Choosing and industry-specific, project-based accounting and enterprise resource planning (ERP) system — like Deltek Vision — is critical to your firm’s success. Would you run a marathon in high heels or use a hammer to pound screws when building a house? Of course not. Professional services and consulting firms need tools specifically designed for integrated project, resource and financial management.
Project-based businesses have needs that are very different than other organizations. Each project is different and project managers need tools designed to manage and track information at the project level. Deltek Vision adapts to the way project-based firms work and is able to accurately track time, resources and expenses and attribute them to the appropriate project.
Deltek Vision is Designed for Project-Based Businesses
Deltek Vision is specifically designed to help firms handle project variables which can range from prepayments to different billing types to unorthodox work breakdown structures. They handle all the functions project-based businesses require such as tracking work-in-progress, splitting time between project phases, applying multiple billing types to projects, calculating direct and indirect costs, and measuring progress and recognizing revenue according to GAAP and corporate principles. The ability to capture data in this way means that dashboards, tracking, and reporting will be more accurate and provide deeper insight for staff to make sound business decisions.
To successfully grow a culture of project profitability requires a system that gives project managers one place to control all aspects of their projects from planning and capture to invoicing and reporting. One system that lets them view entire projects, down to the lowest-level task of the work breakdown. One system that provides them the information they need to make fast informed decisions and to manage work in a way that generates the profit you expect.
Deltek Vision provides an integrated view of all project related data that will enable your project managers to:
1. React quickly to opportunities and win more profitable business
Vision makes it easier for your firm to pull together proposals and rapidly assemble teams to staff projects. Visibility into actual historical project costs, performance, risks and opportunities will help your staff bid on the right projects because they’ll know which clients and types of projects generate money for the firm. This insight will help your managers set pricing and negotiate terms in a way that will keep your firm in the running but won’t negatively impact profit margins.
2. Manage firm resources efficiently to increase firm profitability
Deltek Vision helps your project managers make the best possible use of resources. It will enable them to accurately track resource utilization and forecast future needs with one system. This will ensure your firm’s resources are being used most effectively on revenue-generating work.
3. Gain visibility and insight to make better business decisions
Accurate, real-time information will help your managers avoid missed deadlines, budget overruns, backlogs and other problems that can negatively impact your firm’s profitability and success. Instead of searching for and manually compiling data, your staff will spend more time analyzing data to improve planning and execution.
Real-time visibility increases accountability and will help your project managers focus on profitability and capturing additional services. Customizable dashboards deliver the right information on demand to the right people.
4. Implement standard processes, best practices and compliance across the firm
Vision enables your staff to manage and track projects in a way that meets compliance reporting requirements. Standard templates will help your managers follow standard processes and enforce standard reporting and best practices across the organization. The ability to capture data in a way that is accurate and meaningful for your business will enable your project managers to make better business decisions.
5. Provide clients with a consistent, high quality experience
If you’re like most professional service organizations, you repeatedly serve the same customers across a range of projects. A project-based ERP system will enable your managers to provide consistent, high-quality service across accounts, driving new business and higher customer satisfaction.
6. Adapt to changing business requirements and firm goals
With growth and change comes new business opportunities, requirements and goals. It’s impossible to accurately predict the future, but Vision will help your firm quickly adapt to changing business requirements and grow without putting additional burden on your staff. Successful firms prepare for change by implementing systems ahead of the curve so staff is ramped up and business processes and key metrics have been established.
Conclusion
Creating a culture of project profitability is a top priority for professional services and consulting firms. Deltek Vision provides the framework to keep all employees — project managers, resource planners, and financial managers — focused on the same goals and right metrics to drive profitability and cultural change. Optimized for the way professional services firms work, Vision gives project managers one place to control all aspects of their projects from planning and capture to invoicing and reporting. Using a system specifically designed for the way they work gives project managers the ability to focus on the bigger picture of profitability, cash flow and resource management while continuing to do innovative work.
