deltek insight 2010: the future of vision accounting

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VI-123: The Future of Vision Accounting Presented by: Jessica Tiwari, Deltek

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VI-123: The Future of Vision Accounting

Presented by:

Jessica Tiwari, Deltek

History of Project “Europa”

• Follow-up release to the technology and internationally focused Vision 6

• Mainly core product, usability enhancements

• Feature Scoping Process– Conducted individual client and prospect interviews

– Surveyed user groups and conference sessions

– Collected feedback from Deltek Consulting, Partners, and Sales

– Performed analysis of industry trends and competing products

Copyright © 2010 Deltek, Inc. 2

Feature Scoping Process, continued

Copyright © 2010 Deltek, Inc. 3

Enhancement Overview

•Contract Management

•Credit memo support

•Employee realization reporting

•Fee revenue allocation

Financial and Project

Automation

•Emailing EFT Remittances

•Pay multiple currencies out of a single bank

•Intercompany Billing rate calculations

Deeper Localization

•Expanded timesheet comments

•Status on organizations

•Check review screen

•Auto-reversing journal entries

Usability

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Contract Management

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•Create simple queries and reports to find outstanding contracts by age

•Alert PMs when contracts are issued or signed

Contract and Change Order Status Tracking

•Assign employees and percentages to contract values

•Create simple queries and reports to view employee sales contributions over time

Employee Contract Credit Tracking

•Spread contract values to all WBS from a single screen

•Assign contract values immediately, or wait until contract is signed and finalized

Easy Distribution of Contract to WBS

Structure

•Sync contract values to Project Compensation fields

•Prevent plan compensation from exceeding Contract Management values

Enforcement of Contract Values in Planning and

Accounting

•Create revenue methods that can be run accurately in prior periods

•Create period specific backlog reports

Contracts by Period in Reporting and Revenue

Generation

Project Info Center Contract Management Tab

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Supporting Contract Management

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Employee Realization

•Calculates and stores true realization by employee

•Enables tracking of employee profitability and efficiency

Overview

•Allocate employee related revenue to employees on an invoice by invoice basis in Interactive Billing

•Override system proration as needed

Invoice Based Allocation

•Allocate realization project by project over a selected timeframe, with override capabilities

•Ideal for projects where effort and invoicing don’t match

Period Based Allocation

•Report on utilization versus realization percentages

•Report on true employee profitability

Realization Reporting

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Configuration and Period Based Allocation Options

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Sample Realization Allocation Screen

10Copyright © 2010 Deltek, Inc.

Realization in Employee Reporting

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Credit Memos

•Create a full or partial credit to any invoice accepted through Interactive Billing•Reprint Credit Memos through Invoices on File

Credit Memo Documents

•Use credit memos to clear outstanding AR off of the AR aged with no additional transaction entry required

Credit Memos and

Outstanding AR

•All Credit Memos get unique numbers, either manually or automatically assigned•Credit Memos are separate lines of detail on all reports and review screens

Audit Trail

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Credit Memo Process

13Copyright © 2010 Deltek, Inc.

Credit Memo Process, part 2

14Copyright © 2010 Deltek, Inc.

Credit Memo Document

15Copyright © 2010 Deltek, Inc.

Credit Memo Reporting

16Copyright © 2010 Deltek, Inc.

Fee Revenue Allocation

•Supports splitting Fee Billed Values into the appropriate buckets of Labor, Expenses, Consultants, etc. •Allows two calculation methodsOverview•Prorate billed fee revenue to the appropriate bucket based on billed transactions•Select projects to prorate in Billing Terms, transactions to prorate based on in configuration

Transaction Based Allocation

•Define the split for labor, consultant, expenses for each invoice and fee method in Billing Terms

Manual Allocation

•Shows all transaction details associated with billed invoices, by invoice and/or project attributes •Used to support the calculations used in Fee Revenue Allocation

Invoice Transaction Detail Report

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Configuration Options

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Billing Terms Example

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Invoice Transaction Detail Report

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Invoice Transaction Detail

Unit Reporting Enhancements

•Assign unit types for easy selection and sorting in reporting•Choose from standard types or create your own

Unit Types

•Analyze unit usage over date or period ranges•Select unit detail based on unit, project, or employee attributes

Unit Detail Report

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Unit Table Enhancements

Copyright © 2010 Deltek, Inc. 22

Emailing EFT Remittances

•Allows for auto-generated and formatted emails to be delivered to each contact/employee•Designate vendor contact emails and employee emails to receive remittance•Create formatted email templates for use in emailing remittances

Overview

•Save time and cost of mailing remittances or manually parsing and emailing reports•Avoid delayed EFT payment notification

Benefit

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Email Template Concept

Copyright © 2010 Deltek, Inc. 24

Pay Multiple Currencies from a Single Bank

•Adds the capability to pay in any configured currency out of a single bank•Allows for assigning the appropriate fee and exchange rate at the time the payment is issued

Overview

•Most firms do not maintain separate accounts for each currency in which they need to issue payments. •Saves time, error prone manual calculations, and complicated work arounds

Benefits

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Localization

£¥ €$

₨ ₩

RM

Intercompany Billing Rate Calculations

•Allows for rate tables between companies to be set up in the intercompany billing configuration, in addition to the existing multiplier and project billing terms options

Overview

•Many multinational companies set rates contractually for use in company cross charging•Alleviates manual calculations and allows more complex company structures to take advantage of Vision Multi Company functionality

Benefits

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Copyright © 2010 Deltek, Inc. 28

Localization

Rs¥

€$

Usability Enhancements

• Timesheet Comments– Unlimited, spell check capable memo fields

• Status on Organizations– Facilitate company structure changes without losing historical data

• Check Review Screen– Search and drill down on vendor and check number to see payment details

• Auto Reversing and Recurring Journal Entries– Facilitate recurring entries and accruals

– Avoid manual adjustments and potential entry key errors

Copyright © 2010 Deltek, Inc. 29

Call to Action

• Attend these related sessions for more information!– VI-119 The Future of Vision Performance Management

– VI-122 The Future of Vision

– VI-125 Processing Efficiently with Vision Billing

– VI-204 Maximizing Accounting in Vision 6.1

30Copyright © 2010 Deltek, Inc.