Full Sail Partners Blog | Deltek Vantagepoint (6)

This year’s Deltek ProjectCon, formerly known as Insight, was a successful return to an in-person conference after two years of being virtual. With great anticipation, Deltek users converged in Nashville at the Gaylord Opryland November 15-17th. Choosing from over 390 sessions across 11 tracks, all Deltek users were able to discover many tips and identify actionable items to help their firms maximize business performance and revenue while also figuring out how to use their Deltek solutions in innovative ways. 

Deltek Vantagepoint and Vision users had the opportunity to learn all about the latest product enhancements as well as network with peers during the various educational sessions offered. The sessions that Full Sail Partners’ team members attended varied from finance to resource planning to marketing and business development. Also, seven experts from Full Sail Partners presented at a few sessions this year. Here is a recap of some of the exciting things that were taken away from ProjectCon 2022.

Single Source of Truth Between Deltek Vantagepoint and ADP 

Full Sail Partners’ very own Rick Childs, Principal Consultant, Jennifer Wilson, SQL Developer, and Scott Seal, VP of Consulting, shared details on the newest Blackbox Connector offering at ProjectCon. Attendees here learned how Deltek Vantagepoint and ADP could work together to enhance the payroll experience. They saw how this new Blackbox Connector securely and seamlessly integrates the ADP platform with Vantagepoint and how the Vantagepoint Payroll Interface allows firms to efficiently move Vantagepoint project hours to ADP payroll hours based on business rules. Furthermore, attendees discovered that employee data can now be integrated between ADP Workforce Now and Vantagepoint with a single point of entry upon the employee hiring process. 

From this session, attendees took away the following: 

• Understood approaches between Deltek Vantagepoint and ADP Workforce Now for employee PTO accruals and PTO requests & approvals 
• Found out how to automatically provision a Vantagepoint User ID & Role based on a hiring event in ADP Workforce Now  
• Saw how a GL Payroll Distribution Journal Entry seamlessly returns to Vantagepoint as a reviewable and postable file 

New and Improved Deltek Vantagepoint Accounting Features to Automate Business 

Here, Terri Agnew, Principal Consultant, and Theresa DePew, Senior Consultant, with the Full Sail Partners’ team reviewed ways to use Vantagepoint to automate accounting departments at project-based firms. Attendees familiarized themselves with improved features in Vantagepoint and discovered the latest and greatest features including approvals, billing, AR, reporting, and dashboard features. Moreover, having spent more than 1,000 hours helping more than 100 companies upgrade from Vision to Vantagepoint, these two consultants provided expert advice to those financial teams in attendance. 

Create a More Collaborative and Efficient Team with Deltek Vantagepoint 

In a third presentation by members of the Full Sail Partners’ team, Amanda Roussel, Senior Consultant, and Rana Blair, Principal Consultant, helped to show ProjectCon attendees how to create a more collaborative and efficient team environment with Deltek Vantagepoint using one firm’s story. Professional services firms strive to efficiently manage project lifecycles and attendees here got to see how one firm created a more cohesive and streamlined method for operating their project-based business.  

JCJ Architecture took attendees on a journey through their new project lifecycle and saw how their team reimagined their processes from pursuit identification to final project execution, resulting in a more collaborative team environment. Having better data provided better analysis, which resulted in better decision-making. Attendees furthermore discovered ways to bring teams together and gain knowledge about the visibility Vantagepoint brings. 

Better Vantagepoint CRM and Business Development Dashboards 

Amanda Roussel, a Full Sail Partners’ Senior Consultant, found a lot of value in this session. She learned tips for marketing and business development leaders to use and adjust CRM dashboards in Deltek Vantagepoint. Pre-defined dashboards for CRM provide insights for active pursuits, previous quarter pursuits and other significant CRM data. To discover more, simply make minor adjustments. 

Attendees explored additional configuration options like calculated and user-defined fields and workflows, so data is captured and used to chart historical trends for key business development metrics. No more need for Excel! Amanda additionally felt that the session did a great job of teaching how to focus on filters and confirmed the best practice of always copying a dashboard/part before editing. Furthermore, Amanda felt that attendees gained great insight into tracking stage changes. 

CRM and Business Development Dashboards 

Amanda Roussel, Senior Consultant, also attended this session which reminded attendees that most business development activity happens outside of the office. With Deltek Vantagepoint CRM, business development activities can be managed from wherever. Attendees of this session learned how Vantagepoint Connect for Outlook or Gmail and Mobile CRM help nurture client relationships, firms remain competitive, and ensure that the right projects are being managed while on the road. Moreover, attendees reviewed the critical tools for business development and tips to best leverage those tools to maximize marketing and BD efforts. Amanda noted that most of the session focused on Outlook which showcased its fluid functionality with the bidirectional sync with Outlook and Vantagepoint.  

What’s New and Coming in Financial Management 

Theresa DePew, Senior Consultant with Full Sail Partners, attended this session. Here attendees learned exciting enhancements focused on improving the experience of the finance team. This included ways to streamline the current billing process with the use of email templates as well as having further support for the billing client changing over the life of the project. Finance teams can also improve the collection process with AR dashboards and can automate manual processes with automatic bank feed. 

