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Key Takeaways from Deltek ProjectCon 2024

Posted by Evan Creech-Pritchett on December 05, 2024

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Deltek ProjectCon 2024 united innovators, leaders, and tech enthusiasts to explore the future of project-based solutions. Our crew was fully engaged in the discussions and demos, discovering Deltek’s latest advancements and their practical applications. Whether you missed the event or just want a recap, here are the highlights that caught our attention.

AR Forecast Collections Dashboard

For finance professionals, staying ahead of cash flow is key. Jenny Labranche, Senior Finance Consultant, shared her enthusiasm for Deltek’s new AR Forecast Collections Dashboard:

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Deltek has put together a forecast tool to track your cash coming in because we all know that cash is king in any business.

Expected in the 7.2 or 2025.1 release, this tool promises to streamline cash forecasting and collections, giving firms better control over their financial health.

Clarity Meets Vantagepoint Dashboards

Joel Slater, Client Solutions Manager, was interested in the integration of Deltek Clarity A&E Study benchmarks directly into Vantagepoint dashboards:

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Clients can compare their own specific data and results against the greater industry through the Deltek Clarity study.

This feature provides businesses with actionable insights, making it easier to align their performance with industry standards.

Simplifying Billing and Contract Management

Ease of use remains a top priority for Deltek, as highlighted by Lisa Ahearn, Senior Consultant, who had two exciting updates to share.

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I learned that they are planning on putting billing terms in a list view, which is awesome for all of our billers. Deltek is also bringing document management to contract management so we can finally attach our contracts to our line items for our contract management.

These enhancements are designed to streamline critical workflows, making it easier for firms to manage billing terms efficiently and improve the organization of contracts.

Flexibility and Adaptability: The Future of Deltek

Sarah Gonnella, VP of Marketing and Sales, praised Deltek’s commitment to adaptability:

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Deltek is really focused on flexibility, adapting to how people work, and providing relevant content through AI. Their roadmap through 2026 is full of innovative developments.

The spotlight on tools like Deltek Delaand Harmony reflects their intent to enhance user experience by integrating platforms like Microsoft Teams and offering personalized, data-driven insights.

Solving Business Challenges with AI Innovations

Jake Lucas, our AI Developer, highlighted the growing potential of artificial intelligence in addressing unique business needs:

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A big aha moment has been having conversations with different people and getting a renewed perspective on how AI can solve certain business needs. It’s been fascinating to see the scope of what people are thinking about when it comes to using AI to run their business better.

He emphasized how AI tools like Deltek Dela are meeting immediate challenges while leaving room for future enhancements.

AI and Data Synchronization: Enhancing Business Intelligence and Building Trust

Jake Lucas also presented his session on the transformative role of AI in data processing and real-time synchronization. He noted that as businesses increasingly adopt AI to optimize workflows, real-time insights become essential for tracking performance, forecasting cash flow, and monitoring project progress.

Real-time data synchronization, as demonstrated by our BlackBox Connector integrations, can deliver down-to-the-minute updates that help organizations optimize resource management and make faster decisions. Having immediate access to data enables businesses to react quickly to shifts in project dynamics or staffing needs, driving efficiency and adaptability.

Jake also emphasized the importance of trust and transparency in AI-driven insights, addressing a critical concern for organizations adopting these advanced tools:

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A big takeaway was seeing how AI is improving but still needs that critical element of trust from the users. It’s essential to understand the data and processes AI is using to ensure its accuracy.

With AI playing a growing role in complex data processing, ensuring transparency in how insights are generated is vital. Businesses must be able to trace the sources and methodologies behind AI-driven conclusions, fostering confidence and trust in decisions shaped by this technology.

Optimizing Vantagepoint Investments with Terri Agnew

Terri Agnew, Principal Consultant, led a session as well where she explored how a Navigational Analysis can help maximize Deltek Vantagepoint's capabilities to improve performance.

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A navigational analysis is like dumping out a puzzle on the table. The process is about putting that puzzle back together—understanding your system, identifying pain points, and finding solutions to streamline processes.

She showcased strategies to leverage Vantagepoint’s data to drive more informed decision-making. Her practical insights demonstrated how to close the gap between data analysis and actionable outcomes, leaving attendees equipped with tools to immediately optimize their processes.

Keeping Up with Deltek

Deltek ProjectCon is a unique opportunity to connect with industry leaders, innovators, and technology enthusiasts who share a passion for enhancing project-based solutions and we had a great time interacting with everyone who attended! The insights and tools showcased this year—from AI advancements to streamlined workflows—highlight the tremendous potential for businesses to optimize their processes and achieve greater success. Whether you attended or simply followed along with our highlights, the value of being part of this forward-thinking community is undeniable.

If you want to stay up to date on all things Deltek, visit our webinars page to see what’s on the horizon. We’d love for you to join us as we continue exploring the latest innovations and solutions for project-based firms!

Deltek ProjectCon Preparation: Maximize Your Experience at Deltek ProjectCon 2024

Posted by Evan Creech-Pritchett on October 10, 2024

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With Deltek ProjectCon 2024 on the horizon, excitement is building for the premier event designed for project-based firms. Set to take place from November 12-14, 2024, at the Gaylord National in the Washington, D.C. area, this year’s conference promises to deliver valuable learning experiences, key industry insights, and unparalleled networking opportunities. As a Gold Sponsor, Full Sail Partners is proud to contribute to the event through educational sessions, strategic kiosks, and a commitment to empowering firms through Deltek Vantagepoint.

Let’s take a closer look at how to prepare for Deltek ProjectCon 2024 and make the most of this exceptional event.

