Full Sail Partners Blog | Professional Services

As dedicated navigators in the vast ocean of Deltek Vantagepoint, we, at Full Sail Partners, are helping our seaworthy clients say a proper goodbye to Deltek Vision 7.6 which served us well for many sun cycles. Luckily, you don’t have to go on this journey alone, nor do you have to be a stowaway on someone else’s cruise. We have many flotation devices to help you stay above water and personally assist you on this upcoming adventure as you swiftly make your way to Deltek Vantagepoint.

At the start of your maiden voyage, the critical role Full Sail Partners will play is to amplify Deltek’s open communication, ensuring that you’re well-informed and prepared for any changes so that new users won’t be left adrift at sea. Our mutual crews can work collaboratively to clean up your Vision databases, map out the current ones plus dream up the future of your firm’s Vantagepoint instance. We also ensure confidence in the new data and the way of operating to launch successfully, and you can look forward to smooth sailing.

Maneuver Easily Using Deltek’s Resources

Consider Deltek’s Customer Assistance Program (CAP)

Embarking on the journey of upgrading to Vantagepoint, consider the CAP ready to steer you through the initial tides of the process. Deltek has meticulously mapped out the voyage for the entire year of 2024 presenting a comprehensive four-week program; a program that’s both a breeze and one that is easy to embark upon.

Click here to learn more about CAP. 

Take Advantage of the Readiness Portal and DLZ

As you endeavor to set sail, the Vantagepoint Readiness Portal is available for each Deltek client. This grants you and your crew an expansive view of the forthcoming advancements with Vantagepoint. This portal is brimming with navigational aids to guide you through the upgrade odyssey, spotlighting the innovative features and enhancements that set Vantagepoint apart from Vision. Should you find yourself off-course, and in need of DLZ access to enter your Readiness Portal, fear not. Signal your trusty first mate at Full Sail Partners (your Account Manager) or drop a message in a bottle to DeltekUniversity@dlz.Deltek.com, and they’ll chart a path to clearer waters.

Take Time to View Further Functionality of Vantagepoint

Furthermore, as with viewing a magnificent rainbow over a seashore, you can align with Deltek or Full Sail Partners to witness Vantagepoint in its full splendor. The array of demos, videos, webinars, and additional resources serve as beacons along the coast, casting light on the system’s functionality and benefits. These guiding lights are designed to help you sail through the newly discovered Vantagepoint sea with poise and assurance.

Strategies for Smooth Sailing in Your Vantagepoint Upgrade

Choose Your Crew Wisely and Clearly Communicate

Assembling an appropriate crew for the upgrade voyage to Vantagepoint is akin to gathering a seasoned team of sailors, each skilled in navigating the different bodies of water of Finance, Marketing/Sales, Operations, and Project Management. Such a diverse crew is a necessity for a successful journey, ensuring a well-rounded perspective as you and your mates chart the course ahead. Furthermore, a clear communication plan like a captain’s orders is essential: articulating concerns, spotlighting benefits, and setting expectations to align every member of the crew on the nautical adventure that awaits.

Map Out Your Pre-Upgrade Operations

Before hoisting the sails and embarking on this grand expedition to a new horizon, it’s paramount to chart your current navigational routes. This cartography of your present workflow is the key to understanding the winds and currents that have brought you this far and preparing for the transition to new waters. Even if you’re enlisting the expertise of a consultant, possessing a detailed map of your current operations is like having the stars to guide you: indispensable for steering the upgrade process in the right direction.

Listen to Feedback and Seek Insight

Feedback loops are the compass for your voyage, essential for maintaining the right course by listening to the feedback from throughout your entire organization. Whether it’s through tailored learning adventures, mentorship from seasoned sailors, or gamified training regattas, engaging your crew in creative and immersive ways is crucial to success. These methods are like the constellations in the night sky, guiding you in gathering insights that are needed for a triumphant transition to Vantagepoint.

Ready for Your Journey to Deltek Vantagepoint?

