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Posts about Project Management:

5 Reasons Why You Should Retire Your Planning Spreadsheets

Posted by Rana Blair on September 11, 2025

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Is your firm still using spreadsheets to plan your projects? The good news is that you’re not alone. The bad news is that using spreadsheets as an enterprise planning tool is very likely costing you time and money. Spreadsheets, while they are familiar to people and easy to customize, lack the many benefits of an integrated planning system. As I meet with Architecture and Engineering firms, we hear common complaints and challenges about their spreadsheet planning “solutions.”

Do any of these problems sound familiar? If so, this may be the year to retire your spreadsheet in favor of an enterprise resource planning system.

Here are 5 Reasons Why Spreadsheets are Challenging Your Entire Enterprise

1) Multiple Versions of the “Truth” Haunt Staffing Meetings

We find that firms that use spreadsheets to plan staffing assignments tend to end up with multiple versions of the truth. This tends to create havoc during staffing meetings as each manager has their own version of the truth, creating meeting havoc, and leading to errant meetings that lack focus. Say no to meeting havoc and refocus your staffing meetings on adjusting plans and assignments.    

2) Inability to Show Real-time and Accurate Actuals

Spreadsheets are great to start planning a project, but once the project starts evolving, updating the spreadsheet becomes a tedious process that PMs quickly give up on. As the project progresses, spreadsheets struggle to show actual hours and costs spent to date. Even worse, a firm will devote manual hours requiring employees to track this information by hand – rather than investing in an integrated planning system that streamlines this process.

3) Disconnected Month End Processes

During the month end process, spreadsheets create chaos for accounting. The root cause of all this chaos stems from the duplicate and manual labor spawned from disconnected spreadsheets. Firms that use an integrated planning system eliminate the burden of spreadsheets to allow accounting to focus on financial performance, freeing up PMs to focus on project success.  

4) Project Managers and Management at Odds

Project Managers often find themselves at odds with management when it comes to staffing decisions – PMs need new resources; management thinks there is too much overhead. Firms without a way to plan staffing assignments are left with only their best ‘guesstimates’ when it comes time to validate new hires. Successful firms justify new hires by utilizing a single project management system to look at current staffing capacity compared to future assignments.

5) Adjustment Failure

Firms utilizing spreadsheets to identify project profitability goals at the beginning of the project often fail to adjust throughout the project lifecycle. Those that do try to adjust their spreadsheets work with outdated information. This lag in data creates the inability to make real-time decisions about staffing and scheduling that can impact the success of a project. By investing in a project management system connected to financials provides firms the ability to view up-to-date-billing, resource and revenue forecasts.

There is a Better Way with an Integrated Planning System

Imagine if you were able to standardize your planning process across the entire firm. Standardization allows your firm to strengthen communication amongst project managers, accounting and management, providing insight for the firm as a whole. Ready to ditch the spreadsheet? Check out the ways your firm can handle project planning and staffing with Deltek Vantagepoint!

To Adjust Salary Job Cost - What Makes the Most Sense for Your Firm?

Posted by Scott Gailhouse on August 28, 2025

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What are the options for my firm to apply labor costs to regular, revenue-producing projects? In Vantagepoint, there are two ways to charge labor cost to your projects. Some firms prefer to load an hourly rate for both hourly and salaried employees. And some firms prefer to load a salary rate for salaried employees and an hourly rate for hourly employees and use the Adjust Salary Job Cost utility (ASJC) in Vantagepoint.

The Adjust Salary Job Cost utility is Vantagepoint's way of taking the employee’s salary rate and calculating a cost rate based on the hours worked (instead of standard hours in a period). The ASJC utility is run after timesheets are posted and adjusts the posting so that the costs posted agrees to what is being paid to the employee.

What does this mean?

First, let’s discuss firms that load an hourly rate for salaried employees. Assume that the firm Mike Jones works for has bi-weekly timesheet and pay periods. Below is an example of postings where ASJC is not enabled:

Example: Mike Jones is a salaried employee and is paid $3,000.00 bi-weekly, and he has an hourly cost rate in the Employee Info center of $37.50/hour ($3,000.00/80 hours). When timesheets are posted, Vantagepoint multiplies the actual number of hours worked by the hourly rate from the employee info center record. Vantagepoint will post a debit to the direct and/or indirect labor account and credit the Job Cost Variance (JCV) account. Mike’s hours are applied at a cost rate of $37.50 for every hour he works regardless of how many hours he works.

When payroll is posted, we would see a debit to the JCV account for Mike’s bi-weekly salary - $3,000.00. If Mike had worked 85 hours in an 80-hour timesheet period, the JCV account would be -$187.50 because the credit posted to JCV was $3,187.50 at the time of timesheet posting and the debit posted for payroll is $3,000.00. If Mike had only worked 75 hours during the timesheet period, the JCV account would be a positive $187.00.

Now let’s talk about those firms that load a salary amount in the Employee Hub. We will use the same bi-weekly timesheet and pay period frequencies as in the first example.