Full Sail Partners: Empowering Firms Through Expert-Led Sessions

One of the highlights of Deltek ProjectCon 2024 will be the sessions led by industry experts, and Full Sail Partners is proud to be at the forefront of these educational opportunities.

Terri Agnew, Principal Consultant at Full Sail Partners, will be presenting "From Analysis to Action: Optimizing Your Vantagepoint Investment.” In this session, Terri will walk attendees through the transformative power of a Navigational Analysis.

Attendees will learn how to evaluate their current systems, identify inefficiencies, and implement actionable recommendations to maximize the value of Deltek Vantagepoint. Whether firms are facing staffing changes, operational bottlenecks, or simply looking to improve their processes, this session offers real-world strategies to drive success. Terri will share examples of client success stories, providing attendees with tangible methods to refresh and optimize their internal practices.

Another presentation will come from Jake Lucas, who will lead a session titled "AI Solutions for Vantagepoint Enabling Next-Level Productivity." As AI continues to revolutionize industries, Jake’s session will explore how out-of-the-box and custom AI solutions can enhance the operational capabilities of project-based firms using Deltek Vantagepoint.

Attendees will not only gain insights into the power of AI but will also learn about potential challenges, such as AI hallucinations and unreliable data responses, and how to address them. Jake will provide practical tips for integrating AI with tools like Microsoft Teams, offering firms a way to streamline workflows and increase productivity.

Whether you are new to AI or looking to deepen its application within your organization, this session will equip you with the knowledge needed to leverage AI effectively.

Supporting Clients: Learning from BSA LifeStructures and kW Engineering

At Full Sail Partners, we pride ourselves on not only delivering expertise but also supporting the success of our clients. This year, two of our clients—BSA LifeStructures and kW Engineering—will be showcasing their innovative solutions during Deltek ProjectCon 2024, and we encourage attendees to explore these sessions.

Ashley Dishroom of BSA LifeStructures will present "Unlock Pursuit Success: Go/No Go Process." In this session, Ashley will demonstrate how BSA LifeStructures has overhauled its CRM system to improve decision-making during project pursuits. By documenting strategic clients and prospects, and integrating a go/no go decision-making process, BSA LifeStructures has been able to boost efficiency and improve project hit rates. This session offers valuable insights for firms looking to enhance their CRM capabilities and refine pursuit strategies.

Similarly, Kris Johnson from kW Engineering will be leading a session titled "Project Pulse: Optimize Project Health, Drive Action, and Unlock Insights with Dashboards." With an overwhelming amount of project data, many firms struggle to prioritize actionable insights. Kris will show how kW Engineering’s "Project Health" dashboard consolidates critical KPIs into a single metric, ensuring project managers and executives can make informed, timely decisions. This dashboard has become an essential tool for project health monitoring, and attendees will learn how to create their own dashboards to drive better project outcomes, improve profitability, and boost cash flow.

Connect with Full Sail Partners at Our Kiosks

Beyond the educational sessions, Full Sail Partners will be hosting a two-sided kiosk in the XPO hall, providing attendees with direct access to our experts. Our kiosk is designed to offer guidance on a wide range of topics, from Deltek Vantagepoint consulting to group training, hosting, and outsourced accounting. Our team is dedicated to helping project-based firms streamline their operations and achieve cohesive, efficient results.

In addition to consulting services, we’ll be showcasing our Blackbox Connector, which offers ready-to-deploy integrations that allow firms to quickly connect Vantagepoint with third-party applications. The beauty of the Blackbox Connector lies in its simplicity — our catered solutions allow firms to streamline operations without the need for extensive technical knowledge.

If you’re looking to optimize your processes or connect your systems more effectively, find us at kiosk #2 just to the left of the XPO entrance. This is the perfect place to start a conversation.

Prepare for Success at Deltek ProjectCon 2024

Deltek ProjectCon 2024 promises to be a cornerstone event for project-based firms looking to enhance their operations, explore the latest innovations, and build valuable connections within the industry. Whether you are attending to deepen your understanding of Deltek Vantagepoint, explore AI-driven solutions, or connect with industry experts, Full Sail Partners is here to support your journey.

Our sessions, led by Terri and Jake, will offer insights that you can implement immediately to optimize your systems and drive productivity. Additionally, we encourage you to learn from our clients’ presentations and discover new ways to enhance your firm’s CRM processes and project health monitoring.

Don’t forget to stop by our kiosks during the event, where our crew will be ready to provide live demos and discuss how we can help you unlock the full potential of Deltek Vantagepoint. As proud Gold Sponsors of Deltek ProjectCon 2024, we are excited to meet you, share our knowledge, and help you take your firm to the next level!

 

Key Insights for Business Development from the 45th Annual Deltek Clarity Study

Posted by Evan Creech-Pritchett on July 25, 2024

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To help your firm address the evolving challenges in the architecture and engineering (A&E) industry, we’ve gathered key insights from the 45th Annual Deltek Clarity Architecture & Engineering Industry Study. This analysis of business development trends reveals the strategies successful project-based firms are using to navigate issues such as increased competition, project complexity, and talent acquisition hurdles. We'll also highlight the importance of adapting marketing strategies to the digital landscape, the benefits of strategic collaboration, and the growing role of technology in enhancing efficiency. By leveraging these insights, firms can position themselves for sustained growth and long-term success in a competitive market environment.