With the maps, guides and compass needed on your voyage to Deltek Vantagepoint, you and your crew are ready to embark. The upgrade from Vision to Vantagepoint process is not merely a passage from one point to another; it’s an opportunity to set forth on a journey of discovery, to explore uncharted territories in the realm of powering project success. The future awaits, and with Vantagepoint, you’re well-equipped. Get started today by requesting a Vantagepoint upgrade consultation. Click the image below to embark.

Mergers and acquisitions have become commonplace in the professional services industry.  When firms join forces, they are typically hoping that 1 + 1 = more than 2!  By leveraging the best that each firm has to offer in terms of talent, diverse market penetration, client/contact lists, and means and methods of success, goals can include forming a stronger company that continues to successfully execute projects, attracting top talent, and growing in revenue and profitability.   

During the merger/acquisition process there are of course many things to consider.  Change management around topics such as corporate cultures and people management, branding, client loyalty, processes and procedures, and systems must be included in those considerations! 

Full Sail has helped many firms going through mergers and acquisitions with the integration of their ERP systems, when at least one company is using Deltek Vision or Vantagepoint.  While an exhaustive list of lessons learned would be too long for anyone to compile or read, we’d like to share some of the top things we recommend. 

Get the Right People at the Table 

Make sure that management/decision makers, system administrators/power users, and data consumers from all firms involved are represented in the discussions around data integration.  Sometimes the best intentions of management have unintended consequences for the day-to-day users, and sometimes the day-to-day users are not yet aware of intended changes in policies and procedures.  In the cases of acquisition to a greater extent, and especially in the beginning, some of the users may feel too intimidated to speak up and indicate that the consequences of decisions would have a negative impact on their day-to-day activities or ability to report on crucial data.  Getting a thorough understanding of how each firm uses their system(s) and data to achieve its goals, and what they would like to be able to do better, are important when making decisions about how to set up the new single system.  Invite CRM, finance, project management, and HR representatives to participate.  In our project-based environments it is important that PM’s have input along with the marketing and accounting/finance teams! 

Consider involving a third party such as Full Sail Partners, to help facilitate the conversations.  There are many aspects of system setup that can easily be overlooked or may not have been used before.  A neutral third party can also contribute ideas and best practices that can help combine currently-disparate methods into workable solutions to move forward.  Additionally, having someone to help the firms involved stay on task and accountable for timelines can prove to be valuable during a time when there are many conflicting priorities.  Full Sail consultants in finance and CRM can help explain system functionality.  Full Sail’s human resources consultant can help identify the most appropriate HR policies from each firm.  And a data migration specialist can help streamline gathering data from one system (Deltek or not!) and get it set up for, and then imported into, Deltek Vision / Vantagepoint. 

Decide how the new Company will be Added 

There are several options for adding a new company to Vision / Vantagepoint.  Many firms will use the multicompany function.  Some companies will enable or expand an organization structure.  Others will incorporate the additional company’s data directly with their own.  It is critical to think through how you will need/want to report on and analyze financial aspects of the companies, and configure the system to meet those goals. 

Another aspect to consider is the currencies in which the companies operate.  Vision / Vantagepoint can be configured to handle transactions for multicurrency operations. 

Examine and Align the Data 

Data migration specialists work with firms to identify and ready the data.  In order to make sure all the necessary data is brought into the new single system, it is important to identify all the systems the merging or acquired firm uses currently to hold data.  Is there one ERP?  Is there an accounting system, a marketing system, an HRIS system, and some spreadsheets?  Deciding which data will be incorporated into the new system is an important first step and is also necessary to scope/estimate the migration effort.  This will start to lay a clear groundwork for the migration process. 
 
The firms will also need to decide how much data will be brought into the combined system.  Do you plan to bring everything from day one of business, a certain number of years, or only GL balances?  If not bringing in historical data, where will that data be kept and how will it be accessed for operational needs or potential audits?  Address how redundant data will be handled.  If both companies have some of the same clients and contacts, how will you identify what should be kept from each?   

Assigning “data owners” is recommended so the data migration specialist knows who to ask when questions arise.  These data owners would also be responsible for participating in meetings about the data, developing a comprehensive test plan for users, and then reviewing and testing the migrated data. 
 