Attendees at this session: 

• Were able to identify new features and enhancements for more efficient financial management in Deltek Vantagepoint 4.5, 5.0 and 5.5 2 
• Saw a sneak peek of upcoming releases 
• Understood how to prepare and take advantage of the best features for the finance team 

Resource Management and Planning – It's Not Just for Staffing 

For those interested in Deltek Vantagepoint Resource Planning, this session was a great opportunity to hear another firm’s story with using it. Attendees here learned about Kahler Slater’s 14-year experience having implemented Resource Planning in 2008. The firm uses it for staffing, but it is also an integral part of the firm’s culture and processes. The firm’s process begins with a plan for nearly every project with all staff having access to resource management. This empowers teams to better manage resource allocation. To ensure project resource needs are managed, project managers and staffing advocates meet weekly. Using a staffing advocate bridges the requirements of staff career development, passion, and wellness with the needs of a project. Immediately after creating a plan, firm leaders access staffing, revenue forecasting and project probability which helps to ensure project success. 

Key takeaways for attendees at this session: 

• Pinpointed how to identify the right personnel to work toward achieving firm objectives 
• Discovered how to create more accurate revenue recognition 
• Learned how to maintain and produce a backlog through revenue forecast 

Save the Date for ProjectCon 2023 

With all that Deltek users learned at the conference this year, 2023 should continue to be a stellar year for project-based firms. Deltek has already announced dates for next year’s ProjectCon which will be in Orlando, October 16-19, 2023, at the Gaylord Palms. Don’t forget to mark your calendars!

The new features in Deltek Vantagepoint 5.5 enhance usability, increase personalization for individual users and streamline project management and accounting workflows. It’s easier than ever for professional services firms to access the right information and complete common tasks quickly. Here’s an overview of what’s new.

Schedule Dependencies

Users with the Resource Planning Module can create dependencies in the Gantt chart and manage a project’s critical path. Project managers can quickly visualize and modify the project schedule, work breakdown structure elements and the relationship between those elements. When an update is made at one level, all of the dependent levels are automatically updated.

Dependencies are also accessible in the Project Planning report. Users can view information about dependency relationships between work breakdown structure elements, projects and associated labor codes.

Drill-Down Paths

Help users access the right information quickly with drill-down paths. Users can determine which information is shown when they drill down into key summary metrics on a chart or table. For example, when a user clicks on a column displaying outstanding accounts receivable data, Deltek Vantagepoint can be configured to show them a dashpart with AR invoice detail.

Personal Dashboards

Users can now create their own personalized dashboards without engaging an administrator or manager. This added flexibility will help expand adoption and free up administrator time since users can customize more of their experience with Deltek Vantagepoint.

Update Percent Complete from the Dashboard

With Deltek Vantagepoint 5.5, project managers can easily manage percent complete with fewer clicks, ultimately improving reporting and billing accuracy. There are new columns in the project dashpart base for Weighted Percent Complete and Weighted Percent Complete Cost. Users can see and modify the percentage of completion per project billing or cost amount right from the dashboard.

Streamlined Purchasing

Deltek Vantagepoint 5.5 enables staff to perform purchase requisitions and process approvals within any browser. Purchasing Requisitions, Purchase Orders, Items and Items Master are now accessible in the navigation pane of the browser application.

Other Purchasing Updates

Additional purchasing updates in Deltek Vantagepoint 5.5 include: 

• New layout for suggested vendors
• Ability to add a vendor on the fly
• Ability to attach documents of any status
• Ability to view purchasing reports
• Redesigned interface for the purchase requisition form

Accounting Updates

Deltek Vantagepoint 5.5 offers several new features that streamline accounting processes. Users can now post cash receipts that were created in bank reconciliation. This option is available for those that have rights granted to their role in the Accounting tab from Settings >Security> Role. The Transaction Center Approval option must also be set to “No” in Settings and Accounting Transactions.

Other Accounting Updates

The other accounting updates in Deltek Vantagepoint 5.5 include: 

• Expanded reporting in timesheets and billing
• Print capability for Billing Category Rate Table reports
• New overtime premium calculation that uses the cost rate in the Billing Labor Override Table instead of the Cost Rate in the Employee Hub for the employee

Email Templates

To help support digital payment processes, Deltek Vantagepoint 5.5 allows users to use email templates when sending electronic payment remittances by email. Templates can be configured to reuse standard information, such as regular text or database fields. Email templates are available in the Vendor Payments, Employee Payments and Payroll Payments applications. Users can save templates for personal use, for all users with the same role, or for all users within the firm.

Approval Center Updates

Users can restart approvals for timesheets and expense reports. This process removes all approved history and comments that are associated with the record and begins the process from the first step, no matter where the record is in the approval process.

General Usability Updates

Deltek Vantagepoint 5.5 also comes with a number of usability updates:

• See notifications immediately instead of every five minutes with real-time alerts.
• See all users viewing a record.
• Set favorites in navigation to find commonly viewed applications with ease.
• Set minimum/maximum and default values for standard numeric fields.
• Use predefined searches within Advanced Search.
• Print timesheet reports from the Floor Check dialogue box.
• Access Labor Planning videos in Online Help.