When a salaried employee works more or less than 80 hours, Vantagepoint handles the cost exactly the same way it does as if an hourly rate were loaded in the Employee Info Center at the time of time sheet posting. To calculate the cost rate, Vantagepoint uses the salary rate in the employee info center, divided by the frequency (in this case 80 hours) and multiplies the result by the number of hours recorded on the timesheet.

This is where Adjust Salary Job Cost comes into play. Once run, AJSC takes the salary rate and divides it by actual number of hours worked and recalculates the number of hours worked.

Example: Mary Smith has a bi-weekly salary of $3,000.00 and she has 85 hours on her timesheet. When timesheets are posted, Vantagepoint takes her salary rate and divides it by 80 (bi-weekly frequency) and multiplies the result by the actual number of hours on her timesheet. You would see a debit to direct/indirect labor account and a credit to the JCV account for $3,187.50. Just like the firm using an hourly rate in the employee info center.

Now when ASJC is run, Vantagepoint takes the salary rate, divides it by the actual number of hours worked ($3,000.00/85 = $35.29411) and applies the result to the actual number of hours worked ($35.29411 * 85 = $3,000.00). Vantagepoint makes an adjustment to the original timesheet posting to credit the direct/indirect labor account and to debit the JCV account in the amount of $187.50. Since Mary is paid $3,000.00 per pay period, the JCV account would not show a balance when payroll is posted.

How cost rates are loaded in Vantagepoint affects the way labor costs are reported on the projects and the General Ledger. Here are some of the differences:

  • Load Hourly Rate in the Employee Hub:
    • Time posts to projects at hours worked at standard hourly rate.
    • No additional steps by accounting.
    • Costs posted to direct projects are not consistent with actual payroll paid when employees work more/less than standard hours. Over/Under balances are carried in the JCV project.
    • Project managers have stable costs to track project performance.
    • General Ledger carries a balance in the JCV account that is reflective of the amount paid to employees over/under the actual hours worked.
  • Load Salary Rate in the Employee Hub and use ASJC:
    • Time posts to projects at hours worked at variable hourly rates for Salaried employees (hourly rate changes on hours worked in any given period).
    • Accounting must run the ASJC utility after time sheet postings for salary job costing to occur.
    • Costs posted to direct projects are consistent with actual payroll paid when employees work more/less than standard hours. No balances are carried on the JCV project.
    • Project managers must manage variable costs over which they have no control.
    • The JCV general ledger account does not carry a balance when the ASJC utility is used.

As you can see, both choices have pros and cons, but having a clear understanding of how the ASJC utility works in Vantagepoint will help you make the right choice for your firm.

Final Thoughts: What's Best for Your Firm?

There’s no one-size-fits-all when it comes to labor cost strategies in Deltek Vantagepoint. Whether you stick with standard hourly rates or leverage the Adjust Salary Job Cost utility, the right path depends on your firm’s structure, goals, and how you want costs reflected in your projects and your books.

If you’re scratching your head or wondering which option makes the most sense for your team, you’re not alone—and we’ve got your back. Let’s take a deep dive together.

👉 Reach out to schedule a Navigational Analysis with our experts. We’ll help you uncover the most effective setup for your firm and make sure your Vantagepoint system is working for you—not the other way around.

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Understanding Project Budgets in Deltek Vantagepoint

Posted by Matt McCauley on May 01, 2025

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Heads up, project managers! If you’ve noticed something different in your Deltek Vantagepoint Project Hub lately, you’re not imagining things. The Project Budgeting tool has moved—but don’t worry, while it’s sporting a new home and a fresh look, the core functionality you rely on is still intact.

Let’s take a stroll through the updated budgeting tool and unpack what’s new, what’s stayed the same, and how to make the most of it.

So, What’s Changed?

The Project Budget tool is now found directly inside the Project Hub as its own menu item. The look has changed, but the overall functionality has remained the same. Here are the highlights of the makeover:

  • The cost/billing options now live in a sleek drop-down menu on the right side of the screen.
  • There’s a new Grid Settings feature that lets you customize how your budget grid looks—because who doesn’t like a little personalization? This includes the ability to control the selection and placement of the variables in the budget grid.

First Things First: What Is a Project Budget?

The Project Budget is the Project Manager’s estimate of the total spending on the project. Budget numbers are not to be confused with the Contract amounts from the Contract Management menu.

Let’s clear this up: the Project Budget is not the same thing as your Contract Amount.

  • Contract Amount = What you’ve agreed to bill the client.
  • Project Budget = How you plan to spend that amount.

Yes, the numbers can match—but they don’t have to. And in Vantagepoint, they each serve distinct purposes. Knowing the difference is key to accurate forecasting and solid project management.