After identifying the higher-level parameters, consideration must be given to the details.  Decide on code formats and systems for numbering records such as the chart of accounts, employees, firms, and projects.  Alignment is needed for the chart of accounts, so mapping the new company’s accounts to the existing “like” accounts and identifying any new accounts that are needed is often one of the first steps.  Project numbering and work breakdown structure (WBS) will need to be carefully reviewed.   Keep in mind that not all systems have the same type of WBS, and even if both companies are using Vision / Vantagepoint they may be using the WBS differently.  Labor categories, labor codes, billing terms, accounting periods, and even the overhead projects all need to be given consideration.  For example, if the new company’s existing system does not use an equivalent to labor categories, and the Vantagepoint environment requires them, how will that be handled?  Will overhead time be loaded, and do the companies have the same overhead projects, will more need to be created, or will some need to be combined?    

Staff Training and Communications 

Staff at both companies will need training and communication about the changes.  Training and communication should not be an afterthought!  Employ sound change management throughout the process.  Those on the M&A team may forget that the rest of the staff don’t know the decisions being made.  The employees at both firms may be nervous or anxious about the changes.  Giving employees the information they are allowed to know in a clear, concise, and timely manner can help. Offer the info in easy-to-consume bits, but don’t overwhelm them with too many separate communications. Even something as simple as a list of who can be contacted for questions in specific areas will be helpful!   

Training is critical, even if both firms use the same system.  There are as many ways to use Vision / Vantagepoint as there are firms that use it!  Be sure to cover new processes, nuances in the database such as user-defined items, and add-on products.  Prepare a training plan and send the training session invites well in advance.  Have a leader from each firm in the sessions (in case any employees start asking the trainer questions on decisions), in addition to your top-notch trainer(s) or Full Sail consultant and someone in an equivalent training-type role from the other firm that can help “translate” questions that may be asked in company-specific lingo.  Record the training sessions so those that cannot attend can catch up and those that would like to re-watch can do so.  Consider incorporating “cheat sheets” and infographics so people can have a handy reference the first few times they go through a new process.  Make sure back-office staff are comfortable doing their jobs in the new system.   

Company growth is both exciting and challenging.  Involve the correct people, carefully consider processes, procedures, and data, and communicate with your staff.  Reach out to the Full Sail team for guidance.  We love to see our clients succeed! 

Conferences are more than just gatherings of like-minded professionals; they are opportunities for growth, networking, and strategic advancement. However, navigating them can be a bit daunting without a clear strategy in place. Let’s talk about some key concepts that will help your professional services firm on the way to mastering the art of impactful conference strategies.

Reframe Your Thinking About Conference Selection

Choosing the right conferences to attend is extremely important for maximizing your professional services firm’s time and resources. It is important to focus on more than just the prestige or popularity of an event; consider factors such as the relevance of topics covered, the caliber of speakers and attendees, and the potential for creating meaningful connections.

Moreover, you should consider the location and timing of the conference. Make sure that it fits well with your schedule and provides convenient access to travel arrangements. By reframing your thinking to prioritize quality over quantity, you can ensure that each conference you attend offers genuine value and opportunities for growth.

Discover How to Be Methodical and Objective in Your Approach

Approaching conference selection with a methodical and objective mindset can help streamline your professional services firm’s decision-making process. Start by clearly defining your goals and objectives for attending conferences. For example, are you expanding your professional network, gaining industry insights, or showcasing your expertise?

Next, conduct thorough research on upcoming conferences, evaluating factors such as agenda, speaker lineup, past attendee reviews, and cost-effectiveness. You should consider creating a checklist or rating system to objectively assess each conference's suitability based on your criteria. This allows for a more organized and informed selection process. By taking a systematic approach, you can identify the conferences that align best with your objectives and priorities.

Learn How to Be Mindful of Any Emotional Biases Influencing Your Decisions

It's essential to be mindful of any emotional biases that may influence your professional services firm’s conference selection process. Whether it's the fear of missing out on a popular event or because you’ve always attended, emotions can cloud judgment. Practice self-awareness and introspection to identify any biases at play like confirmation bias or sunk cost fallacy.

Furthermore, you should seek feedback from trusted colleagues or mentors. This helps to gain different perspectives and mitigate the impact of personal biases on your decision-making process. By approaching conference selection with a clear and rational mindset, you can make more informed choices that align with your firm’s professional goals.