Optimistic Growth Forecasts

First, let’s start with the good news. The study reveals an encouraging trend, with firms projecting a net revenue growth of nearly 11% year-over-year. Despite the backdrop of shifting challenges, this growth signifies a positive outlook within the industry. However, achieving this growth comes with its own set of hurdles. One of the prominent challenges identified is the increasing competition within the A&E sector, fueled by globalization and the entry of new market players. With more firms vying for projects, differentiation becomes crucial for sustaining growth and profitability. Additionally, the study underscores the growing complexity of projects, driven by evolving client demands, regulatory requirements, and technological advancements. As projects become more intricate, firms must adapt their processes, workflows, and skill sets to deliver innovative solutions while meeting quality standards and deadlines. Moreover, talent acquisition and retention emerge as critical concerns for firms aiming to scale operations and expand market reach.

Adapting Marketing Strategies

A&E firms must adapt their strategies to fit an evolving digital landscape to keep up with consumer behavior. While traditional methods like print media and trade shows are still relevant, firms are increasingly focusing on digital marketing and content creation. They use thought leadership content to establish themselves as industry leaders and strategically leverage social media to engage clients and showcase their projects, enhancing their brand presence and generating leads.

This shift in marketing strategies underscores the importance of integrating traditional and digital approaches. Firms must be agile, continuously evaluating the effectiveness of their efforts and staying updated with the latest trends and tools. In doing so, they can ensure their marketing initiatives are not only relevant but also impactful in reaching their target audience.

Win Rates and Collaboration

Win rates for A&E firms remained stable year-over-year, with the overall capture rate experiencing a slight increase to 48.7%. These metrics underscore the importance of strategic networking and prospecting in securing new business opportunities. It’s important to note that the win rate measures the number of proposals submitted to the number of proposals awarded, capture rate measures the total dollar value of the proposals submitted compared to those awarded. Firms are increasingly focused on finding suitable teaming partners and leveraging their networks to source and close new projects. This emphasis on collaboration and relationship-building extends beyond traditional boundaries, as firms seek to form alliances with complementary service providers, subcontractors, and industry peers.

By expanding their network of collaborators, firms can access new markets, capitalize on emerging opportunities, and mitigate risks associated with project delivery. Furthermore, the study highlights the growing significance of client relationship management in driving business development success. With client expectations evolving rapidly and competition intensifying, firms must prioritize client satisfaction, retention, and loyalty to maintain a competitive edge in the market. This requires a proactive approach to understanding client needs, anticipating challenges, and delivering value-added services that exceed expectations.

Diversification Strategies

A notable trend identified in the study is the emphasis on diversifying project portfolios. While revenue from top clients grew, A&E firms are recognizing the importance of expanding their client base to reduce the risks associated with consolidated revenue across a few key clients. This diversification enhances resilience in the face of economic uncertainties, market fluctuations, and industry disruptions. It also enables firms to adapt to changing market dynamics, capitalize on emerging trends, and seize opportunities in more niche segments or emerging markets.

Harnessing Technology for Efficiency

As staffing challenges persist, A&E firms are turning to technology to enhance their efficiency. The Deltek Clarity study reveals that 46% of firms now utilize formal business development processes, with a slight uptick among small and large firms. This indicates a growing recognition of the importance of technology-driven solutions in navigating the competitive landscape.

With an 86% surge in awarded contracts driven primarily by large firms, there's a clear correlation between technology adoption and business success, particularly with AI. Despite this, there's a consensus among industry experts, including Megan Miller, CPSM, Director of Product Marketing at Deltek, that firms are only scratching the surface of AI's potential. While AI holds promise for streamlining marketing operations and enhancing BD outcomes, there's a pressing need for deeper exploration and integration of these technologies to unlock their full potential in the A&E industry.

Future Outlook and Recommendations

Looking ahead, project-based firms are advised to challenge themselves to be more selective in their pursuits, focusing on projects with the highest likelihood of success. The rise in proposal volume underscores the importance of refining go/no-go criteria and leveraging formal business development processes to prioritize opportunities effectively. Additionally, the study emphasizes the growing importance of content marketing and thought leadership in shaping firms' market positioning and visibility.

By addressing key challenges, leveraging technology, and adopting strategic initiatives, project-based firms can navigate growth opportunities and position themselves for long-term success in a competitive market environment. Need to hear more? Take a look at this year's Architecture & Engineering Industry Study now!

Different Ways to Compensate Your Employees Beyond the Base Salary

Posted by Tasia Grant, PHR on July 11, 2024

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The World at Work Total Rewards Conference 2024 brought together a lively mix of industry experts, HR pros, and forward-thinkers to dive into the latest and greatest in employee rewards and benefits. This year, the focus was all about tuning into what employees really want and need outside of their paychecks.

Offering additional perks can significantly impact a company's overall performance and employee satisfaction. By reducing recruitment costs, decreasing employee turnover rates, and increasing morale, productivity, and loyalty, companies can create a more vibrant and committed workforce. Let’s explore some of the best benefits that companies can offer to create a thriving, satisfied, and loyal workforce.

Flexible Work Arrangements

Flexibility in the workplace has become a non-negotiable benefit for many employees. Companies are increasingly offering remote work options, allowing employees to work from home either full-time or on a hybrid basis. This flexibility is crucial for accommodating different lifestyles and improving work-life balance. Flexible hours, allowing employees to adjust their work schedules to fit their personal lives, promote a better work-life balance and reduce burnout. This trend reflects a growing understanding that productivity is not inherently tied to the traditional 9-to-5 workday.

Comprehensive Health and Wellness Programs

The World at Work Total Rewards conference underscored the importance of health and wellness programs tailored to meet the diverse needs of a multi-generational workforce. Companies are moving beyond traditional healthcare benefits to offer personalized benefits packages that cater to individual preferences and life stages, making employees feel valued and supported.

