows in Deltek Vantagepoint can act as your 'data police', ensuring that data quality is maintained without the need to make every field mandatory.

CRM Workflow Example: If a new contact is added without crucial information such as their title or email, a workflow can display an error message, prompting the user to complete these fields before saving. This enforces data integrity rules while maintaining user-friendliness. Similarly, if a field critical for project execution is missing—such as a contact’s role or key project detail —a warning can prompt the responsible party to complete this information before proceeding.

4. Automated Reminders for Timely Follow-ups

Workflows can also be employed to keep your team on track with their responsibilities, from updating records to renewing licenses.

CRM Workflow Example: If a proposal’s due date passes without a change in its stage, a workflow can automatically send a reminder to the responsible team member. Similarly, reminders for license renewals or contract expirations can be set, ensuring compliance and uninterrupted service.

5. Dynamic Field Requirements Across Pursuit Stages

Tailoring the amount of information required at different stages of a project pursuit can greatly enhance CRM efficiency, a strategy highlighted by Stacey Ho from Otak. In Deltek Vantagepoint, workflows can be set up to adjust field requirements as a project moves from an early pursuit stage to a contracted project.

CRM Workflow Example: At the “proposal submitted” stage, the workflow might prompt users for comprehensive data including estimated fee, project manager name, etc., while at the “lead” stage, it focuses on basic project information like client name and project name. This ensures relevant and timely data collection without overwhelming the user.

Implementing Stacey Ho’s approach in your Deltek Vantagepoint workflows means your data collection is as dynamic as your pursuits, ensuring you have the right information at the right time to make informed decisions.

Bonus Tip! Proactively Audit Your CRM Data with Scheduled Reports

Regular data audits are crucial for maintaining the accuracy and relevancy of your CRM system. While not technically a workflow, you can leverage the power of monthly scheduled reports to keep your data in check. Instead of overwhelming annual audits such as when you’re preparing your firm’s holiday cards, monthly reports break down the data review process into manageable segments. This allows for more frequent and focused evaluations of your CRM data, ensuring its ongoing accuracy and usefulness.

And a bonus to routine data auditing is that you can see who is creating the records and use these monthly reports as an opportunity to do continuous CRM training!

Example: Set up a monthly report in Deltek Vantagepoint to track new and modified firm and/or contact records. This report can highlight changes in contact details, the addition of new firms, or updates to existing records. You can also create these reports to show you who created the record. By regularly reviewing this report, your team can quickly identify and rectify discrepancies, update obsolete information, and confirm the integrity of new data entries.

These reports enable your team to proactively address data discrepancies and maintain a high standard of data quality. Regular monitoring ensures that your CRM database is not just up to date, but also a reliable foundation for your marketing and business development activities. Diverse Workflow Types to Enhance Your CRM Approach with Deltek Vantagepoint In the realm of CRM management using Deltek Vantagepoint, it's vital to recognize the different types of workflows available to optimize your processes.

User-Initiated vs. Scheduled Workflows

User-Initiated Workflows: These are activated by direct interaction—when a team member makes a change to a record and meets certain criteria, the workflow jumps into action. This hands-on approach ensures that workflows are triggered by deliberate updates, making sure that every client interaction is captured and acted upon.

CRM Workflow Example: A director of marketing updates the status of a marketing campaign. Upon saving, a user-initiated workflow can trigger a sequence of follow-up tasks for the team to execute, ensuring that no opportunity for client engagement slips through the cracks.

Scheduled Workflows: This workflow type functions autonomously, running at predetermined times regardless of user activity. It’s the silent engine in the background, keeping the CRM machine well-oiled and functional without the need for constant user intervention.

CRM Workflow Example: Imagine a scheduled workflow that evaluates project stages every Friday at 5 PM. If a project in an “In Pursuit” stage step has been idle for a certain period (more than 60 days, for example), the workflow can prompt a notification to the assigned business developer to take action.