Tips to Optimize Your Conference Strategy

Once your professional services firm has selected the conferences to attend, it's time to optimize your overall strategy to maximize your experience and outcomes. Start by creating a detailed itinerary, including sessions, networking opportunities, and any additional events or meetings. Leverage social media platforms such as LinkedIn to connect with fellow attendees and speakers before the conference. This will help facilitate meaningful interactions and collaborations.

Also, consider attending workshops or interactive sessions that offer hands-on learning experiences and opportunities to develop your skills. These activities will enhance the value you derive from the conference. During the conference, prioritize quality over quantity when networking, focusing on building genuine connections rather than collecting business cards.

Don’t Forget Your Follow Up Strategy

Finally, don't forget the importance of post-conference follow-up. One effective strategy is to have dedicated individuals responsible for follow-up tasks, so that no potential leads slip through the cracks. Whether it's sending personalized emails, brochures, or scheduling follow-up meetings, prompt and tailored communication can leave a lasting impression on your contacts.

You should also consider leveraging tools or systems to streamline the follow-up process. Scanning business cards or badges at conferences allows for the inputting of contact information directly into your database, and it is a very efficient way to track connections. By prioritizing follow-up efforts and utilizing available resources, you can maximize the return on investment from attending conferences.

Make Your Professional Services Firm’s Conferences Meaningful

Mastering impactful conference strategies requires a combination of strategic thinking, mindfulness, and proactive planning. Reframe your professional services firm’s approach to conference selection, adopt a methodical mindset, and be mindful of emotional biases; you can then optimize your overall strategy and make the most of your conference experiences.

Remember to prioritize quality over quantity and focus on building genuine connections. Furthermore, always follow up with your connections post-event. With these strategies in place, you'll be well-equipped to navigate the conference landscape with confidence and purpose.

Need a deeper dive into making your conferences count? We’ve got a LinkedIn Live with a conference guru that brings all these points and more together. Click below to watch today!

Revenue Generation is a feature in Deltek Vantagepoint that allows a professional services firm to define how a project should calculate revenue. This process is not turned on “out of the box” as firms can choose if and how they would like to utilize this feature. Vantagepoint’s default revenue method is “B,” meaning revenue is recognized only when a project is billed. Although this method works well for projects invoiced monthly for time & materials incurred, it doesn’t always align with all project types.

Additionally, utilizing the “B” method can restrict a firm from invoicing throughout the month as generally all costs should be posted and then invoiced to properly match revenue and expenses. Billing all at the end of the month can create a backlog and delay month-end closing processes. Therefore, if your projects are not billed monthly, the billing doesn’t match how the project should recognize revenue, or you don’t want to hold up your close process until all invoicing is completed, your firm should consider utilizing Revenue Generation.

Pursue Revenue Generation Methods

After deciding that revenue generation is right for your professional services firm, the next step is to decide on the revenue method(s) to be utilized for your projects. Revenue generation is flexible in the fact that methods can be different on different levels of a project’s work breakdown structure. Furthermore, your firm can create custom revenue methods if you feel one of Deltek Vantagepoint’s predefined methods doesn’t suit your needs.

Deltek Vantagepoint’s Standard Predefined Methods

The three most popular predefined methods are the Work In Progress (W), the Percent Complete Method (P), and the Multiplier (M) methods. See below the formulas and a brief discussion of when firms may choose to utilize these methods.

Work in Progress Method (W)

Job-to-Date Revenue = Job-to-Date Billings + Work-in-Progress @ Billing

Deltek Vantagepoint recognizes revenue as job-to-date billed plus work-in-progress at billing rates. This method works well for projects normally termed “hourly” or “time and materials.” One of the great features of this method is you can invoice anytime during the month and expenses posted after the invoice will still be recognized for that month and this method will match revenue and expenses. One disadvantage of this method is the formula has no limit set so if your project is “hourly to a max,” this method will not stop at the “max.”