Budgeting Buzzwords You Should Know

Understanding how budgets break down in Vantagepoint means getting familiar with a few common terms. Here's a cheat sheet:

  • Labor Budget - This is all about your internal team’s work. It compares your budgeted labor with actual employee timesheet entries.
  • Expenses - Not labor. Not consultants. Just the other costs that keep your project rolling. Expenses are divided between two different types, controlled by the General Ledger Account number.
    • Direct Expenses are items that are not to be billed to the client. These are costs that are absorbed into our Costs and will not generate billings. These costs are classified with GL account number type “Direct Expense”.
    • Reimbursable Expenses are items that will be billed to the client. These costs are classified with GL account number type “Reimbursable Expense”.
  • Compensation - This includes both Labor and Direct Expenses—basically, your internal investment in the project.
  • Consultants - These are your subcontractors, split into:
    • Direct Consultants are subconsultant expenses that are added to our invoices, but are part of our overall fee, usually combined with labor and expense in a Fixed Fee invoice format. These costs are classified with the GL account type “Direct Consultant.”
    • Reimbursable Consultants are subconsultants that are going to be invoiced to the client (possibly with a markup), also referred to as a “pass through” expense. These costs are classified with the GL account type “Reimbursable Consultant.”
  • Reimbursable Allowance - The total of your Reimbursable Expenses + Reimbursable Consultants.

How to Enter a Budget (Without Losing Your Mind)

Here’s the TL;DR of entering budgets in Vantagepoint:

  • Always budget at the lowest level of the Work Breakdown Structure (WBS).
  • Labor Codes are required for Labor Budgets. Not using Labor Codes yet? Let's chat first—enabling them affects other areas like timesheets.
  • Expenses & Consultants are entered by GL account. Vendor name? Totally optional.

The math is simple:
Hours × Rate = Labor Budget

Budgeting in Action: Why It Matters

Your budget isn’t just for show—it’s a powerhouse tool that supports a bunch of Vantagepoint functions:

  • Budget vs. Actual reports – Project reports can be pulled and compared to actual project charges.
  • Timesheet validation (via Labor Codes) – Using Labor Codes in budgets limits the codes employees can use on their timesheet.
  • Revenue generation formulas
  • Manual % complete, estimate to complete (ETC), and estimate at complete (EAC) updates
  • Custom views in the Project Review screen to show budget values and variances

Pro Tip: Budgeting Isn’t “Set It and Forget It”

We’ll say it louder for the folks in the back—budgets need love, too! Keep them current by checking in regularly and reviewing Budget vs. Actual reports. It’s the best way to keep your project financials accurate and your leadership team happy.

There’s an Even Better Way…

Feeling like the budget tool is missing a few key pieces—like assigning by employee or tracking true progress? We hear you.

💡 Enter: Project Planning and Resource Management.

The planning module in Vantagepoint goes above and beyond basic budgeting. It gives you:

  • Real-time revenue forecasting
  • Strategic staffing insights
  • Earned value management (based on actual progress, not guesstimates)

It’s a smarter way to manage your project financials—and your people.

Let’s Talk Budgeting Strategy

If you’re ready to level up from static budgets to strategic project planning, our team at Full Sail Partners is here to help. We’ll walk you through how to get started and tailor a solution that fits your firm’s goals.

👉 Reach out to your Full Sail Partners consultant today and let’s put your project budgets to work!

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Solve Common Problems with Deltek Vantagepoint AP Voucher Lookup

Posted by Rhiannon Schaumburg on April 24, 2025

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For accounting professionals, the AP voucher is the single source of truth for tracking supplier invoices. An AP voucher has information from a supplier like the firm amount that is due, terms for payment, signatures of authorized firm representatives, and more. Keeping this information up to date and correct is critical, however, errors and other changes do occur.

  • Is there an invoice that was accidentally entered twice and one needs to be voided/reversed?
  • Was tax, shipping or another amount missing on an invoice and now it is already posted?
  • Was an invoice amount entered incorrectly and it needs to be corrected?

If this sounds familiar, it’s because these are all common issues that come up in the AP world. Typically, AP associates will enter a new voucher to correct these items and then reverse or add to/subtract from the value of an original invoice. By doing this, two vouchers are entered for the same invoice number, often by adding a letter or number to the original invoice number. When the invoice is paid, the associate needs to remember to select both vouchers to pay the entire correct amount of the invoice. In the case of a duplicate invoice, there isn’t a “void voucher” option like there is void check or void client invoices.

However, there is a better solution - utilize “Voucher Lookup” to edit an AP voucher easily & smoothly!

Using Deltek Vantagepoint AP Voucher Lookup

Once an AP Voucher is posted in Deltek Vantagepoint, it isn’t very evident that there is an option to edit the voucher. But there is! Voucher lookup is a great tool that is not as widely used as it should be.

When using AP Voucher lookup, Vantagepoint “attaches” the new voucher detail lines to the original voucher by utilizing the same voucher number and voucher header. When the corrected voucher is attached to the original there won’t be two vouchers for the same invoice to reconcile in vendor review or select in payment processing! As a result,

Examples of Deltek Vantagepoint AP Voucher Lookup:

Issue 1: Whoops! Two vouchers were entered for the same invoice and one of them needs to be reversed.