Mental health support, including access to counseling services and mental health days, is becoming a standard practice, acknowledging the role mental well-being plays in overall employee health.

Additionally, offering gym memberships, on-site fitness centers, or even virtual fitness classes encourages physical health, boosting productivity and reducing absenteeism. Regular health check-ups, wellness challenges, and preventive care programs are essential in fostering a healthy workforce.

Professional Development Opportunities

Investing in employees' professional growth is a key factor in maintaining engagement and loyalty. Leading companies are providing continuous learning opportunities, such as access to online courses, certifications, and educational workshops, enabling employees to continuously improve their skills.

Tuition reimbursement offers financial support for further education or professional certifications, encouraging employees to pursue personal and professional development without financial strain.

Career development programs, including structured mentorship, coaching, and career path planning, help employees envision and achieve long-term career goals within the company. Professional development is a win-win for employees and employers alike.

Financial Wellness Programs

Addressing financial well-being is becoming a priority for employers aiming to support their employees' overall quality of life. Popular initiatives include retirement planning, offering 401(k) matching programs, financial planning services, and retirement education to ensure employees are prepared for their future.

Student loan repayment assistance helps employees pay off student loans, significantly reducing financial stress and making this a highly valued perk among younger workers. Financial literacy programs, such as workshops and resources on budgeting, saving, and investing, empower employees to make informed financial decisions.

Enhanced Parental Leave and Family Support

Supporting employees in their personal lives, particularly during significant life events, can foster loyalty and satisfaction. Effective strategies include generous parental leave policies that recognize the importance of family and ensure employees can take the necessary time off without financial worry. Childcare support, through on-site childcare facilities or childcare subsidies, alleviates one of the major concerns for working parents. Family planning resources, providing access to fertility treatments, adoption assistance, and surrogacy support, help employees navigate family planning with less stress.

Mentoring, Shadowing, and Leadership Development

Developing future leaders within the organization is essential for long-term success. Companies are increasingly focusing on mentorship programs that connect less experienced employees with seasoned mentors to accelerate professional growth. Shadowing opportunities, allowing employees to observe and learn from leaders within the company, provide valuable insights into different roles and responsibilities. Leadership development programs ensure a strong pipeline of future leaders by focusing on developing essential leadership skills.

Find More Ways to Compensate Your Employees

By embracing flexible work arrangements, comprehensive health and wellness programs, professional development opportunities, financial wellness programs, enhanced parental leave and family support, and fostering a strong sense of connection and belonging, companies can significantly enhance employee satisfaction and engagement. These strategies not only make companies more attractive to current and potential employees but also drive overall organizational success.

Looking to find more ways to reward your crew? Check out our LinkedIn Live where we cover even more perks that’ll show your team you care.

5 Benefits of Knowledge Sharing with Your Professional Services Firm

Posted by Tasia Grant, PHR on June 27, 2024

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A crucial goal for organizations in 2024, according to an online article by Reworked, is to start spreading the wealth of knowledge that your employees have. Firm growth stagnates and employee retention suffers when information is hoarded and not shared. In today’s constantly evolving economic landscape, leadership at professional services firms should embrace the idea of knowledge sharing, setting clear expectations, and creating a culture of trust. Let’s check out 5 key benefits of knowledge sharing for your professional services firm. 

#1 Promotes Innovation

By enabling employees at your professional services firm to access the collective knowledge of their team and other teams, knowledge sharing promotes innovation. When employees can hear the ideas of others and see new perspectives, new solutions can be imagined and new approaches to problems can be taken. Shared knowledge from others removes silos and draws employees together to collaborate creating even more energy.

Then, with this collective knowledge, everyone at your firm can see the bigger picture. This wider view helps challenge existing norms or offers thinking outside of the box and exploring unconventional options. Access to diverse insights encourages the generation of new ideas and promotes a more creative environment which leads to innovation at your professional services firm.

#2 Enhances Employee Engagement

When professional services firms create a culture of collaboration and shared learning, employee engagement is enhanced. Sharing knowledge ensures that everyone at your firm feels like a part of the organization. Specifically, hearing how certain decisions are made empowers employees, and keeping them in the loop lets them know that their voices are heard.

When employees feel valued and involved, they are much more engaged in their tasks. Furthermore, those employees sharing their expertise additionally feel valued for their contributions to your firm. They then are more likely to actively participate in sharing more knowledge. This sense of belonging enhances employee satisfaction and leads to a higher retention rate and a more positive workplace.

For example, at Full Sail Partners, we host quarterly all-company meetings. One section of these meetings is “Top Cool Things to Know” where employees submit the cool things that they discovered the previous quarter. This can include new items they’ve built for clients or a new process to help within their work day. We spend a few minutes during the company meeting sharing these “cool things.”

Having an intentional opportunity to share experiences and proactively planning collaboration time is also critically important with remote working professionals, like our crew.

#3 Supports Learning and Development

Knowledge sharing supports learning and development because employees are allowed to acquire new knowledge and skills from their other teammates at your firm. Enhancing their skills and competencies allows employees to grow and develop. This creates room for more creativity and further development enriching the culture of your professional services firm.

Employees being given access to best practices, lessons learned and expertise at your firm facilitates professional growth and learning. When employees feel encouraged in their quest for knowledge, they are motivated to keep learning. The more learning that occurs the more these employees are even better equipped to contribute to your firm’s overall success.

One way to support learning and development in an on-demand, remote work environment is by recording bite-sized training videos. As you onboard a new employee take a moment to record the different processes they are learning. Keep the videos short and focused on specific processes like how to enter their timesheet, or how to add a new contact to the database. Then store these bite-sized training videos on your intranet or a shared drive. This will allow all employees access to the information when they need it.