Learn More About the New Features in Deltek Vantagepoint 5.5

This is just a high-level overview of the many new features in Vantagepoint 5.5. To learn more about what Vantagepoint has to offer, click below to talk to one of our consultants today.

The net revenue growth forecast for A&E firms is the highest it’s been in 10 years. Based on the findings from the 43rd Deltek A&E Clarity Study, the industry has rebounded from the pandemic with full pipelines and an optimistic future outlook. Meeting that demand comes with serious challenges, with labor shortages and rising costs being most prominent.    

Firms are turning to technology to empower their teams and improve project delivery. They’re prioritizing the right investments over simply purchasing the newest technology. Here are the top insights from the study and some guidance for ensuring that technology investments deliver positive ROI. 

Top Technology Challenges for A&E Firms 

The top technology challenge professional services firms are facing is the inability to invest time in learning. With full project pipelines, firms are dedicating resources to completing client work, limiting the time they can spend on learning new technologies. Small firms struggle with this issue the most, though it’s a prominent issue for medium and large firms as well.  

Technology costs, which topped the list in last year’s report, was the second most commonly cited challenge. Firms are also struggling with prioritizing which trends apply to their organization. With so much technology to choose from, many firms are understandably unsure which trends to pursue. Finding the right fit, whether it be data science tools or digital twins—for the firm and for their client base—isn’t easy.  

Other challenges include educating employees and clients about trends, lack of champions to drive technology adoption and limited corporate openness to emerging technologies.  

A&E Firms Are Focused on Getting it Right 

Firms are honing in on the initiatives that enable them to take a pragmatic approach to technology adoption and integration.   

When asked about their top three technology initiatives:  

• 64% said creating strategic technology implementation plans.  
• 47% said educating staff on technology trends. 
• 46% said identifying and developing technology subject matter experts. 

This pragmatic approach is a good way to enter into digital transformation. However, firm leaders should be careful not to get stuck in a cycle of endless planning. One way to cautiously approach technology is to look for ways to expand usage of current tools. This can provide quick wins and competitive advantages without requiring significant investment or onboarding time.  

Internal Champions Can Take on Challenges and Lead Key Initiatives 

To take on technology challenges in the short term, firms should engage tech-savvy employees as internal technology champions. Technology champions can help improve the ROI of technology in the following ways:  

• Fill current skill gaps by leading the charge to incorporate technology into project execution.  
• Promote and expand adoption of existing technologies throughout the business.  
• Identify the most viable technology investments and trends for the firm.  

Only 36% of firms ranked this as one of their top three initiatives, meaning that many are missing an opportunity to address current gaps in technology planning and adoption.  

Which Technologies Should A&E Firms Focus On? 

To help guide technology planning, A&E firms should look at technology as falling into two buckets. Technology that supports project delivery, such as smart infrastructure and digital twins help firms remain competitive and address common challenges in the building process. Business-optimizing technologies, like data science and next-level project management tools can be used to automate repetitive tasks, empower workers to make more informed decisions, and ultimately improve client satisfaction.  

For more insight into which technology areas A&E firms should focus on, watch the webinar.  

Focusing on these areas will enable firms to address some of their biggest concerns: 

• Attract and retain talent by appealing to the next generation of employees, who want to work with companies that give them access to the latest technology.  
• Prepare for disruption. As innovation continues to transform the A&E industry, the right technology will help firms future proof their businesses.  
• Increase revenue streams by identifying the ideal services and delivery methods that lead to competitive advantages and higher profits.  

Dive Deeper Into the Technology Insights from the Deltek Clarity Study 

Firms aren’t investing in technology for technology’s sake. They’re focused on making the right investments that will enable them to increase productivity and compete for projects and talent. With the right guidance, they can take on the opportunities and challenges ahead. For more technology insights, download the full report.  

I have to admit that I have never once watched an episode of “Keeping Up with the Kardashians,” nor really any reality TV shows except my one-time foray into one of those “Housewives” shows while I was in a hospital recouping from a surgery. I would categorize these types of shows as guilty pleasures. There are people I know and respect that watch reality TV, and I too have my own guilty pleasure - I like to read People magazine, and occasionally I’ll even dip into a US Magazine in the check-out line. However, despite my interest in what’s happening in the world of celebrities, my biggest concern with reality TV is my general disgust for the million-dollar contracts involved. Yet contracts are necessities, right?   

Making a strange leap from reality TV to contract management in the architecture and engineering (A&E) industry, let’s talk more about the necessity of managing contracts. Contracts and agreements are imperative in almost all business interactions, even the simplest things these days. For those of us in the A&E industry, there could be any variety of risks that are mitigated by a contract. Not only are some of the A&E contracts protective in nature, helping to ensure compliance, safety, etc., but there are also project-related contracts that dictate important financial amounts related to the lifecycle of the project itself. 