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Solution: Enter a new AP transaction, use voucher lookup, and reverse the original lines. This AP entry will be linked or “attached” to the original voucher, not creating a new voucher but editing the original, making a zero-dollar total invoice. The steps are as follows:

  1. Go to Transaction Center > Transaction Entry > AP Vouchers. Either start a new batch (if using batches) or a new transaction (if using single transaction posting).
  2. Select the vendor. Don’t enter the rest of the header data!
  3. Go to the top right under “Other Actions” and select “Voucher Lookup”.
    1. A list of the vouchers for this vendor will appear.
    2. Select the voucher for the invoice that needs to be edited.
    3. In the top of the list there is a search box that can be used to find an amount, voucher or invoice number and it will search for any matches from the existing vouchers.
  4. Next, select the voucher that requires editing. The voucher header information will populate from the original voucher… this is where the linking comes in.
  5. At this point, anything entered in the voucher details below will add to the original voucher line items. If the original entry had three lines and another is added, four lines will appear in the voucher review.
  6. In this example, the duplicate voucher needs to be reversed entirely.
    1. To reverse lines, go back to “Other Actions”, select “Copy/Reverse Lines”.
    2. Check the box in the top header row to select all voucher detail lines.
    3. Click “Reverse All”.
    4. This selection will bring these lines into the voucher detail as a negative, using the same project coding. Which is simple, FAST, and does not require re-keying of line items!

      Voucher Lookup_02
  7. Post voucher as usual.
  8. In Voucher Review, the original line items and the additional line items entered during the Voucher Lookup will appear.
  9. In this example, the overall voucher is now zero and the total lines in the voucher are 6.

Voucher Lookup_03

Issue 2: Need to add an additional line for tax, shipping or other charges missed on original entry?

Solution: Do all steps from above except for step 6 - don’t use the Copy/Reverse function. Simply add the needed lines to the voucher detail in the Project Information grid. Any lines that are added will link/attach to the original voucher and add/subtract to the original voucher amount.

Issue 3: Need to correct an amount in the original voucher?

Solution: Do everything above, including Copy/Reversing Lines. It is suggested to reverse the line(s) that were entered incorrectly and then enter the correct amount so there is a good audit trail. After reversing the line(s) that were entered in error, add the correcting lines in the Project Information grid on the same voucher. Every line that is reversed and/or added will still link/attach to the original voucher and add/subtract to the original voucher amount.

Solve Common Accounting Challenges with Deltek Vantagepoint

Deltek Vantagepoint does more than making AP voucher corrections easy. Check out this webinar to learn about 15 Must-Know Features to Supercharge your Vantagepoint Efficiency, and make sure to explore all the free Vantagepoint content available on the Full Sail Partners’ website.

 

Deltek Vantagepoint’s Versatile Billing System: Streamlined Invoicing Solutions

Posted by Cynthia Fuoco on March 20, 2025

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Managing project billing efficiently is a crucial aspect of financial operations for project-based firms. Deltek Vantagepoint offers a highly adaptable billing system that allows firms to generate various billing formats for clients—without needing to create multiple invoice templates. This is made possible through Vantagepoint’s Project Billing Terms, which seamlessly integrate different billing types, including Fixed Fee, Percentage of Completion, Hourly, Consultant, and Expense billing, all within a single invoice.

The Challenge of Mixed Billing

While this flexibility is a major advantage, it does present a challenge: invoices can become lengthy and complex, with separate sections for each billing type. For example, while Fixed Fee billing phases can be consolidated into a single block, Time and Materials (T&M) phases must be displayed separately. This can result in multi-page invoices that are cumbersome for both firms and their clients to review.

How Full Sail Partners’ Custom Solutions Enhance Deltek Vantagepoint’s Invoicing

To address this challenge, the custom solutions team at Full Sail Partners has developed an innovative invoice format that consolidates all Fee, Time, Consultant, and Expense billing into a single, streamlined block. This enhancement can be applied to any existing Vantagepoint Invoice Template, significantly improving efficiency and readability.

Key Features of the Vantagepoint Summary Block Invoicing

An example of this custom invoice format is:

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Phases and Budgeting

  • Hourly billing phases, such as Pre-Design and Schematic Design, are presented with a budget limit.
  • Billable time for these phases is displayed in the Job-to-Date (JTD) Billed column, with the percentage complete automatically calculated by dividing JTD Billed by the Budget. /li>

Flexible Display Options

  • A new feature allows users to show or hide the Fee Remaining Column based on preference.
  • Design Development phases can be billed hourly without a budget limit, reflecting actual billable time in the JTD Billed column.

Percentage of Completion Billing

  • Phases such as Bidding and Negotiation utilize the Percentage Complete method, with values entered in the Fee tab of Billing Terms.
  • JTD Billed values follow standard Percentage Complete billing practices, ensuring accuracy.

Reimbursable Expenses Tracking

  • Actual charges for reimbursable expenses are displayed with a budget limit, and JTD Billed values are presented similarly to labor phases.
  • This feature includes the ability to calculate the percentage complete in relation to the budget, ensuring transparent and accurate expense tracking.

Transforming Invoicing Efficiency

By implementing this new invoice format, firms can significantly reduce the length of their invoices. Previously, invoices could span anywhere from two to five pages, making them cumbersome for both accounting teams and clients to process. Now, with the streamlined design, invoices can be condensed into a single-page summary, making it easier for clients to review and approve payments.

