Deltek Insight 2010: The Future of Vision Accounting

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Deltek Insight 2010: The Future of Vision Accounting

  1. 1. VI-123: The Future of VisionAccountingPresented by:Jessica Tiwari, Deltek
  2. 2. 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 productsCopyright © 2010 Deltek, Inc. 2
  3. 3. Feature Scoping Process, continuedCopyright © 2010 Deltek, Inc. 3
  4. 4. Enhancement Overview Financial and • Contract Management • Credit memo support Project • Employee realization reporting Automation • Fee revenue allocation Deeper • Emailing EFT Remittances • Pay multiple currencies out of a single bank Localization • Intercompany Billing rate calculations • Expanded timesheet comments • Status on organizations Usability • Check review screen • Auto-reversing journal entriesCopyright © 2010 Deltek, Inc. 4
  5. 5. Contract Management • Create simple queries and reports to find outstanding Contract and Change contracts by age Order Status Tracking • Alert PMs when contracts are issued or signed • Assign employees and percentages to contract values Employee Contract • Create simple queries and reports to view employee sales Credit Tracking contributions over time Easy Distribution of • Spread contract values to all WBS from a single screen Contract to WBS • Assign contract values immediately, or wait until contract is Structure signed and finalized Enforcement of Contract • Sync contract values to Project Compensation fields Values in Planning and • Prevent plan compensation from exceeding Contract Accounting Management values Contracts by Period in • Create revenue methods that can be run accurately in prior Reporting and Revenue periods Generation • Create period specific backlog reportsCopyright © 2010 Deltek, Inc. 5
  6. 6. Project Info Center Contract Management TabCopyright © 2010 Deltek, Inc. 6
  7. 7. Supporting Contract ManagementCopyright © 2010 Deltek, Inc. 7
  8. 8. Employee Realization • Calculates and stores true realization by employee Overview • Enables tracking of employee profitability and efficiency Invoice Based • Allocate employee related revenue to employees on an invoice by invoice basis in Interactive Billing Allocation • Override system proration as needed Period Based • Allocate realization project by project over a selected timeframe, with override capabilities Allocation • Ideal for projects where effort and invoicing don’t match Realization • Report on utilization versus realization percentages • Report on true employee profitability ReportingCopyright © 2010 Deltek, Inc. 8
  9. 9. Configuration and Period Based Allocation OptionsCopyright © 2010 Deltek, Inc. 9
  10. 10. Sample Realization Allocation ScreenCopyright © 2010 Deltek, Inc. 10
  11. 11. Realization in Employee ReportingCopyright © 2010 Deltek, Inc. 11
  12. 12. Credit Memos Credit Memo • Create a full or partial credit to any invoice accepted through Interactive Billing Documents • Reprint Credit Memos through Invoices on File Credit Memos • Use credit memos to clear outstanding AR off and of the AR aged with no additional transaction entry required Outstanding AR • All Credit Memos get unique numbers, either manually or automatically assigned Audit Trail • Credit Memos are separate lines of detail on all reports and review screensCopyright © 2010 Deltek, Inc. 12
  13. 13. Credit Memo ProcessCopyright © 2010 Deltek, Inc. 13
  14. 14. Credit Memo Process, part 2Copyright © 2010 Deltek, Inc. 14
  15. 15. Credit Memo DocumentCopyright © 2010 Deltek, Inc. 15
  16. 16. Credit Memo ReportingCopyright © 2010 Deltek, Inc. 16
  17. 17. Fee Revenue Allocation • Supports splitting Fee Billed Values into the appropriate Overview buckets of Labor, Expenses, Consultants, etc. • Allows two calculation methods • Prorate billed fee revenue to the appropriate bucket based Transaction Based on billed transactions Allocation • Select projects to prorate in Billing Terms, transactions to prorate based on in configuration • Define the split for labor, consultant, expenses for each Manual Allocation invoice and fee method in Billing Terms Invoice • Shows all transaction details associated with billed invoices, by invoice and/or project attributes Transaction Detail • Used to support the calculations used in Fee Revenue Report AllocationCopyright © 2010 Deltek, Inc. 17
  18. 18. Configuration OptionsCopyright © 2010 Deltek, Inc. 18
  19. 19. Billing Terms ExampleCopyright © 2010 Deltek, Inc. 19
  20. 20. Invoice Transaction Detail Report Invoice Transaction DetailCopyright © 2010 Deltek, Inc. 20
  21. 21. Unit Reporting Enhancements • Assign unit types for easy Unit selection and sorting in reporting • Choose from standard types or Types create your own Unit • Analyze unit usage over date or period ranges Detail • Select unit detail based on unit, Report project, or employee attributesCopyright © 2010 Deltek, Inc. 21
  22. 22. Unit Table EnhancementsCopyright © 2010 Deltek, Inc. 22
  23. 23. Emailing EFT Remittances • Allows for auto-generated and formatted emails to be delivered to each contact/employee • Designate vendor contact emails and employee Overview emails to receive remittance • Create formatted email templates for use in emailing remittances • Save time and cost of mailing remittances or Benefit manually parsing and emailing reports • Avoid delayed EFT payment notificationCopyright © 2010 Deltek, Inc. 23
  24. 24. Email Template ConceptCopyright © 2010 Deltek, Inc. 24
  25. 25. Pay Multiple Currencies from a Single Bank • Adds the capability to pay in any configured currency out of a single bank Overview • Allows for assigning the appropriate fee and exchange rate at the time the payment is issued • Most firms do not maintain separate accounts for each currency in which they Benefits need to issue payments. • Saves time, error prone manual calculations, and complicated work aroundsCopyright © 2010 Deltek, Inc. 25
  26. 26. LocalizationCopyright © 2010 Deltek, Inc. 26
  27. 27. Intercompany Billing Rate Calculations • Allows for rate tables between companies to be Overview set up in the intercompany billing configuration, in addition to the existing multiplier and project billing terms options • Many multinational companies set rates contractually for use in company cross charging Benefits • Alleviates manual calculations and allows more complex company structures to take advantage of Vision Multi Company functionalityCopyright © 2010 Deltek, Inc. 27
  28. 28. LocalizationCopyright © 2010 Deltek, Inc. 28
  29. 29. 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 errorsCopyright © 2010 Deltek, Inc. 29
  30. 30. 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 6.1Copyright © 2010 Deltek, Inc. 30
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