#4 Enhances Company Culture

The culture at your professional services firm will be enhanced with knowledge sharing as it promotes transparency and trust. Freely sharing knowledge breaks down barriers between departments, promoting collaboration and working across your teams. When employees can leverage the expertise of others, there is an increase in productivity which creates a harmonious working environment.

Moreover, for newly onboarded employees, knowledge sharing makes them work efficiently from the beginning as they feel valued at the outset. For the more seasoned employees, sharing knowledge helps them move on knowing that they are leaving a legacy. What knowledge they have acquired during their tenure will remain with your professional services firm.

#5 Builds Firm Wide Knowledge

Building firm-wide knowledge through your teams sharing their expertise only brings greater value to your professional services organization. All this vital information shared can be captured and preserved in a reservoir of learning. This is especially useful in the world of remote or hybrid workplaces.

Using technology or in-person methods of knowledge sharing will both yield powerful results. Your professional services firm can leverage digital platforms to store and share this knowledge. Additionally, face-to-face knowledge-sharing sessions can be organized and recorded. Whether your employees are in the office every day, several days a week or only working remotely, knowledge sharing can be accomplished to build this wealth of knowledge available firm-wide.

Positively Impact Employee Retention and Growth with Knowledge Sharing

There are many benefits for leadership at professional services firms to encourage knowledge sharing. It boosts the standard of the workforce. Knowledge sharing encourages employee collaboration, fosters a culture of learning, and creates a safe environment for innovation. Furthermore, when employees at your professional services firm can share their expertise, and other employees can build on their skills, it will help reduce the skills gap, widen the talent pool, and promote retention. Click the image below to go in-depth on upskilling and reskilling your employees.

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Using Multicurrency in Deltek Vantagepoint

Posted by Scott Gailhouse on June 13, 2024

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With Vantagepoint Multicurrency, transactions like employee expenses or accounts payable vouchers can be entered in any selected currency regardless of the company’s functional currency. Your firm can provide invoices to clients in foreign currencies as well. In a multicompany database, any company in the enterprise can be maintained in any currency. Deltek Vantagepoint holds the key to simplifying this process for your firm.

Vantagepoint Multicurrency allows you to:

  • Manage multiple currencies for transactions, accounting, and financial reporting
  • Enter and manage exchange rates, which can be done manually or can be automated to update daily exchange rates using an auto-feed subscription provided by XE.com.
  • Support daily, period, and period-end exchange rate changes
  • Revalue foreign currency accounts and automatically identify realized and unrealized gains or losses due to currency fluctuations

Considerations when Using Deltek Vantagepoint Multicurrency

With any changes to your standard accounting practices, there are always some items that need to be taken into consideration:

Revenue Considerations: Revenue generation will now use the billing currency fields in the project hub.

Project Considerations: Once you set a project’s currency and the project has transactions posted to it, the currency code cannot be changed on the project. It is very important to set the project to the correct currency upon initial setup. All lower levels of the work breakdown structure (WBS) will follow the currency codes set at the project level. A project’s currency can be set up to manage the project in one currency and a different billing currency can be used to invoice your client.

General Ledger Account Considerations: In Vantagepoint Multicurrency accounts can be left without a specific currency or set to a single currency. For example, a company with a functional currency of USD may have a checking account in Canadian dollars (CAD). In this example, the chart of account numbers associated with the Canadian Bank Code would need to be set up with a currency code of CAD. Once an account is set up in a currency that is different than the functional currency of the company, it is then considered a foreign-denominated account and will be included in the revaluation process.

Unit Considerations: You must specify both a project and billing currency.

Vendor Considerations: Vendor records are stored in the functional currency of the active company. There are several details to note for vendor records:

  • Functional Currency – the home currency or the currency in which the company operates
  • Transactional Currency – the currency in which a transaction is entered into Vantagepoint
  • Presentation Currency - used in reporting to generate a report with all amounts expressed in a single currency
  • Billing Currency - the currency used to generate invoices and billing reports for specific projects and their WBS
  • Project Currency – the currency in which the project is managed which can be different than the functional currency when needed (this currency should be used for all project management purposes including reporting)
  • Payment Currency – the currency in which the payments are made
  • Consolidated Reporting Currency – only available in a Multicompany environment and is used to create consolidated financial statements for multiple companies that are using different functional currencies currency directly through the account setup of the GL (if you specify an account currency that is different from the company’s functional currency, the account is then considered a foreign-denominated account)
  • Account Currencies – each account set for use as a bank account and mapped to a GL code can be set to a specific
  • Tax Currency – if tax auditing is enabled then a currency must be set for each tax code (this is generally the currency in which you report and pay the tax amounts to the proper tax authority)

Generally Accepted Accounting Practices in Deltek Vantagepoint Multicurrency

Deltek Vantagepoint Multicurrency complies with the Accounting Standards Codification (ASC) sections ASC-830-10-55-10 and 11. In section 55-10, the guideline states that it is acceptable to use averages or other methods of approximation. Accordingly, it is recommended to use a weighted average of the exchange rate for a period rather than applying actual day-to-day fluctuations.

Furthermore, section 55-11 states that the average rates used shall be appropriately weighted by the volume of functional currency transactions occurring during an accounting period. In other words, to translate revenue and expense accounts for an annual period, individual revenue and expense accounts for each quarter or month may be translated at that quarter's or that month's average rate. The translated amounts for each quarter or month should then be combined with the annual totals.

Why Use Multicurrency in Deltek Vantagepoint?