Percent Complete Method (P)

Job-to-Date Revenue = (Percent Complete*Fee) + Job-to-Date Reimbursable Expenses

This method recognizes revenue based on a percent complete entered on the project times the compensation on the project, plus reimbursable expenses. This method does require the percent complete field to be entered, usually at the lowest level of the project where the revenue is to be recognized. The good news is there are several places to update this field – in Dashboards, in the Revenue Generation action bar, and the Project Review area. The bad news is that it does require updates regularly.

In general, this method works well when projects have milestone billings, often called “lump sum contracts” or “fixed fee” projects. On these types of projects, you may have a billing schedule that does not match your level of effort in a month. For example, if your milestones state that you can’t invoice until you have hit 25% complete, but this month you have completed 15%, you may want to recognize 15% now and not wait until you hit 25%. In this case, the percent complete field would need to be entered as 15%. In summary, this method produces revenue based on the percent completed, not invoiced, but that percent does need to be entered into the system with some “manual intervention.”

Multiplier Method (M)

Job-to-Date Revenue = (Job-to-Date Direct Labor x Multiplier) + Job-to-Date Reimbursable Expenses

The Multiplier Method recognizes revenue based on labor incurred times a multiplier identified on the project in the “Multiplier/Amount” field. This method can be used on projects that are billed hourly or percent completion-based. Usually, when using this method, the multiplier is set once and reviewed periodically but does not need to be updated as frequently as the P method. The pro of this method is that it requires less maintenance than the P method, but the con is that it may not be as accurate. The multiplier is project-specific, which allows flexibility.

User Defined Revenue Methods

If the above methods don’t meet your professional services firm’s needs, Deltek Vantagepoint has the flexibility to create as many revenue methods as needed.

For example, if you would like to use an hourly method, like W, but would like to add a maximum amount to the calculation, there is a “Subject to Max” option that can be utilized in a formula. Likewise, if you would like to compare two formulas and have the system recognize revenue based on the “lessor of” the two calculations, that is also an option. There are many fields available to create a User Defined Calculation from project fields such as budget or compensation fields, from billing terms such as rates or Add-Ons, or even from User Defined Fields on a project.

Choosing the Best Revenue Generation Method(s) for Your Professional Services Firm

As you consider the possibilities of revenue generation within Deltek Vantagepoint, it's crucial to refine your approach to ensure it aligns with your firm's unique project management and financial tracking needs. The flexibility offered by Vantagepoint enables a tailored revenue recognition process that can significantly enhance your financial accuracy and project oversight. To effectively implement and benefit from this feature, consider the following:

• Assess Project Requirements: Evaluate the specific needs of each project or project phase to select the most appropriate revenue generation method. This assessment should consider the billing schedule, project duration, and the nature of the work (e.g., hourly, fixed fee, or a combination).
• Implement a Hybrid Approach: Don’t hesitate to employ multiple revenue generation methods within a single project where necessary. This flexibility can accommodate diverse billing arrangements and project work phases, ensuring revenue is recognized in the most accurate manner across your portfolio.
• Create Your Own Calculations: Leverage the capability to create custom revenue calculations to address any specific challenges or goals your firm has. This customization can help in situations where predefined methods fall short, ensuring your revenue recognition practices precisely match your operational and financial strategies.
• Document and Standardize: Establish clear documentation of your chosen revenue recognition methods and the rationale behind them. This documentation will serve as a valuable reference for your team and ensure consistency in application across projects.
• Engage in Thorough Testing: Before fully integrating a new revenue generation method into your operations, conduct comprehensive testing. This testing should simulate various project scenarios to uncover any potential issues and ensure the method performs as expected under different conditions.
• Review and Refine Regularly: Adopt an iterative approach to your revenue generation strategies. Regular reviews allow you to adjust methods as your firm evolves and as projects present new challenges or opportunities for financial management optimization.

By thoughtfully selecting and applying revenue generation methods, your professional services firm can achieve a higher level of financial clarity and project management efficiency. Deltek Vantagepoint’s flexibility not only accommodates a wide range of project types but also empowers your firm to adapt and thrive in the dynamic professional services landscape. Embrace the opportunity to fine-tune your revenue recognition processes, ensuring they fully support your firm's strategic goals and project delivery success.