First Off, Deltek Vantagepoint Drives Efficiencies 

The good news here is that Deltek Vantagepoint, out of the box, helps you manage contracts directly in the Projects hub. In fact, the Deltek Vantagepoint knowledge base states: “The primary overall benefits of the contract management feature in Vantagepoint are that it helps you coordinate the contract process, keep everyone up to date on its current status, and ensure that the compensation amounts that will be billed and received as you execute the project are in sync with the amounts spelled out in the contract.”  

This is such a valuable piece of functionality that Full Sail Partners’ Principal Consultant, Rana Blair, has done two different mini demos on the subject. In an introductory mini-demo, Rana shares an overview of contract management - it covers configuration considerations, contract document columns and entry, and the use of the 'Synchronize Contracts to Fees' feature. One of the main takeaways from this important twelve-minute video is that firms that leverage the Project hub tool Contract Management can enjoy benefits in the measurement of revenue and backlog as well as identify risks.  

Contract Management is Integral to Successful Projects 

A big part of why reality TV is so darn successful is pure drama. Whether it’s learning “secrets” or seeing inside the lives of others, at the root of it all is transparency. The exact same is true for projects and their contracts. If you can’t determine the health and status of your project, how can you predict the financials of your firm? Project based firms must rely on exposing the differences between contract amounts and expected compensation. Deltek Vantagepoint can help you control these amounts (both the contracted total and the compensation amounts) as well as how they matter to the project work breakdown structure. This type of transparency, at any point in the life cycle of a project, sets your firm up to avoid surprises. 

Solid Contract Management is Story Telling 

Yes, reality TV shows tell stories. Are their stories worth the thousands and millions of dollar contracts? I personally don’t think so, but I know many of our clients’ contracts are indeed worth that much. A good story not only conveys a message that needs to be told, but it also usually has a happy ending. Despite reality TV, in the real world of projects, mutually beneficial success derived from all parties feeling they received value is the happily ever after. Using Deltek Vantagepoint Contract Management, these happy endings can be ensured. 

All About the Money 

Deltek Vantagepoint’s Contract Management reporting capabilities can help your firm not only stay informed on the status of a project, but you can also adjust upward or downward (but let’s be real, most of the time it’s add-on work) as the scope changes. This helps firms scope better in the future. Contract management can even help salespeople and seller doers get their credit or reward for winning the deal. Just like how a reality TV show can spin out one small situation into a million different possibilities for viewer consumption, Deltek Vantagepoint allows you to audit your own contracts by a variety of filters such as Type, Status, or Date. 

What About the People?  

Reality TV about famous people like the Kardashians pulls in the revenue. Similarly, a People Magazine story about Brad and Angelina most likely would catch my eye. It’s all about the people, and project-based firms’ client projects at their core are all about the people involved. 

Contract Management inside of Deltek Vantagepoint allows for workflows to be arranged so that stakeholders and project managers can be alerted when important contract-related events happen. Vantagepoint can even automatically fill in fields based on the stages of a particular contract.  

Learn More about Advanced Features 

While Contract Management in Deltek Vantagepoint may not have the pizzaz as some of the weird stuff on TV or in the magazines in the check-out line, to those of us in the AEC industry, I think it might warrant a little bit of “geeking out” because of the great benefits to project-based firms. Taking what we have learned about reality TV, let’s leverage terrific tools for the AEC industry to bring in even more revenue by telling real stories of real projects in real time through the power of Deltek Vantagepoint. For more about the Advanced Features of Deltek Vantagepoint Contract Management, check out Rana Blair’s second min-demo on Contract Management. This one goes a little deeper than the introductory one.  

Year-end is the final accounting process to close “the books” at the end of each year. With 2023 just around the corner, it is never too early to plan for your year-end close. Planning and organization on your part can make the year-end process less challenging for the entire accounting staff.   

Take the Time to Document and Get Organized 

As always, you should take the time to document your year-end procedures. Not only the tasks performed in Deltek Vantagepoint and Vision, but all accounting tasks you perform should be documented so that you have a comprehensive guide that you can refer to every year. It is also vital that you create an accounting calendar.  

The accounting calendar is not just for year-end, but for month-end and quarter-end tasks as well. This calendar is a schedule of anticipated dates for financial activities. You should also develop a year-end checklist to make sure you don’t miss anything. One other tip to make this process go smoothly is to make sure that you are performing your month end reconciliations on a timely basis. 

Common Year-End Tasks 

Some of the more common year-end tasks for most companies are: 

• Reconcile All Cash Accounts - Verify all transactions have been posted into Deltek Vantagepoint/Vision to ensure your general ledger balances match your bank statements. Make adjustments as required. 
• Credit Card Reconciliations – In order to ensure all credit card transactions are captured, make sure all expense reports are entered and posted. 
• File Reconciliation Report – This report should be run at month-end and at year-end. This report identifies discrepancies between the GL and the subledger reports. 