Multicurrency can be used for tracking currency exchange gains and losses. Having foreign-denominated accounts creates the need to track gains and losses based on fluctuating exchange rates. For example, if a European company has a bank account denominated in United States dollars and the value of the euro rises against the United States dollar, the value in euros of that bank account balance drops. This results in an unrealized loss to the European company. Using Multicurrency allows you to use the Gains/Losses and Revaluations process in Vantagepoint to calculate and post these currency exchange gains and losses. As a result, they appear on your financial statements per the generally accepted accounting practices under which you operate.

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What's New in Vantagepoint 7.0?

Posted by Evan Creech-Pritchett on June 06, 2024

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Deltek Vantagepoint 7.0 is finally here, and it brings a bunch of new features and enhancements aimed at improving automation, efficiency, and the general user experience. With a focus on providing better data visibility, integrating artificial intelligence, and enhancing the overall user interface, this update promises to change the way professional services firms manage their projects, finances, and resources. Let’s look at a brief overview of the things that’ll get you excited to jump into Deltek Vantagepoint 7.0!

Simplify PTO Updates for Plans

This update ensures more accurate project plans by automating absence requests and making staff availability more visible. This automation helps to improve resource management, allowing project managers to anticipate and plan for workload gaps effectively. The result is enhanced project delivery with fewer disruptions and more predictable outcomes.

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Streamlined Financial Processes

One of the standout features of Vantagepoint 7.0 is the automation of financial processes. This includes streamlining the procure-to-pay process and automating time-consuming billing processes. By eliminating manual, error-prone tasks, finance teams can focus on more value-adding activities, improving efficiency and accuracy in financial management.

Enhanced User Experience and Adoption

Next up on the list of improvements is the intuitive user interface with enhanced navigation menus, keyboard shortcuts, and fly-out menus. These improvements are designed to boost user adoption by making the platform easier to navigate and use. With features like explicit save in list view and bulk update capabilities, users can perform tasks more efficiently, leading to improved data quality and user satisfaction.

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Empowered Business Intelligence and Flexibility

Deltek Vantagepoint now supports stand-alone Analysis Cubes, allowing users to create and utilize multi-dimensional cubes for business intelligence and advanced reporting. This feature provides the power of cubes without the need for visualization tools like Tableau, enabling connections from various BI tools, like Excel. This flexibility empowers users to leverage their data more effectively for strategic decision-making.

Modernized User Interface

The updated user interface maximizes your screen real estate and simplifies navigation. With a redesigned navigation menu, fly-out menus, and an updated color scheme, users can access information quickly and efficiently. The ability to track new records and improve navigation among them will further enhance the user experience.

Advanced Usability Enhancements

Usability improvements include explicit save in list view, bulk update capabilities, and advanced WBS (Work Breakdown Structure) search. These features allow users to update multiple fields for multiple records simultaneously and simplify data imports. Additionally, defined hubs and mobile capabilities for Time & Expense (T&E), absence requests, and CRM touchpoints make the platform more versatile and user-friendly.

Project Smart Summaries™

Leveraging generative AI, new Project Smart Summaries™ transform project information into actionable intelligence. Users can generate concise summaries that highlight project financial health, recent activities, and plan status. This feature reduces the time spent on data review and enhances the ability to make informed decisions quickly.

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Timesheet Assist

This feature streamlines timesheet entry by suggesting projects based on user activity and resource assignments. By analyzing past timesheets, project plan assignments, and timesheet reminders, Timesheet Assist helps users complete their timesheets more accurately and efficiently.

Enhanced Accounts Payable Insights

Vantagepoint 7.0 delivers greater visibility into accounts payable (AP) details on dashboards. Finance leaders can quickly identify cash flow requirements, exception reporting, and company purchases. The ability to view details for pay-when-paid (PWP) and outstanding AP balances by the vendor on a single dashboard provides a clear insight into key AP metrics.

Streamlined Billing Terms Creation

New to Deltek Vantagepoint 7.0 is the ability to automate the creation of fee-based phase billing terms, making it easier to establish terms from the project work breakdown structure and compensation values. This automation improves the accuracy and efficiency of billing processes, reducing administrative overhead.

Opt-In Features for Controlled Rollout

Administrators have the option to enable a subset of new features for additional testing before full production deployment. This controlled rollout ensures a smooth transition and allows organizations to adapt to new functionalities at their own pace.

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Introducing Dela, Deltek's Digital Assistant

The newest and probably the most anticipated part of the 7.0 release is Deltek Dela – Deltek’s AI-powered Intelligent Business Companion. Dela is allowing those natural language interactions and prompts for users to take those and interrogate that data more intelligently, they can get answers without running reports. They don't have to dig through multiple dashboards, they don't have to open specific records.

You can have a conversation with Dela like you would with other AI software like ChatGPT. But it’s only your data, only your projects, only your clients so this data becomes much more relevant to your users, much easier to access, and gives your users that ability to interrogate and dig a little bit deeper when they just may not know where to go to get that information.

Today the focus of this is projects including project, financial details, employees, firms, contacts, and activities.

What else is new in Deltek Vantagepoint 7.0?

Deltek Vantagepoint 7.0 is set to revolutionize project management and business operations with its comprehensive enhancements and new features. By focusing on automation, efficiency, and improved user experience, this update promises to deliver significant benefits to users. From more accurate project planning and financial processes to advanced business intelligence capabilities and a modernized user interface, Vantagepoint 7.0 is a game-changer for professional services firms looking to enhance their project management and operational efficiency!

Want to see more on this update? We’ve got a webinar all about it! Click below to see What’s New in Deltek Vantagepoint 7.0!