Strategize and Optimize: Revenue Solutions in Deltek

Maximize your Deltek Vantagepoint's Revenue Generation capabilities with Full Sail Partners' Navigational Analysis. Our service streamlines your processes, ensuring your ERP system aligns perfectly with your business objectives. From an initial assessment to a customized action plan, we guide your firm through optimizing system functionality to enhance operational efficiency and financial performance. Elevate your firm's potential—discover how our Navigational Analysis can transform your Deltek setup for optimal success by clicking the image below.

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 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.

In today's fast-paced professional services firms’ environments, meetings play a crucial role in fostering collaboration, aligning teams, and achieving organizational goals. However, ineffective meetings can be a drain on productivity and morale. To ensure that meetings are valuable and efficient, it is essential to follow certain best practices. In this blog post, we will explore four key aspects of running an effective meeting: setting clear objectives and goals, planning the meeting and agenda, employing a skilled facilitator, and having a diligent note-taker.

1. Objective and Goals of the Meeting:

The success of any meeting hinges on having a clear objective and well-defined goals. Before scheduling a meeting, it is crucial to determine how it aligns with the broader growth efforts and yearly goals of both the team and the organization. By doing so, the meeting becomes a strategic tool for progress. Participants can better understand the purpose of the gathering and how their contributions fit into the larger picture.

For example, the goal of a marketing, business development, or sales-oriented meeting is to ensure you are accomplishing the goals set out in your yearly business plan. Within the Architectural, Engineering, and Construction (AEC) industry, that includes ensuring you know what is going on with your project pursuits. Key objectives in bi-weekly meetings would include knowing recently won/lost pursuits, new pursuits and managing follow-up on upcoming proposals, along with understanding resource forecast projections. An example core objective in a quarterly meeting would be evaluating where you are against your goals.  

2. Meeting and Agenda:

To run a productive meeting, careful planning is essential. The meeting should involve the relevant team members and decision-makers who can contribute to the agenda items. The agenda itself should be thoughtfully structured, with a focus on deadlines and the outlined steps needed to meet them. By sharing the agenda in advance, participants have time to review and prepare, ensuring a more engaged and productive discussion. Balancing chit-chat time and getting down to business is important, as it fosters team cohesion while still maintaining a professional atmosphere. Coming out of the meeting, attendees should know their action items and tasks to accomplish.

3. A Good Facilitator:

A skilled facilitator plays a vital role in guiding the meeting towards its objectives while ensuring active participation and collaboration. The facilitator should encourage open discussion, allowing all voices to be heard. Additionally, the facilitator should review outstanding items from previous meetings to track progress, providing context for the current discussion.

Staying focused and time-conscious is crucial, as it helps keep the meeting on track and ensures that all agenda items are addressed. If new topics arise that are not on the agenda, the facilitator can suggest moving them to a "parking lot" list, to be covered either if there is enough time or in the next meeting. A good facilitator is like a good train conductor who sees the path ahead and knows when to slow down and when to speed up to accomplish the items that are most impactful to keep the department or company running smoothly.

4. Note-Taker:

An often-underestimated role in meetings is that of the note-taker. The note-taker should diligently document meeting minutes, capturing important discussions, decisions, and action items. By doing so, a reliable record of the meeting is created which ensures that information is not lost. Clear documentation of action items, next steps, and responsible parties is crucial for accountability and follow-up.

Furthermore, sharing the meeting minutes afterward is essential to keep all participants informed and ensure that everyone is on the same page. With the advent of AI, note-taking might become a thing of the past. I know our team has been exploring software that will assist with analyzing the content, offering summaries, outlining tasks with due dates, and even providing insights based on the discussion.

Follow Key Strategies to Ensure Productive Meetings

Running an effective meeting requires careful planning, active facilitation, and diligent note-taking. By setting clear objectives and aligning the meeting with broader goals, you create a purpose-driven environment. Thoughtful planning, involving the right people, and sharing the agenda in advance help participants prepare and contribute effectively. A skilled facilitator encourages collaboration, keeps the meeting on track, and addresses outstanding items. Lastly, a diligent note-taker documents important insights and ensures that action items are clearly defined. By following these strategies, you can transform meetings into productive spaces that drive progress and foster teamwork at your professional services firm.