Additionally, firms can opt to include a Billing Backup as part of their billing terms, which provides detailed time and materials phase breakdowns as needed. This ensures that while invoices remain concise, additional supporting details can still be provided for transparency.

Enhanced Customization for Tailored Invoices

Another significant benefit of this invoice format is the enhanced customization options. The system allows Fee and Labor Phases to be presented in a summarized block format, while Consultant and Reimbursable Expense charges can still be displayed separately. This flexibility is made possible through custom fields in the Projects Hub, enabling firms to choose which charges to consolidate and whether to display the “Remaining” column.

With these customizations, firms gain the ability to tailor their invoicing process to meet the specific needs of their clients while maintaining a standardized approach to billing.

Why Choose Full Sail Partners’ Custom Invoice Solution?

Deltek Vantagepoint already provides a robust billing system, but Full Sail Partners’ custom invoicing solution takes it to the next level by improving efficiency, clarity, and usability. Whether your firm struggles with lengthy invoices, complex mixed billing scenarios, or the need for better customization, this solution offers a streamlined approach to invoicing that benefits both internal teams and clients.

Get Started with a Custom Invoicing Solution Today

If your firm is looking for a more efficient way to manage invoicing in Deltek Vantagepoint, our custom solutions team at Full Sail Partners is here to help. We have successfully implemented this streamlined invoicing format for multiple clients, helping them improve accuracy, reduce administrative burden, and enhance the client billing experience.

Interested in learning more? Click below to provide us your specific needs so we can help you optimize your invoicing process with Deltek Vantagepoint!

How These Microsoft Office Integrations Make Deltek Vantagepoint Even More Powerful

Posted by Stephany Socha on March 13, 2025

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As someone who has worked with Deltek Vantagepoint for years, I can confidently say that it’s a powerhouse for project-based firms. But what really takes its functionality to the next level? It's seamless integration with Microsoft Office, particularly Outlook and Teams. These integrations don’t just make your life easier—they make your work more efficient, more connected, and ultimately, more valuable.

If you’re not already using the Vantagepoint Connect Add-in for Outlook or leveraging the Teams integration within Vantagepoint, let me introduce you to the game-changers that will revolutionize how you manage projects, communications, and collaboration.

Vantagepoint Connect: Outlook Add-in

Turning Your Inbox into an Extension of Vantagepoint

We all live in our inboxes, so why not make Outlook work smarter? With the Vantagepoint Connect Add-in for Outlook, your CRM and project management tools are just a click away—right inside your email.

Key Features That Save You Time and Effort:

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  • Easily Add Contacts and Firms
    Got an email from a new potential client? Instead of manually entering their information into Vantagepoint, just open the Vantagepoint Connect pane inside Outlook and instantly create a new Contact or Firm record.
  • Log Emails as Activities
    Ever had an important client conversation get lost in the email abyss? With just one click, you can log emails directly into Vantagepoint as an Activity, keeping a clear record of communications tied to the right firm, project, or marketing campaign.
  • Schedule Meetings Without the Back-and-Forth
    The built-in Scheduling Assistant lets you send availability links, propose meeting times, and even create Teams meetings—right from Outlook. No more endless email chains trying to find a time that works.
  • Search Your Vantagepoint Database from Outlook
    Need to check if someone is already in your system? The search bar inside the Vantagepoint Connect pane lets you pull up records for Contacts, Firms, Projects, and Activities without ever leaving your email.

Why This Matters:

Instead of bouncing between applications, you can perform essential CRM tasks directly in Outlook. The result? A faster, more connected workflow that ensures your data stays up to date with minimal effort.

 

 

 

Microsoft Teams + Vantagepoint: Instant Collaboration, Right Where You Need It

Bridging the Gap Between Project Data and Real-Time Communication

We all know that great projects are built on effective communication. With Microsoft Teams integration inside Vantagepoint, staying connected with your team has never been easier. Instead of switching between platforms or hunting for contact info, you can start a Teams chat directly from within Vantagepoint—right where you are already working.

How It Works:

  • See Who Is in the Same Record as You
    If other users are currently in the same record in Vantagepoint—whether it is a project, contact, or another hub—you will see their presence via a small chat bubble next to their name (see screenshot below).
  • Instantly Start a Teams Chat
    Need to ask a quick question or clarify project details? Simply hover over the chat bubble and initiate a one-on-one Microsoft Teams chat directly from Vantagepoint. No need to search for their name in Teams or leave your workflow.
  • Seamless Setup
    If your firm has enabled the Microsoft Teams Chat option in Settings » General » Communications, you can immediately start chatting with team members without leaving Vantagepoint.

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Why This Matters:

When working on projects, timing is everything. Instead of sending an email and waiting hours for a reply, you can now ping a teammate in Teams and get an answer instantly. This eliminates communication delays, reduces email clutter, and keeps teams aligned in real-time.

With the Teams Chat integration, Vantagepoint is no longer just your project management system—it’s your real-time collaboration hub.

Why These Integrations Are a Must for Any Vantagepoint User

Whether you are a BD professional, a project manager, or a marketing leader, these integrations provide three major benefits:

  1. Time Savings: No more duplicate data entry or switching between multiple applications.
  2. Better Collaboration: Keep teams aligned with real-time access to shared information.
  3. Stronger Data Integrity: Ensure that all interactions and project updates are automatically captured inside Vantagepoint.