• Final Invoicing – Process all client invoices for the fiscal year. 
• Review Outstanding Accounts Receivables - Follow up with clients who have outstanding accounts receivable beyond 30 days. Send past due statements and/or simply give them a call. Enter the results of your collection efforts in the comments section of Vision Invoice Review. Year-end is an excellent time to collect your outstanding receivables. If you determine there is uncollectable AR, be sure to write those invoices off. 
• Review Unbilled Detail - Time and expense transactions that cannot be invoiced to clients should be written off at this time. 
• Fixed Assets – Fixed Assets are larger purchases that are made throughout the year (i.e., equipment, automobiles, furniture, computers, etc.). Check to see if all fixed assets reported on the balance sheet are still owned. If not, record the sale or disposal of these fixed assets. Verify the depreciation on your fixed assets as well. Then make any necessary adjustments. 
• Employee Expenses and Accounts Payable - Verify that all accounts payable vouchers have been recorded in Deltek Vision/Vantagepoint. Make your 401(k), SEP IRA, and Simple IRA contributions, if you have not done so. Try and pay all your vendors and employee expense reports by year-end. 

• Notes Payable - Verify notes payable (i.e., loans) amounts on your balance sheet match the statements from your lenders. Then make adjustments if necessary. 
• 1099 Forms – Order 1099 forms. Make sure all W-9 forms from your vendors and/or contractors that are paid $600 or more throughout the year are on file in the Firms Hub in Vantagepoint or the Vendor Info Center. Don’t forget 1099s should be mailed by January 31st. 
• W-2s – Order W-2 forms if you run payroll in Vantagepoint/Vision. W-2s should be mailed by January 31st. 
• Budget for Next Year - Create your GL budget for the new year. 

Be Prepared to Close Out the Year 

In Deltek Vantagepoint and Vision, opening the 1st period of your fiscal year also opens the new fiscal year. Depending on your security rights, you can still process in the prior fiscal year if needed. 

There are several initialization utilities that need to be performed. For example, Open New Period (fiscal year), Open New Benefit Year, 1099 Initialization and Open a New W-2 Quarter/year if you are using the payroll module. Deltek Vantagepoint and Vision will generate a posting log for the initialization utilities. If your Vantagepoint or Vision database is configured for Multicompany, the initialization utilities need to be run in each company. The only exception is the Open New Period utility, which opens for all companies at once. 

Deltek will issue a Year-End update at the end of December containing tax updates for payroll users. Also, be on the lookout for Deltek’s Vision and Vantagepoint Year-End guide for more detailed information on year-end closing. 

The data from the 43rd Deltek A&E Clarity Study shows that the opportunity outlook for A&E firms is bright. However, there are significant challenges to seizing that growth. Although net revenue growth is forecasted to grow to 17.6%, operating profit on net revenue is down by 6%. Recruiting and retention challenges loom large over firms, undermining their ability to meet demand and extract profits.  

Here are the top takeaways from the study, along with guidance for navigating the challenges and opportunities ahead.

Labor Challenges and Growing Pains Are Top Stressors 

Labor challenges are front and center for A&E firms, as finding and retaining qualified staff ranked as the top financial challenge. Forty-four percent of respondents said it was their top challenge, a sharp increase from last year. In this highly competitive job market, A&E firms have more open positions, and the cost to acquire new employees has increased. To win over candidates who have plenty of options to choose from, firms are offering increasingly attractive (and often costly) compensation packages.  

Managing growth was the second most commonly cited challenge. Demand is high, leading to an 18% growth in estimated net revenues. But with rising demand comes new challenges. Professional services firms are challenged with bidding competitively and ensuring the timely completion of work. Labor issues are a contributor to this challenge since firms need to fulfill staffing needs to meet current and future demands. 

With inflation and labor costs cutting into profit margins, A&E firms also said increasing profitability is a top concern. Collection periods increased by nearly two weeks this year, and many firms must work diligently to complete work on time, invoice quickly and collect payment as soon as possible. Encountering delays at any point in the process threatens profits and their ability to grow.  

Staffing Challenges Impact Key Metrics 

Persistent staffing challenges aren’t just keeping firm leaders up at night—they’re impacting financial performance. Here are some of the most notable metrics: 

• Operating profit on net revenue dropped to 12.8%, a level last seen in 2015.

• Overhead rates increased to 160%, a 14% increase. 

• Utilization rates dropped to 58.5%, the lowest level of the last 10 years. 

After rising steadily over the past 10 years, operating profit on net revenue dropped significantly. This is largely driven by an increase in overhead rates. As firms face longer project ramp times and non-billable periods while backfilling roles, overhead rates rise. Higher employee turnover is also a contributing factor to lower utilization rates.  

Performing the Backlog Balancing Act 

Backlogs increased by more than three weeks year-over-year. It’s an indication that, while firms are in demand, they need to perform a delicate balancing act to complete projects on time. Bidding, scheduling, and labor planning must be precise, otherwise, increased activity can hinder project delivery, which only reduces client satisfaction in the long run. Firms that can effectively manage expectations will be able to reduce their backlog to sustainable levels. 

Growing backlogs are influencing the average collection period, which increased by 13 days. Firms wait for nearly 77 days, on average, to receive payments on accounts receivable. This is a return to the average collection period seen in 2012 and 2013. Back then, firms were able to lower this rate in the following years. To reduce the average collection period now, they may want to look at returning to those previous strategies.  

For a deeper dive into the key financial metrics from the study, watch the webinar.  