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7 Fundamentals for Success When Approaching Software Customization

Posted by Peter Nuffer on May 23, 2024

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When considering an ERP system, a key challenge is ensuring that the chosen product not only supports your existing business processes but also offers enough extensibility to adapt to your evolving needs. Deltek Vantagepoint's open architecture provides a solution to this challenge by allowing you to effortlessly add fields to existing information sets in the native Hubs or create unique sets of records through User Defined Hubs with just a click of a button.

Moreover, the RESTful API offers easy access points for integration with other systems, while the consistency of the database design ensures that changes are made with stability in mind. Furthermore, the ability to schedule or trigger actions as simple as a column change or email alert, or as advanced as a stored procedure to manipulate data locally or webhook to an external application's webservice enabled platform, are all available within the Deltek Workflow engine.

With all the potential that Deltek Vantagepoint unlocks, when it comes to extending functionality through customized aspects, it's essential to build your project on a solid foundation for success. There are seven critical elements for approaching software customization to maximize your Deltek Vantagepoint system. Let’s delve into them here.

#1 Determine Whether There is a Need for Customization

It's the first thing to ask - do we really need this, or even better, is there a way to accomplish what we need natively in the Deltek Vantagepoint environment? Working with your Full Sail Partners consultant will help identify all the possibilities and leverage Deltek's existing features to their fullest potential.

#2 Gather Key Stakeholders

Making a software customization change for your business needs can often feel like venturing into the unknown. Your key project stakeholders are your ultimate end users – identify, cultivate, and leverage their needs and expectations. Identifying priorities early on enables your development team to create an actionable plan that has the most impact on the organization.

#3 Assign a Project Owner

Identifying a primary project owner is crucial for guiding your project to success. Be a “Leader of Change” in your organization by appointing the right captain to steer your ship on the correct course. The project owner acts as a representative for the overall stakeholders, providing visibility into day-to-day developments. Increased visibility helps identify and solve impediments quickly and fosters understanding between developers and stakeholders.

#4 Document Requirements

For many software customization projects, subject matter experts may not fully understand how extending the functionality of your Deltek system can benefit them, while your development and technology team needs to know what to deliver. Overcoming the technology-subject matter communications gap is essential. User stories complement business analysis techniques, making it easier to identify project requirements without adding extra effort. Focus on stakeholder requirements, needs, and goals for the solution, avoiding the trap of defining technical specifications.

#5 Define a Minimally Viable Product (MVP)

Identify the features you must have to see a return on investment. List out the must-haves from your requirements gathering and user stories to establish what is necessary to get organizational buy-in to the solution. Don’t be afraid to rough things up a bit – your end users won’t hesitate to critique the new system. Think outside the box and approach your solution from every possible angle. End users do unpredictable things, so it’s essential to anticipate their needs.

#6 Get to Work Stage Testing

Before releasing development efforts, your software customization should undergo a thorough testing process to ensure it works as intended. There are four main stages of testing: unit testing, integration testing, system testing, and acceptance testing. Keeping key stakeholders active and engaged during testing is crucial for detecting and fixing bugs, resulting in higher-quality software. Allow for internal testing to identify bugs and system flaws as early as possible from real-world usage.

#7 Plan the Release and Set Testing Guidelines

A successful software customization project requires careful planning for the release. Define a clear roadmap that outlines the timeline, milestones, and dependencies for the deployment of the customized solution. Ensure that all stakeholders are informed about the release plan and understand their roles and responsibilities. Regularly communicate progress updates and address any concerns to maintain alignment and momentum toward the release date.

Squeeze More Functionality out of Your Deltek Vantagepoint System

Now that you have reviewed the seven critical elements for approaching software customization to maximize your Deltek Vantagepoint system, are you ready to proceed? Full Sail Partners’ consultants are available to evaluate and discuss your needs. We can leverage our expertise in Blackbox Connector and our pre-built custom solutions to help you achieve your goals. Let us bridge the gap between what Deltek Vantagepoint offers and what you want your system to do.

 

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Simplifying Project Budgeting in Deltek Vantagepoint: A Comprehensive Overview

Posted by Terri Agnew, CPA on April 18, 2024

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

Contract Management, Project Budget, and Planning Integration

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

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Detailed Budgeting Process

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

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Planning Tool and Baseline Budgets

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

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Analyzing Project Performance

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

Comprehensive Project Overview

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

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Mastering Project Finances with Deltek Vantagepoint

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

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Understanding the Impact of the Organizational and Work Breakdown Structures in Deltek Vantagepoint

Posted by Jenny Labranche on April 11, 2024

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Welcome to the matrix, you have the power to build a solid structure and allow your data to flow.  However, it is beneficial for one to understand the difference between Work Breakdown Structure (WBS) and Organizational Breakdown Structure (OBS) before you lay that foundation. During both the implementation of Deltek Vantagepoint and throughout a firm’s growth, professional services firms should understand the connection between the Organizational Breakdown Structure and the Work Breakdown Structure.  

A typical first step is to consider whether the firm needs to re-organize these structures. Whether it be the uniqueness of each, or the relationship between the two, the attention paid to these early stages of development is instrumental to the flow and reporting of information in your Deltek Vantagepoint database. In the following, we’ll explore some areas to consider when designing these structures in your database.  

Organizational Breakdown Structure (OBS)

When it comes to designing the Organizational Breakdown Structure (OBS) in Deltek Vantagepoint, it's important to consider the specific needs of your professional services firm. The OBS can range from simple to complex, depending on the size and requirements of your organization. Here are some examples of different OBS approaches.  