Workflow Actions: The Muscle Behind Automation

Workflow actions are the actual mechanisms by which automation is applied within your CRM. While these may vary across different systems, Deltek Vantagepoint offers a robust selection of actions:

• Errors or Warnings: These are crucial for maintaining data accuracy. If a field is incomplete or incorrect, the system can flag this with an error or warning—either as a simple notification or by preventing the user from proceeding until the issue is rectified.
• Email Alerts: Tailored emails can be dispatched to specific individuals or groups based on their role or involvement with a record, such as notifying a Project Manager when a project is awarded.
• Alert Notifications: Similar to email alerts, you can send a notification to a selected person or group when the conditions that you specify for the workflow are met, ensuring visibility and prompt attention.
• Field Updates: Changes in one part of the record can trigger updates in another, keeping the data congruent and up-to-date without manual entry.
• Activity Creation: A core function in Deltek systems, this action can, for instance, automatically schedule a debriefing meeting when a project is marked as lost.

Advanced users may also employ more complex actions such as executing stored procedures or SQL scripts, providing a level of customization and control suited to unique business requirements.

Incorporating these varied workflows into your CRM strategy with Deltek Vantagepoint not only increases efficiency but also provides a structured, error-minimized approach to client relationship management. Understanding and utilizing the full spectrum of workflow actions available in Deltek Vantagepoint is key to harnessing the full potential of your CRM system, turning routine data management into strategic asset management.

Regular CRM Workflow Maintenance

Maintaining the efficiency and accuracy of your workflows is as crucial as setting them up. Julie Huval from Beck Technology shares a proactive approach to ensure that your Deltek Vantagepoint workflows continue to function optimally.

Biannual Workflow Checkups: To keep workflows running smoothly, it’s important to conduct regular maintenance. Beck Technology implements a biannual cleaning routine, which involves revisiting and updating their workflows to ensure they align with current business processes and data requirements.

Example: Julie maintains a running list on their Kanban card of items to be reviewed and cleaned every six months. This list serves as a living document, constantly updated with new items identified by the team. When the scheduled cleaning quarter arrives, a new Kanban card is created from this master list to guide the cleaning process, ensuring nothing is overlooked.

Adopting a similar maintenance strategy for your Deltek Vantagepoint workflows, as practiced by Julie Huval and her team at Beck Technology, can significantly enhance the longevity and effectiveness of your CRM system. Regular maintenance not only keeps your workflows aligned with your current business needs but also paves the way for continuous improvement and efficiency in your data management practices.

Leverage Deltek Vantagepoint CRM Workflows for Competitive Advantage

By embedding Deltek Vantagepoint workflows into your CRM strategy, you can enhance the productivity of your marketing and business development teams. The automation of mundane tasks, timely alerts, strict data governance, and the setup of automated reminders can transform the pace and precision of your client management operations, ultimately contributing to a streamlined, efficient, and more profitable business practice.

As we've explored the various ways Deltek Vantagepoint can revolutionize your CRM strategy, remember that these insights are just the beginning. To truly harness the full potential of these dynamic workflows, firsthand experience and guidance are invaluable. We invite you to watch our webinar, where we'll dive deeper into the practicalities of setting up and optimizing various CRM workflows in Deltek Vantagepoint. Click the image below to access the webinar.

As we approach the end of 2023, there is no time like the present to prepare for the year-end close which marks the final accounting process to wrap up the fiscal year. Advanced planning and organization can significantly ease this process for your accounting team, assuring a seamless transition into the new year. In this blog, let’s go over some of the most important items to help ensure a smooth transition to the new fiscal year in Deltek Vantagepoint and Vision.  

Document and Organize Your Procedures

Start by meticulously documenting your year-end procedures, encompassing not only tasks performed in Deltek Vantagepoint and Vision but all accounting functions. This comprehensive reference guide will not only assist your team this year but also in the years to come. Additionally, when creating your accounting calendar, ensure that it covers a wide spectrum of financial activities, not just limited to year-end tasks. This holistic approach is key to ensuring that all aspects of your financial management are well organized. It is also essential to share the accounting calendar with the entire staff so that they understand expectations. This is particularly necessary, especially surrounding timesheet and expense report deadlines.