By integrating the tools, you already use every day—Outlook and Teams—Deltek Vantagepoint becomes even more powerful. It’s about working smarter, not harder.

Take Your Vantagepoint Experience to the Next Level

With Microsoft Outlook and Teams integrations, Deltek Vantagepoint isn’t just a project management system—it’s a powerhouse for seamless collaboration, streamlined workflows, and smarter communication. If you’re not taking full advantage of these tools yet, now is the perfect time to get started!

Want to see the Outlook integration in action? Watch my mini-demo, to see how Vantagepoint Connect can help you work smarter—right inside Outlook. Click below to watch today!

 

 

Effectively Manage Your Professional Services Firm Using Project Accounting

Posted by Rhiannon Schaumburg on September 19, 2024

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When thinking about standard business accounting – what automatically comes to mind? Income statements, balance sheets, departmental budgets, and the various aspects that make up those statements – right? These figures are, of course, very important to know and understand. But that is only part of the whole picture of the health of your professional services firm. How does your firm go about determining how those figures came to be, which projects were profitable, which weren’t, and why? These questions, and many more, can be answered by implementing project accounting for your firm.  

First, What is Project Accounting?

Let’s start by comparing it to standard accounting, which most of us know. Standard accounting manages the financials using a company’s organizational structure – how divisions or departments track things like their G&A, labor, etc. compared to their budgeted amounts on a periodic basis. Project accounting goes deeper and looks closely at the different projects a professional services firm has undertaken, most of which regularly cross departments and might last months or even years.

Let’s say, for example, company X wants to undergo a new green initiative in its office. Standard accounting will keep track of costs for things like the smart electronics to manage lighting and HVAC or the newly hired “Green Officer.” However, what standard accounting doesn’t do is manage the costs for the actual project, i.e. how much did it cost you to achieve your final goal. 

But let’s take this a step further.  Let’s say you need to provide this service to a customer – you’re going to implement that same green initiative at a client site. 

Using Project Accounting, you could also manage, discover, and analyze things like:

  • The amount of time dedicated by project staff and management to build and maintain the project plan, including the phases of work and project hierarchies
  • Tracking of the contract budget/contract status/change orders and add-on services
  • Whether you are effectively utilizing your internal resources
  • Maintaining up-to-date project deadlines and the associated costs of meeting or not meeting those deadlines
  • How percentage of completion is managed and tracked to budget
  • If the project was budgeted correctly, and how what was learned from this project can be used to better manage projects going forward

Outgrowing Your Basic Accounting Solution?

Small professional services firms often rely on simpler accounting software solutions to manage their day-to-day business. One common example is QuickBooks. This product can often serve a company’s needs…for a while. However, these firms will soon find that they are outgrowing the software’s limited capabilities.

J. Carlton Collins, CPA details those limitations in his piece “Practical Advice for Companies That Have Outgrown QuickBooks”.

At a glance, those basic limitations can be summarized as:

  • Limited accounting system features
  • Limited database performance 

For various reasons, the limited accounting functionality and database performance provided by these simpler software products can actually be appealing to these smaller companies initially. But at some point, growing firms will discover that they need accounting software that can grow along with their business. They will need more than limited features and performance.

Need Help While Gaining Growth?

Growth can be defined by many different metrics – for example, an increase in revenues, an increase in number of employees or customers, higher profits, and greater market share, just to name a few. Professional services firms experiencing this sort of growth will eventually need to take that step up to an accounting software solution that will provide them with both standard accounting, as well as project accounting capability.

Take, for example, this advice from Lindsay Diven, Marketing Manager at Full Sail Partners, in her article about “The Importance of Benchmarking in Measuring Business Growth”. She tells us that “by rigorously examining internal operations against recognized standards, firms can pinpoint critical deficiencies and implement strategic changes, ensuring survival and fostering growth in an ever-evolving marketplace.”

As Lindsay says, by utilizing some of the capabilities of a robust project accounting software system, you can start to:

  • Identify Efficiency Gaps
  • Enhance Competitive Advantage
  • Drive Strategic Planning
  • Improve Financial Performance

So, if your firm is expanding, and the sort of growth that we’ve identified above is important to the future of your firm, you should look to us here at Full Sail Partners to help you navigate the next step to support your firm’s growth.

Achieve Success Through Project Accounting

In the end, we are all working toward success for our professional services firm. And to most of us, success means growth – in whichever metric resonates the most with the ongoing health of your firm. So, to achieve that healthy firm growth means managing every minute, as well as every dollar, spent, through project accounting, to obtain that success.

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The Unknown Features of Timesheets in Deltek Vantagepoint

Posted by Amanda McClain on August 15, 2024

08-15-24 DVP Timesheets - BannerThe necessity to turn in timesheets every two weeks is never at the forefront of your employees' minds. They are focused on their day-to-day tasks. Some employees stay ahead of the game and create their timesheets as they go. Others are swamped with their workload and struggle to keep them current and completed on time. However, it is essential in nearly every industry to keep the circle of business moving and income coming in. So features are needed to make the timesheet process seamless and most efficient.