  • Location Approach: With this approach, the OBS is organized based on the physical locations of your offices or project sites. Each location represents a hierarchical level in the structure, allowing you to track and manage projects and resources across different geographic areas.  
  • Discipline/Department Approach: In the discipline or department approach, the OBS is structured around different functional areas or departments within your organization. This allows for efficient resource allocation, project assignment, and collaboration within specific areas of expertise.  
  • Market Sector or Business Development Driven: This approach focuses on organizing the OBS according to your firm's market sectors or business development strategies. Each market sector or business development unit can be assigned a hierarchical level, enabling you to analyze performance and profitability based on these segments.  

Deltek Vantagepoint provides flexibility in designing your OBS, offering up to five hierarchical levels to accommodate your specific requirements. It also allows for the allocation of overhead requirements within the structure of the database. If you plan to utilize the multi-company functionality in your database, it's important to reserve level one for different companies within your enterprise.   

Financial accountability is a crucial aspect of any professional services organization. When building your OBS, it's essential to consider the financial implications. For example, if you use a two-level OBS structure, such as office and department, each combination will generate an income statement. This means that someone within your organization should be responsible for reviewing and managing these statements.  

Deltek Vantagepoint also enables the extraction of various cross-sections for combined financial reporting. For instance, if you have a mechanical department in three offices, you can create a mechanical income statement that provides accountability at different levels:  

  • Office Accountability: You can track the financial performance of each individual office separately, gaining insights into the profitability and expenses associated with specific locations.  
  • Office/Department Accountability: This level of accountability allows you to analyze the financial performance of different departments within each office. It helps in evaluating the contribution of each department to overall profitability.  
  • Overall Department Accountability: By consolidating the financial data of the mechanical department across all offices, you can assess the department's overall performance and make informed decisions regarding resource allocation and strategic planning.  

The OBS in Deltek Vantagepoint offers the flexibility to design a structure that aligns with your professional services firm's needs. By carefully considering the OBS approach, financial accountability, and the ability to generate cross-sectional reports, you can effectively manage projects, resources, and profitability within your organization.  

Projects and the Work Breakdown Structure (WBS)

The Work Breakdown Structure (WBS) is a critical component that determines how a project is organized and how revenue and costs flow within a professional services firm. Most firms find it effective to build their WBS based on project budgets, aligning with the fee and scope defined in the client contract using a bottom-up approach. The best practice is to build your WBS to mirror your contract for smooth management of resources, budgets, and billing.    

Deltek Vantagepoint provides the flexibility to define up to three levels in the WBS, commonly referred to as Project, Phase, and Task. However, these labels can be customized to match your firm's preferences. Furthermore, the WBS allows for the assignment of accountability within a project. You can designate a project manager, as well as phase and task managers, based on their scope and budget responsibilities.  

It's important to note that project builds and WBS structures do not have to be identical across all projects. While each professional services firm may have its own unique requirements, it is generally recommended to have at least one WBS level 2 for every project, indicating another variation in the WBS. Additionally, projects can be built with no WBS level 3 or only certain portions of the WBS level 2 extending into the WBS level 3.  

The OBS and WBS structures function both individually and in tandem to support overall financial and operational accountability within your organization. At the lowest level, the WBS drives how revenue and costs are allocated within the OBS. Here are some additional factors to consider when working with the OBS and WBS structures:  

  • "Mirroring" the OBS in WBS for Overhead Projects: For projects involving overhead costs, it can be beneficial to mirror the OBS structure within the WBS. This helps ensure that the appropriate overhead costs are accurately assigned to specific projects, allowing for better cost tracking and financial reporting.  
  • Combinations of Cross-Charge, Intercompany Billing, and High Accountability in WBS: Consider how cross-charges, intercompany billing, and high levels of accountability will be incorporated into your WBS. Deltek Vantagepoint offers capabilities to support these requirements, allowing you to accurately allocate costs between different departments, offices, or business units within your professional services firm.  

By carefully considering these aspects of the OBS and WBS structures, you can establish a robust framework for financial and operational accountability within your professional services organization. Deltek Vantagepoint empowers you to customize and tailor the OBS and WBS to meet your firm's specific needs, ensuring accurate project tracking, cost allocation, and financial reporting.  

Is it Time to Update Your OBS and WBS Structures? 

In the ever-evolving landscape of professional services firms, it's crucial to regularly assess and update your Organizational Breakdown Structure (OBS) and Work Breakdown Structure (WBS) in Deltek Vantagepoint. As your business needs change and evolve, it becomes imperative to optimize your system to ensure it aligns with your current requirements. This is where Full Sail Partners can help. There is no one size fits all, and with the guidance of our consultants, we can help you develop a solution.   
 
By combining project attributes, you can create a powerful framework that enables efficient project management, resource allocation, and financial reporting. However, implementing such changes requires expertise and guidance from both functional and data consultants to ensure a smooth transition. We specialize in Deltek Vantagepoint consulting services, including OBS and WBS optimization.  

Our experienced consultants can work closely with your team to analyze your current structures, identify areas for improvement, and design a new and more productive system tailored to your unique needs. Timing and cutover planning are critical to the success of any system update. Our consultants will guide you through the entire process, ensuring that the implementation is seamless, minimizing disruption to your operations, and maximizing the benefits of the new OBS and WBS structures.  
 
Now is the perfect time to get creative and strive to get the most out of your Deltek Vantagepoint system. Don't let outdated structures hold your firm back. Explore the possibilities of a Navigational Analysis and let us help you unlock the full potential of Deltek Vantagepoint and drive efficiency, profitability, and growth within your organization. Learn more about how a Navigational Analysis can help your firm by clicking the image below.  

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