Looking Ahead 

Financial leaders of A&E firms are focused on meeting day-to-day challenges. When asked about their financial priorities for next year, firms selected training project managers on financial management and improving business processes as their top two choices. This is in line with the results from last year. Notably, firms are less concerned with better forecasting, better growth management, and organizational changes and realignment than they were last year. This indicates that they’re focused on improving the efficiency and effectiveness of daily processes. 

The most successful firms will position themselves for success by also focusing on the HR challenges they face. Unconventional benefits, loyalty rewards, and engagement programs can help companies attract and retain the employees they need for the years ahead. Forty-one percent of firms said that they plan to make talent acquisition and retention investments one of their top priorities next year. Those that make the right decisions will stand out from the pack.  

Get More Financial Management Insights 

Despite the challenges A&E firms face, it’s possible to seize the opportunities ahead. By looking back to previously proven strategies and preparing for future demand, financial leaders can make the most of the market. For more financial management insights, click below to download the full report.  

It’s hard to believe that it is already so late in the year. It feels like not so long ago we were trying to beat the heat with cool drinks on sandy shores. But now the weather is beginning to cool down and the leaves are changing color, and that can only mean one thing: time to hunker down and manage the firm’s holiday contact list! Hopefully, this process has already been started but if not, this article shares a couple of tips on how using Deltek Vantagepoint features and functions can help maintain the firm’s holiday contact list and keep it clean for the future.  

Data Clean Up 

Before getting into the nitty gritty of data cleanup, let’s do a quick review. Every contact needs to have at least five parts: contact name, job title, firm name, email address and firm address. These five fields are standard in Vantagepoint, and with this information, marketers can build basic lists to use for both email marketing and direct campaigns.  

Then there are pieces of contact information that can be considered “nice to have.” These include attributes like market, rating, source, contact owner, mailings and segment type. These are not essential to the contact, but they can help narrow down who they are and what exactly the contact means to the company. 

Once marketers have identified their must-have and “nice-to-have” contact fields, head over to Vantagepoint and view the contact in list view. Using this Vantagepoint feature, allows marketers to quickly see what contact data is missing or outdated. See the screenshot below. 

This feature isn’t just in the Contacts hub either, so be sure to look for it in other hubs that may need some cleaning up as well.  

Send More Emails  

To avoid ending up with a bunch of old contacts, the best advice is to send more emails! Of course, don’t just spam the contacts, because that would just drive them away. Instead, think about sending newsletters weekly and/or monthly. By sending regularly email marketing campaigns to contacts, marketers will get contact information back such as bounced email addresses. This piece of information could indicate that the contact has moved firms or retired. Doing this throughout the year will help make the effort of creating holiday contact lists less daunting.  

Create Marketing Campaigns for Segmented Lists 

In the same vein as the last tip, use Vantagepoint Marketing Campaigns for list segments. To do this, create a new Marketing Campaign record with the name “List-Holiday Card,” for example. Then associate different contacts based on their segments (whether it be geographic, demographic, etc.) to add them to a list aka the Marketing Campaign record. With these new marketing campaigns more emails can be sent, and as contacts are created and updated, they can be added to different lists. 

Monitor New Contact Creation with Scheduled Reports 

Another good practice is to have Deltek Vantagepoint monitor what new contacts were created in the database. Deltek Vantagepoint allows the user to send scheduled reports of what contacts were created in a set period of time (i.e. weekly, monthly, etc.). When these are set up, a report will be sent to the user consisting of all the new contacts and will include who initially created the contact and if there is any missing information that needs to be added. In the case that any of the aforementioned key fields of the contact are missing, the user can follow up with the contact creator and ask them to fill out the required information. This feature can also be used for projects and employees, but in our case monitoring contacts is best. 

Use Workflow Warnings and Errors for Must-Have Contact Information 

Finally, make sure you are using workflows to your advantage. These workflows can be set up to indicate errors and warnings when a contact has missing information. Warnings will simply alert the user that the contact needs more information, but they will allow the contact to be saved nonetheless. Errors on the other hand will completely stop the user from saving the contact. Both of these options are effective ways to keep a contact list clean but be sure to choose which one to use carefully.  

See these Contact Management Tips in Action  

These are just some ways to utilize the Deltek Vantagepoint system features and functions to manage contacts, even outside of the holiday season. To see these features in action, click the image below to watch a replay of the webinar, A Modern Approach to Managing Holiday Contact Lists. 

We encounter many numbers throughout our lives. Over time, perhaps we learn which ones matter to us and which ones are just a number. So, when is a number just a number? One place to look is with Deltek Vantagepoint project numbers.  

After working countless hours with firms for their Deltek Vision to Vantagepoint, some of the more engaging and attention-grabbing conversations include project creation and project numbering. It turns out some firms rely quite heavily on project numbers. While this is technically not wrong, it may just be causing more pain than value. Wait until your Vantagepoint users see how much easier things can be in Vantagepoint when you stop caring so much about the number. 

New Deltek Vantagepoint Projects Hub 

The projects hub has expanded its use in Vantagepoint. It now captures the entire life cycle of a project - from pursuit through awarded and completed project. This means that a project number is assigned from the start.  