Poor timesheet management inherently leads to inefficient processes later. Miscoding timesheets may cause imprecise reports and incorrect invoices. It could also require additional time to correct and transfer time to the proper projects. Most importantly, incorrect timesheet entry affects the cash flow of your company, due to delaying the processing of client invoices.

In Deltek Vantagepoint, the process has been simplified and made more user-friendly for the end user. To start, timesheets should be entered daily and submitted on time. Secondly, project managers must always ensure they are reviewing the timesheets. Timesheets should then be corrected before they are posted to the project.

Features of Timesheets in Deltek Vantagepoint to Improve Efficiency

Accurate and efficient timesheet management policies and procedures are necessary and should be incorporated into your culture. This, along with daily entries and strict deadlines for timesheet submissions. Fortunately, Deltek Vantagepoint has a variety of tools to help assist project managers in this process.

  • Floor Checks can help you ensure that your employees complete their timesheet entries on time. You can do a floor check to review the status of time entries for your employees for a specific period or day. This will show the employees’ expected hours versus the actual hours that were entered. Additionally, there is email functionality available, so you can email your employees directly and let them know to complete their timesheets. You can enable notifications within the system or create email templates for the reminders.
  • Unposted Labor Report is a standard project report that shows all timesheet data in unposted transaction entry files and all timesheets that are in progress, submitted, or approved but not posted. This enables project managers to see what has been charged to their projects before they are posted. It is preferred to correct the timesheets before they are charged to the projects.
  • Project Reports with Unposted Time can be included in project reports by using the unposted time option. Project managers can then see the labor that is charged to their projects throughout the time period.
  • Line-item Approval allows project managers to have control over their project labor costs to make sure labor is posted to the correct project. It allows project managers to only see their projects when in the approval stage. Vantagepoint will let you know if only part of the line items subject to line-item approval have been approved, yet others have not been approved or have been rejected.
  • Timesheet Audit Trail allows you to see if there has been a change made to the timesheet after it has been saved or submitted. You can make timesheet comments required, or just track the change without additional explanation. Audit trails can be used to track billing transfers. You may find the timesheet audit trail in employee reporting.
  • Copy from Prior Timesheet option allows you to copy projects you have previously or frequently charge time to. You can select this option once in your current timesheet. This option saves you from having to create your project list repeatedly for frequent projects. Timesheet comments are also saved in a drop-down box to select from. So, if you have used the same comment previously, you may select that option versus having to write the same thing repeatedly.
  • Deltek Time & Expense for Vantagepoint app is now available to access your timesheets when you are on the go. Not in front of your computer? No problem. You can capture expenses from anywhere and upload receipts immediately. Approvers may also approve timesheets and send reminders to employees via the mobile app. Keeping up with your timesheets has never been easier!

Get Your Timesheets Done with Deltek Vantagepoint

With all of these amazing features in Deltek Vantagepoint at your fingertips, timesheet management is within your grasp. Keep the circle of business moving, and that income coming in. Start with daily timesheet reminders, and eventually, you will develop a plan that makes timesheet management best practices part of your firm’s culture.

 

The Importance of Benchmarking in Measuring Business Growth

Posted by Lindsay Diven on May 02, 2024

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For project-based firms like those in engineering, architecture, and consulting, failing to measure and understand business performance against industry standards can lead your business towards stagnation or decline. Benchmarking, the critical practice of comparing business processes and performance metrics to industry bests and best practices from other companies, is not just beneficial—it's essential. Without it, firms remain blind to their operational inefficiencies and market position, risking obsolescence.  

By rigorously examining internal operations against recognized standards, firms can pinpoint critical deficiencies and implement strategic changes, ensuring survival and fostering growth in an ever-evolving marketplace. This article will guide you through the importance of benchmarking, how to get started, identify key performance indicators, and effectively integrate these practices to drive business success. 

Why Benchmarking Matters for Project-Based Firms 

For project-based businesses, every project represents a complex interplay of resources, time, and client requirements. Benchmarking provides a structured approach to analyzing these elements by focusing on Key Performance Indicators (KPIs) that drive business success. It allows leaders to make informed decisions based on data-driven insights, rather than intuition alone. 

The importance of benchmarking in this sector cannot be overstated. It helps firms: 

  • Identify Efficiency Gaps: Benchmarking can highlight discrepancies between a firm’s current practices and the industry's best, allowing for targeted improvements. 
  • Enhance Competitive Advantage: Understanding where you stand in the market can help you leverage your strengths and address weaknesses, setting you apart from competitors. 
  • Drive Strategic Planning: With a clearer picture of how well you perform against benchmarks, you can prioritize initiatives that drive growth and enhance profitability. 
  • Improve Financial Performance: By aligning operations more closely with successful benchmarks, firms can improve profitability through better resource management and cost control. 