Common Year-End Tasks

Year-end tasks are crucial for maintaining financial integrity. Here are some common practices among professional services firms:

• Reconcile All Cash Accounts: This crucial task ensures that your financial records accurately match your bank statements. It's a good practice to not only verify transactions but also check for any unusual or unexpected entries that might need adjustments.
• Credit Card Reconciliations: In the digital age, credit card transactions are commonplace. Ensure that you capture all credit card transactions, making expense reporting a priority. An accurate representation of these expenses is vital for your financial health.
• File Reconciliation Report: Regular monitoring is the key to catching discrepancies between your general ledger and subledger reports. A monthly check helps in identifying issues early, making year-end reconciliation smoother.
• Final Invoicing: Efficiently processing all client invoices ensures that you're not leaving any revenue on the table. It's the last opportunity to capture income for the fiscal year.
• Review Outstanding Accounts Receivables: Diligently following up with clients who have outstanding accounts receivable beyond 30 days can improve your cash flow. Sending past-due statements and making personal contact can expedite collection efforts.
• Review Unbilled Detail: Properly addressing time and expense transactions that cannot be invoiced helps in accurately reflecting your financial position. Writing off these unbillable expenses is an important step to keep your records accurate.
• Fixed Assets: Beyond the regular tasks, don't overlook the assessment of fixed assets. Verify their ownership and depreciation, making necessary adjustments. This action ensures that your balance sheet reflects the current state of your assets.
• Employee Expenses and Accounts Payable: Ensuring that all accounts payable vouchers are recorded accurately is vital. Making contributions to retirement plans and paying vendors and employee expense reports promptly is also a best practice for year-end.
• Notes Payable: Maintaining alignment between your balance sheet and lender statements is essential. This step can prevent errors or discrepancies in your financial statements.
• 1099 Forms: Ordering 1099 forms is just the beginning. Make certain that you have collected W-9 forms from vendors or contractors who met the $600 threshold during the year. Timely mailing of 1099 forms is important for compliance with tax regulations.
• W-2s: If you handle payroll, don't forget to order and mail W-2 forms by the January 31st deadline. Timely distribution of these forms ensures that employees can file their taxes without delays.
• Budget for Next Year: Setting up your general ledger budget for the upcoming year is a crucial financial planning step. It helps in aligning your financial goals with your operational strategy.

Deltek Customer Care Access

Each year Deltek puts together a year-end guide and checklist. Authorized users would log into Customer Care. Under the section "Learn", click on the option called Year-End Resources. You will then select your product, Vision or Vantagepoint and press "Go". There are Year-End Documentation and Year-End Videos. These complimentary, informative year-end videos are available on-demand viewing 24/7. The training sessions will guide you on how to perform year-end closing for general ledger, accounts payable and payroll, troubleshoot any issues that may arise during the year-end close process, and answer frequently asked questions. 

Be Prepared to Close Out the Year

Ensuring a smooth transition to the new fiscal year in Deltek Vantagepoint and Vision is an important part of the process. When opening the first period of your fiscal year, you're simultaneously launching the new fiscal year.

Several initialization utilities are required based on your professional services firm’s accounting calendar including Open New Period, Open New Benefit Year, 1099 Initialization, and Open a New W-2 Quarter/year. It's important to follow through with these utilities meticulously. If your firm’s database is configured for Multicompany, these utilities would have to be performed in each active company.

Be on the lookout for Deltek's Year-End update at the end of December, which contains tax updates for payroll users. Additionally, refer to Deltek's Vision and Vantagepoint Year-End guide for more detailed information on the year-end closing process. Planning and organization are key to ensuring a smooth year-end close and preparing for a successful start to the new fiscal year. With these additional tasks and tips, you'll be well-prepared for a seamless year-end transition and can confidently set your sights on the financial year ahead.