Because of this, the project number initially created is just that-a number. It doesn’t really matter. GASP! 

Project Numbers can now be “Dumb” 

In the past, many Deltek Vision users set up “smart” project numbers. Other users may have used numbers so complex; they could call them “brilliant” numbers. Over time, project numbers were heavily relied on to tell a story of the year it was created, the client, the number of projects the firm had with the said client, and so on.  

While some firms invested in scripting to automate the smart numbers, others had their staff complete forms to submit to accounting and perhaps a pair of employees was responsible for assigning the next project number based on a coveted spreadsheet. Get rid of the firm’s project setup forms forever with Vantagepoint! 

Let the System do the Heavy Lifting with Autonumbering  

 Who doesn’t want to make their workday easier? One-way Vantagepoint helps with this is by setting up autonumbering. Deltek Vantagepoint project autonumbering, proper education and training can give users independence to enter and track their own pursuit and project efforts. Talk about streamlining processes!  

 The autonumbering feature in Deltek Vantagepoint automatically generates an identification number for new records, including project records. And, in the autonumbering setup firms can define the structure of the project number to match the business requirements.  

How to Configure Autonumbering 

A Deltek administrator can enable automatic numbering by going into Settings > Workflow > Numbering. See the screenshot below. 

Then hover over the row of the system numbering format to update. For this example, select Project then go to the column called Auto Number Source. See in the screenshot below the various options to create an auto number source including Expression, Stored Procedure or Web Service.  

Below is an example of using the Expression Auto Number Source. When that option is selected, there are a few options. First, is that autonumbering can be set up for Overhead, Promotional and Regular project charge types. Once the charge type is selected, the Project Auto Number Format can be defined by inserting a row for each component of the project number.  

In the example below, this client wanted to show the year the project record was created in four characters, the next project in the sequence beginning at 439 with two leading zeroes, and, finally, a period followed by the project center level of office.  

Below the Project Auto Number Format grid are a few fields specific to which row is highlighted. In this screenshot, the “characters” row is selected so it’s displaying that specific row’s sequence number length, sequence number position and starting sequence number, 439. As each row is built, the sample value field will update.  

Once that is defined and saved, every time a new regular project is created, the number will automatically populate. Users won’t have to think about which project number to use next nor fill out a form to get the “next” project number from a separate log or notebook. See the screenshot below for how this will look for users. 

Autonumbering is defined as a Regular project record. 

 Autonumbering is defined as a promotional project record. 

Don’t Stop with Just Project Numbers 

The autonumbering function is not just available for project records. Deltek Vantagepoint has made autonumbering available for employees, firms, marketing campaigns, equipment and user-defined hubs. And, other areas with numbers can be automated too including phases, tasks, accounts, units, accounts, vendors, company, office, discipline, and more! 

Once you’ve crossed over to the autonumbering dark side, you’ll want to set it up for everything in Deltek Vantagepoint. Click below to learn more about Full Sail Partners Deltek Vision to Vantagepoint upgrade assistance services. 

Having now partnered with hundreds of architecture and engineering firms to upgrade from Deltek Vision to Vantagepoint, Full Sail Partners has gathered a treasure trove of lessons learned and best practices. While professional services firms can certainly benefit from what has been discovered by Full Sail Partners, in this article, they can also hear directly from different engineering and architecture firms about their own experiences. Once again, firms looking to make the Vantagepoint transition can get advice as well as discover lessons learned and best practices from their counterparts’ Vantagepoint upgrade experiences. 

This is the third article in the series where professional services firms can “hear from their peers” who have either made the upgrade or talk about experiences during the upgrade process. The first article focused on preparing for the upgrade and the second article shared their users most loved new features of Vantagepoint. In this final article, the participants will share some best practices from their Vantagepoint upgrade experience. 

Featured Firms

The clients that are featured in this series are a mix of small, medium, and large firms. Also highlighted are specific contacts who serve in different roles within their firms. They each were in a different phase of the upgrade process when we met with them. The clients providing their feedback include the following:  

Argus Consulting, Inc. 
Nancy Smith, Project Controls  
Karen Pattison, Controller   

CSHQA  
Andrea Kier, Business Development   

RIOS  
Jessamyn Davis, Chief Operating Officer  

Structural Integrity Associates, Inc.  
Paul Arnone, Applications Support Manager  

Ware Malcomb  
Brad Mathias, Director, Financial Planning & Analysis  

Treat the Upgrade Like a Project 

Karen and Nancy from Argus Consulting approached the upgrade like a project. They assigned a project manager, in their case Nancy, to lead and she was the one person to be in charge of the efforts. Nancy also was sure to engage the end users, and she coordinated with people from marketing, project management, etc. She particularly worked hard on having a lot of interaction within each group along the way. 

Structural Integrity Associates took a similar approach in their upgrade. They established a task group to evaluate the entire upgrade. However, their task group was about 15 people who were on weekly calls including vice presidents and other executives. Paul now thinks it might have been more beneficial to have had smaller groups made of targeted areas depending on the meeting topic for that week. It might have helped the process move quicker and maximize everyone’s time.  