Getting Started with Benchmarking 

Implementing a successful benchmarking process involves several steps, from choosing relevant KPIs to analyzing external data. Here’s how to get started: 

Step 1: Define Relevant KPIs 

Selecting the right Key Performance Indicators (KPIs) is crucial as these metrics will guide your benchmarking efforts and influence strategic decisions. For project-based firms, understanding both financial and operational performance is essential. Consider the following essential metrics: 

  • Utilization Rate: This measures how effectively the firm uses its billable staff. A high utilization rate often correlates with higher profitability and is a clear indicator of workforce efficiency. 
  • Net Labor Multiplier: A critical profitability metric that assesses how much revenue is generated per salary dollar paid. It highlights the financial effectiveness of human resource investment. 
  • Operating Profit: Looks at the firm’s earnings before interest and taxes, providing insight into operational efficiency and overall financial health. 
  • Current Ratio: This financial ratio measures a company's ability to pay off its short-term liabilities with its short-term assets. A strong current ratio indicates good liquidity health, crucial for maintaining smooth operations and responding to unforeseen challenges. 
  • Employee Turnover: An important metric for understanding employee retention and satisfaction. High turnover can indicate underlying issues in workplace culture or compensation, affecting project continuity and increasing recruitment and training costs. 

Beyond these metrics, firms should also tailor additional KPIs based on their strategic goals and industry specifics. For instance: 

  • Client Satisfaction Scores: Measure the satisfaction levels of your clients through surveys and feedback mechanisms. High satisfaction scores are often indicative of repeat business and client referrals. 
  • Project Completion Rate: Tracks the percentage of projects completed on time and within budget, crucial for maintaining client trust and operational efficiency. 
  • Billable Efficiency: Compares billable hours to total hours worked to assess how much of the workforce’s time is generating revenue. 

By defining these KPIs, firms can not only gauge their current performance but also set benchmarks that align with both industry standards and internal aspirations. This holistic view enables leaders to make informed, strategic decisions that drive growth and improve efficiency. 

Step 2: Gather Internal Data 

Once KPIs are defined, the next step is to compile data from your operations. This involves tracking these metrics over a significant period to establish an internal baseline. Utilize your existing ERP, such as Deltek Vantagepoint, to extract historical data, ensuring it’s accurate and comprehensive. 

Step 3: Find External Data for Comparison 

Once you've gathered and analyzed your internal data across selected KPIs, the crucial next step is to seek external benchmarks for meaningful comparison. This process, while challenging, is essential for gaining real insights and is entirely achievable with some diligent effort. 

A straightforward approach might involve hiring a consultant to dive deep into the metrics and performance of your competitors. However, a more cost-effective method is to leverage existing third-party studies and industry reports available online. These resources provide a wealth of comparative data and are often underutilized. 

Take, for example, Deltek's annual performance study specifically tailored for the architecture and engineering sectors. This comprehensive analysis reviews critical KPIs and distinguishes high-performing firms from their peers. Interestingly, recent findings suggest that while overhead and utilization rates are consistent across the board, top performers often share distinctive traits. These include enhanced efficiencies throughout their project lifecycle and a robust set of standardized company practices. 

In addition to industry-specific reports like Deltek's, broader marketing and business studies can also offer valuable insights. For instance, the marketing research firm Hinge regularly publishes analyses on high-growth firms across various professional services industries. These reports not only highlight what successful firms do differently but also challenge common misconceptions, such as the idea that high growth in certain smaller firms is merely an anomaly. 

The key takeaway is that valuable data is out there; you just need to know where to look. By comparing your internal metrics against these rich data sources, you can identify where you stand relative to the industry's best and learn from the strategies that set top performers apart. This process doesn't just measure your current performance—it provides a roadmap for where you need to go to achieve similar success. 

Step 4: Analyze the Data 

With both internal and external data at hand, perform a thorough analysis to identify trends, gaps, and opportunities. Look for patterns where your firm excels or underperforms compared to industry benchmarks. This analysis should go beyond mere numbers; it should help understand the underlying causes of discrepancies and what they mean for your business operations. 

Step 5: Incorporate Benchmarking into Management Practices 

Effective benchmarking should be an ongoing process, not a one-time event. Integrate these practices into your regular management routines. Regularly update your benchmarks and internal assessments to keep them relevant. Use benchmarking insights to set realistic performance goals, inform strategic decisions, and drive continuous improvement across your organization. 

Harnessing Benchmarking for Strategic Advantage 

Benchmarking transcends being merely a tool for measuring success; it is a comprehensive strategy that cultivates a culture of continuous improvement and strategic agility. For leaders of project-based firms, embedding benchmarking into daily business operations is crucial for illuminating the pathway to enhanced performance and enduring growth. 

By adopting benchmarking, your firm not only aligns with industry standards but also positions itself to proactively respond to evolving market conditions and capitalize on emerging opportunities. In a business landscape that is constantly changing, the firms that will flourish are those committed to measuring, comparing, and adapting based on solid data. 

To further explore how benchmarking can be seamlessly integrated into your strategic planning, I invite you to learn more about our Navigational Analysis Process. This tailored approach will guide you through identifying, analyzing, and leveraging critical data to not just meet but exceed industry benchmarks, ensuring your firm's competitive edge. Let's navigate your path to success together—click the image below to begin your journey. 

 

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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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