Communicate and Prioritize Across Departments 

Andrea from CSHQA recommends communicating and understanding what the users need from Vantagepoint and to ask a lot of questions. It is also important to realize that everyone is busy and that the upgrade tasks might not be their main job. So, it might take longer to review information and make decisions for the different end user groups.  

Remember, it’s Just an Upgrade, not a New ERP Implementation 

Jessamyn’s big take away from RIOS upgrading to Deltek Vantagepoint is to remember that this is just an upgrade. It’s not a migration to a new system. Most of Vantagepoint works the same as Vision, except that it’s in the browser. She wants firms to not be intimated by upgrading to Vantagepoint. While it is a lot of work, it is definitely nothing compared to migrating to an entirely new ERP system.  

Utilize the Expertise of a Trusted Partner & the Vantagepoint Readiness Report 

The best practice that Brad from Ware Malcomb recommends is to get the help of a trusted Deltek Partner. In his case, they used the services of Full Sail Partners and the Vantagepoint Readiness Report. The Vantagepoint Readiness Report identified everything that was needed for their upgrade instead of having to figure it out on their own.  

Start Cleaning Data, Even if the Upgrade is Far Away 

Another important thing that Brad always recommends is reviewing the data in Vision, especially if the firm has been using the system for a long time, like Ware Malcomb. Their data wasn’t necessarily bad data but there was a lot of duplicate data. Having the data as clean as possible will make the upgrade process go even smoother.  

Want to Hear More From Your Peers?  

As this article is the last one in a three-part series, be sure to check out the other “hear from your peers” topics.  In part one, different project-based firms shared their Deltek Vision to Vantagepoint upgrade experiences. Then in part two, the same firms shared their most liked new features of Vantagepoint. Hearing from peers is a great way for professional services firms to get comfortable with the transition from Deltek Vision to Vantagepoint. Take advantage of their experiences and learn how to make the move go smoothly. 

To listen to their upgrade experience, watch the webinar that is linked below.  

Most likely of great interest to Vantagepoint users is that Deltek is continuing to roll out rapid enhancements to Vantagepoint in order to drive purposeful innovation and efficiency. One of the latest improvements being made possible is by a new partnership and integration with Plaid. This integration with Plaid offers professional services firms the ability to automate the update of transactions in Bank Reconciliation in Vantagepoint. Well, what is this all about, and how can professional services firms make this happen?

About Plaid

Plaid powers thousands of financial apps and this convenient integration will allow professional services firms to connect their banks to Deltek Vantagepoint in a secure way. With Plaid, firms can control whom their data is shared with and for how long. Additionally, whenever firms use a Plaid-powered app, their security is of the utmost importance meeting or exceeding industry standards. 

Bye-Bye Manual Entry 

Most Deltek Vision clients were already aware of the ability to manually upload a file from their bank to import bank transactions. The key word here, being MANUAL. Now check out the good news - with Deltek’s latest release of Vantagepoint, that process has now been vastly improved with automated bank feeds. That’s right! No more manual import is required. The integration currently supports over 11,000 banks across North America, with more being added regularly. As of the Vantagepoint 5.0 release, this integration is available to both on-premise and Deltek Cloud clients. There is no separate purchase or licensing required.   

 Instead of the more time-consuming, manually administered import process, a professional services firm’s latest bank transactions are seamlessly imported into the accounting system. After import, they are reflected in the Bank Reconciliation record. It is then taken a step further by automatically matching imported records to posted payments and cash receipts.  

Setup Using the Plaid Assistant 

Most Deltek Vantagepoint clients can get started with this convenient solution today. They will first need to connect their supported bank within Vantagepoint settings (Settings > Cash Management > Banks). From there, that process will guide them through selecting their bank, logging in using their existing bank credentials, and then selecting the account that they want to connect to all using the Plaid setup assistant.  

If their banks require multi-factor authentication or OAuth, the process will be similar, while still incorporating those additional security steps to enter needed credentials. For step-by-step instructions, professional services firms can reference this video, or the relevant Deltek Vantagepoint help file.  

After the connection is established, transactions which have cleared a professional services firm’s bank will automatically feed into Deltek Vantagepoint Bank Reconciliation on a nightly basis. System administrators can change the date on which Vantagepoint starts the daily transaction import into Bank Reconciliation in addition to the time of day that the import is run. Firms also have the flexibility to manually refresh transactions through the day.  

Need More Help with Bank Feed? 

 If there is ever an error related to a firm’s bank connection with Plaid, there are some messages now displayed in Vantagepoint to help with troubleshooting. Firms should note the IDs and let Deltek customer care know. Here are some common scenarios that have been dealt with already. 

Streamlined Bank Reconciliation  

Professional services firms using Deltek Vantagepoint now really have it made in the shade. With the Plaid integration and ensuing automatic bank feeds, bank reconciliation has become even more streamlined. Without the need for manual downloads, firms now have much more time to manage other financial matters, ensuring improved efficiency. Firms should get started with this latest enhancement today! 

Click the image below to learn about how Deltek Vantagepoint powers project-based firms.